One bit of positive news: the company marked up the asset value of its MSRs by a stunning $1.44 billion to $4.31 billion, a 50.3% sequential improvement.

Radian's MI provision for losses fell to $45.9 million in 1Q21 from $56.3 million in the fourth quarter.

More gas left in the MBS tank? Certainly looks that way...

Mortgage complaints mentioning forbearance have reached their highest monthly average since March and April 2020...

A diverse group of 21 commercial banks and savings institutions reported $3.75 billion of mortgage-banking income for 1Q21, a 1.7% improvement from the fourth quarter.

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.