The firms acquire non-agency mortgages and own stakes in non-agency lenders.

“We do believe that tariffs overall will be finalized... and I actually think interest rates will go down because of it,” said Mat Ishbia, chairman and CEO of United Wholesale Mortgage.

Another contributor: Issuers were slightly faster at packaging new non-agency production.

Steve Harris, president of MIAC Analytics, noted that plenty of investors are interested in non-QMs, helping to keep prices elevated.

Ginnie Mae is instituting a temporary 10% cap on the share of mortgages with buydowns delivered into multiple issuer pools of Ginnie MBS.

The share of refis with low loan-to-value ratios delivered to the GSEs increased in the first quarter of 2025.

The REIT had $130.3 million of net income in the first quarter, down 72.5% compared with the previous quarter.

“A decline in interest rates resulted in higher valuations,” Redwood noted.

The House Financial Services Committee moved a bill forward that would reduce the budget for the Consumer Financial Protection Bureau by close to 70%.

Pulte reiterated that movements in interest rates on mortgages will help to guide GSE reform.