A new Inside Mortgage Trends analysis showed a total of $164.28 billion of agency MSR changed hands in the first three months of the new year, down 84.1% from the prior quarter.

Officials at Dynex said the poor performance was due to widening mortgage spreads during the later stage of the first quarter.

Ginnie posted a 1.3% quarterly gain in servicing outstanding to $2.726 trillion at the end of March, not including servicing of home-equity conversion mortgages.