The largest servicing gains in the past year were in servicing for Ginnie Mae, whole loans at nonbanks and in non-agency mortgage-backed securities.

One financier said 70% of his customers are making money now, which wasn’t necessarily the case in the January-March period.

The analysis tracks holdings through March 2025. Several REITs subsequently reduced their holdings amid volatility on tariff policies.

The last time there was a meaningful decline was the second quarter of 2021.

Agency securitization of high-balance loans declined by 46.0% on a quarterly basis to $8.70 billion in the first quarter of 2025.

CrossCountry sold 37.8% of its production to unaffiliated non-agency buyers in 2024.

Subservicers handled monthly processing work on 27.9% of outstanding residential loans as of the end of March.

Rithm Capital eked out a $28.9 million profit on servicing in the first quarter, but that was down by more than $1 billion from the prior period.

The GSEs lost share to FHA and bank portfolios. Freddie Mac accounted for almost all of the  decline.

Unfortunately, the federal government’s figures offer no breakdown on production and servicing-related mortgage jobs.