An uptick in refinance activity wasn’t enough to offset the seasonal decline in purchase-mortgage volume.

“Independent mortgage banks have navigated the most volatile interest rate cycles in a generation without a taxpayer backstop,” according to Pennymac.

The lender originated $1.64 billion of loans in the first quarter, with plans to hit $1.0 billion in monthly volume by May.

Pennymac typically issues its own non-agency MBS.

The heads of FHFA and HUD were planning to make a "major housing announcement" today, though the press conference was postponed.