Overall, banks saw a 24% decline in mortgage banking income in the first quarter of 2022. Many banks bucked the trend with large increases in income compared with the previous quarter. (Includes data chart.)

The rapid increase in interest rates seen in the first quarter took a big bite out of income from production and helped to goose servicing earnings. And while a downturn in originations was expected this year, it could be worse than expected.

Higher interest rates didn’t have much of an impact on home price appreciation in March; Freddie Mac launched new automated underwriting capabilities; Fitch shifts its outlook for ratings of Finance of America Companies to negative; MISMO remains busy.