Mortgage replenishment rates – the speed at which lenders can replace servicing rights that run off their books – edged lower in the first quarter of 2005 as new loan production slowed. An analysis by Inside Mortgage Finance shows that the top 15 lenders in the market in the first quarter were originating enough new loans – at an annualized pace – to replace 33.7 percent of their servicing portfolio. That was down from…