Jumbo servicing portfolios increased sequentially at most prominent servicers during the first quarter of 2019, though Wells Fargo and Chase posted declines. First Republic Bank's servicing model stands out.
Issuance of prime non-agency MBS has slowed significantly. A pending deal from Wells Fargo is only the second issuance of 2Q19, though industry participants suggest that demand from investors is increasing.
Redwood Trust's margins on residential mortgage activity increased in the first quarter due to strong demand in the secondary market for expanded-credit mortgages. Officials are also optimistic about how the FHFA could help private capital take share from the GSEs.