Elevated interest rates and limited housing inventory led to a tepid increase in pending home sales in March.

“Since mortgage borrowers are captive to a company they never chose to do business with, we are working hard to detect and deter violations of law,” said CFPB Director Rohit Chopra.

The nonbank also saw low servicing-related income due to a large loss tied to hedging.

The REIT bounced back after losses in the previous two quarters.

The overall delinquency rate across all three agencies declined 36 basis points in the first quarter to 2.78%.

Examples from various industries, including the mortgage market, helped to push the FTC to issue the final rule.

Rising interest rates helped to lift the value of the nonbank's MSRs.

The civil monetary penalties resulting from the administrative actions were roughly $26.4 million.

Mr. Cooper Group, the largest nonbank GSE servicer and second-largest GSE servicer overall, increased its portfolio by 8.6% during the first quarter.

The first-quarter slump was largely confined to bulk sales of Fannie and Freddie mortgage servicing rights.