Origination

The country's third-largest originator saw revenue tick up in the first quarter off of higher servicing income and more pull-through weighted rate lock volume from lower average interest rates, it said.

Economic uncertainty slowed multifamily and commercial activity to the lowest level in 9 years, the Mortgage Bankers Association said.

Both its servicing and origination segment were in the red in the first three months of the year, with the latter division reporting a net loss of $32.8 million.

The firm's reverse mortgage arm combined with the newly acquired American Advisors Group will make the parent company the largest player in that lending space, executives said.

Bank turmoil caused a reduction in adjustable-rate and refinancings, but jumbo product availability actually grew in April.

The combined companies, which originated three or fewer loans in the state last year, saw minor growth year-over-year, against an overall 41% drop in volume statewide.

The incident affecting the information of 1,361 customers is a rare disclosure of a data breach from a top mortgage lender and servicer.

Even with lower new insurance written, the six active underwriters remained profitable.

However, the 16% decline was far less than the drop in mortgage volume due to the increased share in purchase transactions.

April interest rate drops provided momentum for an upturn, but more consumers also thought the outlook for buying and selling was headed in a favorable direction, according to Fannie Mae.