Correspondent sales of government-insured loans declined by 28.6% on an annual basis in 2022, though Veterans United boosted its sales by 13.8%. (Includes data chart.)

Margins improved while originations declined.

Rithm owns NewRez, Caliber Home Loans and Shellpoint Mortgage Servicing, among other units.

Banks have gone from being reliable buyers of agency MBS to cautious holders of the securities, prompting wider spreads and opportunities for nonbank investors.

At one point, First Republic Bank was a major contributor to non-agency MBS. In recent years, the bank retained its production, though JPMorgan Chase could move to sell the loans.

New disclosure portal for Freddie MBS investors; Ginnie details LIBOR transition plan for multifamily MBS; Andrew Davidson offers prepayment analysis for specified pools; DBRS proposes revisions to rep and warrant criteria.

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.