Origination

PNC Financial Services said its residential mortgage business lost $13 million in the first quarter due to its servicing portfolio hedging activities and lower loan sales income.

FHFA Director Mel Watt acknowledged that the principal reduction program may seem "too small and too late."

Total mortgage income at B of A was $433 million, down from $694 million a year ago as the strategy of putting loans on its balance sheet meaning the bank gets less gain-on-sale revenue.

The number of new foreclosure filings in the first quarter stood at their lowest level in more than nine years, RealtyTrac reported.

Mortgage rates for 30-year loans dropped to the lowest level in almost three years, aiding homebuyers during the housing market's busiest season for transactions.

Wells Fargo & Co. said first-quarter profit fell 5.9% as the firm set aside more money for soured energy loans and expenses increased.

Mutual of Omaha Bank and an affiliate of PlainsCapital Bank in Dallas have partnered to sell residential mortgages.

The world knows JPMorgan's quarterly profits fell and that it flunked the living wills test. But underneath all that were solid first-quarter results in its core lending businesses that bode well for other banks at the start of earnings season.

Fannie Mae has priced a $1.15 billion credit-risk sharing transaction through its Connecticut Avenue Securities series.

Mortgage applications leaped 10% from a week ago on favorable conditions, according to the Mortgage Bankers Association.