Onslow Bay Financial, a subsidiary of Annaly, was the biggest buyer of MSRs in the first three months of 2025.

At yearend 2024, Better had $211.1 million of cash on its balance sheet, down from $503.6 million 12 months earlier.

Mortgages with interest rates above 6.0% accounted for 18.2% of the agency servicing market as of the end of March.

HECM endorsements declined by 8.6% on an annual basis in 2024.

Most of the decline was in agency refinance business.

Expanded-credit mortgages accounted for 58.2% of collateral in non-agency MBS issued during the first quarter.

The top three issuers of Ginnie MBS in 1Q25: PennyMac, UWM and Freedom Mortgage.

Meanwhile, investors aren’t necessarily fleeing into the safety of the government bond market.

At last check, UWM had at least two subservicers.

Issuance in the first quarter of 2025 declined compared with the fourth quarter of 2024. However, issuance was above the level seen in the first quarter of 2024.