Locks for purchase mortgages were essentially level on a monthly basis in May, according to Mortgage Capital Trading.

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.