Freddie Mac and Fannie Mae accounted for most of the growth in the servicing market during the first quarter of 2021, as nonbanks continued to expand their footprint. (Includes two data charts.)

Most of the jump in bank repurchases in early 2021 came from USAA Federal Saving Bank...

Much of the improvement came from three large nonbank servicers: Rocket Companies, Mr. Cooper Group and New Residential Investment...

Rate-term transactions, the bread-and-butter of the refi market, declined 33.6% in May. GSE purchases of cash-out refinances fell 18.1% from April.

Lenders delivered $149 billion of refinance loans into Fannie and Freddie MBS issued in May, down 29% from April. The GSEs also saw a 4% drop in deliveries of purchase-money mortgages. (Includes two data charts.)

However, the group did post a 1.9% increase in its investment of non-agency MBS, boosting aggregate holdings to $7.07 billion.

Nonbanks accounted for most of the improvement in servicing income in the first quarter while also reporting significant declines in originations and secondary marketing. Companies that use subservicers posted significantly higher earnings. (Includes data chart.)

Most of the big banks -- even Bank of America -- reported hefty gains in mortgage banking income during the first quarter that appear largely driven by net servicing fees. (Includes data chart.)

Most of the industry's big increase in first-quarter repurchases came from USAA Federal Savings Bank. (Includes data chart.)

All five rating services saw hefty increases in their ABS business in the first quarter as total rated issuance rose 88%. But there were clear winners and losers in the non-agency MBS market.