Banks and thrifts held a record $2.11 trillion of residential MBS at the end of March as the pandemic began to mushroom. JPMorgan Chase upped its MBS by $52.9 billion in the first quarter.

Traditional retail mortgage lending declined in the first quarter and correspondent production tanked. But the wholesale-broker sector, led by its flagship lender, posted a solid gain. (Includes six data charts.)

Thanks largely to a revived streamlined-refi program, the VA produced a record $82.6 billion of home loan guaranties in the first quarter, extending its lead over the FHA. (Includes five data charts.)