FHFA extended various origination flexibilities related to GSE mortgages through the end of March.

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.