HUD's Julienne Joseph: "We are dotting I's and crossing T's because we want ensure that whatever we do, that it would be impactful"...

JPM's jumbo servicing portfolio declined 2.6% to $199.42 billion during the first quarter...

Administrative reform of the GSEs appears to be a long way off.

Moody's had raised concerns about the concentration of “wet loans” in the securitizations...

The decline in jumbo production in the first quarter largely tracked the overall drop in mortgage originations. Many banks kept their underwriting standards for the loans unchanged while demand decreased. (Includes data chart.)

A handful of real estate investment trusts acquired non-QMs at a discount as interest rates increased during the first quarter. Lenders selling the loans took some losses but appear to have weathered the storm.

Trends varied among the largest servicers of jumbo mortgages in the first quarter. Portfolios increased overall while the top two jumbo servicers reduced their portfolios. (Includes data chart.)

MFA Financial took a large loss in the first quarter as rising interest rates reduced the value of non-QMs on the REIT’s balance sheet. Lima One, a business-purpose lender now owned by MFA, was a bright spot.

Barclays sourced many of the mortgages in the MBS from Invigorate Finance, an aggregator founded in March 2021.

Originations at Velocity Financial increased in the first quarter despite an increase in interest rates. The lender’s income declined, though much of the drift was tied to a refi of corporate debt that could be beneficial in the long term.