The banks had weathered volatility in March and April.

Servicing drove earnings while lending generated a loss.

Servicing still looks more attractive than lending at the moment.

Locks for both purchase mortgages and refinances declined.

A combination of internal mismanagement and lax regulation led to the failures of Silicon Valley Bank and Signature Bank, according to reviews by the Fed and the FDIC. The regulators plan to tighten regulation of banks, including a focus on interest rate risk.

Applications for refinances increased by 1.0% last week and applications for purchase mortgages declined by 1.0%.

The regulator issued a proposed rule to set ability-to-repay standards for PACE loans.

With interest rates elevated, there's little incentive for servicers to exercise early buyouts.

Chase isn’t going to follow First Republic’s jumbo-lending model.

Rising interest rates made it a lot harder to qualify for a refi in 2022, according to a new analysis of HMDA data. The denial rate on applications for refis nearly doubled for certain loan products. (Includes data chart.)