Trade groups said aligning ROV policies across mortgage programs would be preferable.

“The disruption created by industry consolidation among subservicers continues to create opportunities,” said Glen Messina, chair, president and CEO of Onity Group, which has a subservicing unit.

“Margins this quarter were impacted by competitive pricing within the industry, especially with larger mortgage originators, better pricing on new deals and a higher proportional mix of larger clients with lower risk-adjusted pricing relative to the prior quarter,” said Kevin Comps, president and secretary of Northpointe Bank.

Warehouse lending balances at Northpointe Bank increased by 36.3% on an annual basis to $3.94 billion as of the end of June.

The Mortgage Bankers Association said, if implemented, the proposed changes would make it “unattractive for banks to continue to offer” warehouse lines to nonbank mortgage companies.

The industry’s pipeline of loans held for sale was also reduced in the first quarter.

"Record To-Be-Announced activity [in March] was primarily driven by a spike in rate volatility amid heightened macro uncertainty and broader market volatility," Tradeweb said.

Home prices increased by 0.1% on a monthly basis in January, according to the Federal Housing Finance Agency.

Hope Dmuchowski, a senior executive vice president and chief financial officer at First Horizon Bank, said the bank’s mortgage warehouse activity is “behaving seasonally” with a decline in volume compared with the fourth quarter.

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