Jersey Mike’s has started marketing a $400.0 million whole-business securitization, while Nothing Bundt Cakes is prepping a $445.0 million deal.

Sales were down 7.7% compared with the fourth quarter of 2024.

Although mortgage production and loan sales fell in the first quarter of 2025, banks and thrifts saw a significant increase in income from mortgage-banking operations. (Includes two data tables.)

CrossCountry sold 37.8% of its production to unaffiliated non-agency buyers in 2024.

Correspondent sales of mortgage loans to unaffiliated buyers increased 26.8% in 2024, led by CrossCountry Mortgage, Rate and United Wholesale Mortgage. (Includes data table.)

The denial rate on applications for jumbo refinances dropped to 22.2% in 2024 from 25.4% in the year earlier, while only 10.3% of jumbo purchase-mortgage applications were turned down. (Includes data table.)

The amount of mortgage servicing handled by banks and savings institutions for other investors continued to shrink in the early months of 2025. (Includes data table.)

Among the top-five lenders in terms of applications received for conventional-conforming mortgages in 2024, Rocket Mortgage had the highest overall denial rate at 15.9%. JPMorgan Chase ranked second with a rejection rate of 12.0%. (Includes data table.)

SPS handled servicing for 30.1% of all non-agency MBS issued in the first quarter.

Shellpoint Mortgage Servicing passed Newrez/Shellpoint with servicing tied to non-agency MBS issued in the first quarter. The bulk of SPS’ servicing is focused on expanded-credit mortgages.