Mortgage earnings among a group of 22 banks declined by 12% on a sequential basis in the first quarter of 2022. The downward movement was anything but uniform, with some banks posting large swings up and down. The movements were largely driven by interest rate trends. (Includes data chart.)

Owning mortgage servicing rights proved to be a great counter-hedge to an ugly origination market in the first quarter. At least two nonbanks benefited: Mr. Cooper and New Residential Investment.

Bulk MSR transfers were down in the first quarter, with a number of pending deals yet to close. Coissuance saw a boost in its share of agency securitization. (Includes three data charts.)