Two of the nation’s largest banks – JPMorgan Chase and Wells Fargo & Co. – had their mortgage businesses hit hard by the higher interest rate landscape in the first quarter of 2022.

The financial institutions reported double-digit declines in origination volume and net earnings from January to March, which were partially offset by strong performances in their respective servicing portfolios.

That’s a taste of what to expect from other mortgage lenders who have yet to report Q1 results.