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.

REIT industry holdings of agency MBS have climbed 8% higher than they were when COVID forced many firms to shrink, but investment in non-agency MBS remains depressed. (Includes data chart.)

All things equal, "agency" jumbo volume might be expected to grow when loan limits are raised.

Non-agency jumbo production grew 6.2% in the first quarter, but Fannie, Freddie and Ginnie saw a 19.5% downturn in conforming-jumbo business. A lean toward refinancing and pricing issues likely accounted for the difference in the two markets. (Includes three data charts.)

A slowdown in refinance activity was responsible for the May swoon.

A shift away from refinancing to purchase-mortgage lending played to the FHA's strengths as the program came close to reclaiming top-dog status in the government market. (Includes two data charts.)