Earnings performance improved compared with the fourth quarter.

UWM is investing in tech rather than looking to acquire mortgage companies.

Mortgage applications were up 11% on a weekly basis last week.

Volume was up 43.3% from the fourth quarter of 2024.

UWM took a net loss of $247.0 million in the first quarter, largely due to a $388.6 million drop in the fair value of MSRs.

The firms acquire non-agency mortgages and own stakes in non-agency lenders.

“We do believe that tariffs overall will be finalized... and I actually think interest rates will go down because of it,” said Mat Ishbia, chairman and CEO of United Wholesale Mortgage.

Another contributor: Issuers were slightly faster at packaging new non-agency production.

The volume of rate/term refis in prime non-agency MBS more than doubled compared with the fourth quarter of 2024. Still, purchase mortgages dominate issuance.

Annaly started marketing an expanded-credit MBS last month just as President Trump announced new tariffs. The deal went through at a spread that likely wouldn’t have been achievable as recently as three years ago.