Originations were down in the first quarter, but gain-on-sale margins improved. Having a hand in the servicing business helped some firms turn a profit.

Freddie posted the biggest monthly gains among the three agencies, although Ginnie was still the biggest issuer. Volume was up for both purchase and refinance business.

Both the non-agency jumbo market and high-balance agency production saw sharp declines during the first quarter of 2023. In a cooler housing market, buyers are looking for affordability. (Includes three data charts.)

With banks and the Fed shedding MBS, REITs added to their portfolios.

The purchase-mortgage share is growing as refinance business dwindles.

The Federal Reserve has been paring its massive agency MBS portfolio, and banks have been on the sideline. Cue a modest rebound in REIT investment in the sector in the first quarter. (Includes data chart.)

Both purchase-mortgage lending and refinancing were down substantially in the first quarter, but a number of lenders gained share — or even increased production volume — compared with the prior period. (Includes four data charts.)

Half of the 16 public nonbanks posted losses in the first quarter.

A reduction in the commingle fee that applies to the GSEs helped to increase such issuance somewhat in April.

Wells reported just $980 million in correspondent production in the first quarter, effectively leaving about $4.5 billion on the table for others.