Buyers increasing their allocations to the sector include insurance companies.

The steepest drop took place at Freddie, while Ginnie securitizations were relatively unscathed.

PennyMac Financial Services CEO David Spector said he’s “very supportive of the GSEs getting into second-lien origination.”

“Recent data showing stickier-than-expected inflation, rising mortgage rates and continued home price appreciation appear to have given consumers pause regarding the market’s direction,” said Doug Duncan, a senior vice president and chief economist at Fannie Mae.

Rocket’s income was boosted in the first quarter by a jump in gains from the sale of loans and positive marks for mortgage servicing rights.

To date, Homebridge has mostly sold HELOCs originated by its broker network to investors, servicing-released.

Ocwen received an exceptionally strong bid for some of its MSRs and opted to sell.

Some MBS payoffs that were reinvested in agency MBS will instead be invested in Treasury securities.

The GSEs established a formal definition for mortgages to first-generation homebuyers.

Redwood's earnings improved following a 53% increase in locked loans in the first quarter.