Overall, refi loans accounted for 45.7 percent of agency MBS production in the first four months of 2014, compared to 77.2 percent during the same period last year.

With $1.811 trillion of mortgage servicing rights on its books at the end of the first quarter, it would take an earthquake to knock Wells Fargo into the humble 12-figure universe.

Sixth-ranked Freedom Mortgage Corp. bucked the overall trend with a 19 percent increase in TPO deliveries to the agencies.

Purchase mortgages accounted for 44.4 percent of California’s first-quarter 2014 production, compared to 52.0 percent nationwide.

Still, April MBS issuance by Fannie Mae and Freddie Mac fell short of the anemic $47.0 billion issued in January of this year.

The first-quarter high-LTV refi market was down 37.1 percent from the fourth quarter and off a hefty 79 percent from the $51.4 billion of business the two GSEs did back in the first three months of last year.

During the first quarter of 2014, nonbank lenders accounted for 37.7 percent of originations, based on a market sample covering over three quarters of fundings during the period.

Who gave up market share to nonbank lenders? The biggest decline was among banks with over $1 trillion in assets: JPMorgan Chase, Wells Fargo, Bank of America and Citigroup.

Commercial mortgage securitization – including non-agency commercial MBS and multifamily securitizations by Fannie Mae, Freddie Mac and Ginnie Mae – declined by 22.1 percent in the first quarter of 2014.

Despite the ugliness of the first quarter, there are signs that loan production may finally be firming up.