Both JPMorgan Chase and Wells Fargo reported declines in first-quarter mortgage application volumes.

JPMorgan (JPM) saw its application volume drop 8%, while the bank’s origination volume ticked up 3%.

Meanwhile, Wells Fargo’s (WFC) application volume declined 8%, while originations fell a much steeper 13%, according to new analysis from Compass Point Research & Trading.

The Mortgage Bankers Association previously forecasted slight growth in JPMorgan’s origination volume due to data studied before the Compass Point report.

Wells Fargo, on the other hand, saw a sharp drop in originations as correspondent lending activity declined.

Wells Fargo blamed an increase in competition, instead of a strategic pullback, for the drop in correspondent activity, Compass Point added.

As a whole, origination volumes are predicted to stay strong this quarter, with sustained volumes confirmed by the MBA application index, the same research firm asserted.