Mr. Cooper's subservicing declined during the first quarter of 2025 as some customers left following Mr. Cooper's acquisition of Flagstar Bank.

The bulk of the first-quarter decline was in subservicing.

PennyMac Financial earned $76.3 million in the first quarter of 2025, down 27.0% from the fourth quarter.

PulteGroup and NVR boosted mortgage originations on an annual basis in the first quarter of 2025.

“Conventional delinquencies remain near historical lows, but FHA and VA delinquencies are increasing at a faster pace,” MBA noted.

It’s the third year in a row that delinquencies declined in the first quarter following an increase the previous quarter.

“The level of the tariff increases announced so far is significantly larger than anticipated,” said Fed Chair Jerome Powell.

FHA’s COVID-19 loss-mitigation options will be rescinded and the Trump administration is taking a close look at the payment supplement program established during the Biden administration.

At March 31, USB serviced $216.7 billion of one- to four-family mortgages, almost flat compared to yearend.

“They’re making money, but they just don’t know how much longer they can hang on,” said Mark Garland, managing director of SitusAMC.