The decline was largely tied to income from investments while Redwood's lending units are generating returns above 20%.

In January, loanDepot had plans to raise upwards of $362 million via an IPO. On Feb. 11, the offering priced with a reduced share price and fewer shares, generating $54 million.

Mortgage applications fell by 4%, with declines in requests for both refinances and purchase mortgages.

Mortgage-backed security issuance by the GSEs offers one metric to feed into the crystal ball.

Coronavirus-related forbearance on mortgages serviced for the GSEs can extend three months past the initial 12-month deadline, according to the FHFA.

While the share of mortgages in forbearance declined at the end of January, more than one million borrowers feel they're at risk of foreclosure.

After issuing a $345.40 million jumbo MBS in December, Redwood is in the market with a $527.40 million deal.