Of the total in COVID deferral status at the end of March, 91.56% of loans were current. Another 3.76% were one or two payments past due, and 4.69% were three or four payments late.

loanDepot: “Competitive pressures from pricing strategies implemented by other market participants had a market-wide impact on margins."

While the Treasury and FHFA said the 7% cap was “aligned with the current levels” of acquisitions by the GSEs, some analysts believe the loans have accounted for somewhat more than 7% of purchases by Fannie and Freddie each year since 2013.

Then again, the fourth quarter of 2020 was a tough act to follow as CMBS issuance hit an all-time record of $86.94 billion...

“March 31 servicing marks were up significantly from where they were at Dec. 31,” said George Christo, executive vice president of The Prestwick Group.

On the plus side: revenues at Freddie increased 4.9% from the fourth quarter of last year...

The top three home lenders in the first quarter: Quicken Loans, PennyMac Financial Services and Wells Fargo. UWM and Freedom Mortgage were a close fourth and fifth, respectively.

Servicers also repurchased $20.22 billion of delinquent loans from Ginnie MBS in the first quarter, or 9.3% of total removals.

This early tally — five of the seven typically rank among the top 20 lenders in the nation — suggests the mortgage originations train was holding steady on the tracks, though anecdotal evidence suggests the steam is dissipating.

United Wholesale Mortgage ceded the top spot after it stopped originating jumbos in March 2020 due to volatility from the coronavirus.