New-home sales declined by 11.3% in May.

The decline was driven by loans eligible for sale to the government-sponsored enterprises along with FHA and VA mortgages.

Some planned MSR sales are being scrapped because the seller has the MSR marked at a higher level than the highest bid.

A big boost in UWM's originations led to an increase in the broker share of the nonconforming market in the first quarter of 2024.

Keefe, Bruyette & Woods analyst Bose George said, "Given the modest scale of the announced pilot program, there should be no meaningful impact on the mortgage market."

UWM more than tripled its nonconforming originations in the first quarter of 2024 compared with the first quarter of 2023. Brokers gained share from both the retail and correspondent channels. (Includes data table.)

Sutherland and NOVAD formed a servicing operation in 2014 that won a contract to service reverse mortgages for HUD. The companies remained reverse-mortgage servicers until near the end of 2022.

Many of the top depository institutions reduced their production in the first quarter.

Fannie economists now only expect one rate cut by the Fed this year, possibly in December.

The mortgage delinquency rate declined to 3.04% as of the end of May, down from 3.09% at the end of April, according to Intercontinental Exchange.