All the major nonbank mortgage servicers were bleeding in trading through early afternoon, after Nationstar Mortgage Holdings (NSM) reported its first-quarter loss of $48.3 million.

Nationstar’s loss was principally due to a $110 million non-cash decrease in fair value mark-to-market adjustments in the servicing segment and a $17 million non-cash quarterly increase in amortization.

At a little after 1 p.m. ET, Nationstar’s stock price was down almost a third of where it started the morning, and at $19.90 it was well below its 52-week low.

This seemed to trigger a drop in the other two big nonbanks. Things were only marginally Walter Investment Management (WAC), which was down almost 14% after 1 p.m.

The nonbank that’s taken the worst heat in the year actually held on to most of its gains over the past week. Ocwen Financial (OCN) was down just under 5% for the day, but still above its low before it reported its first quarter earnings last week.

The drag seemed extend mainly to the nonbanks. By comparison, Wells Fargo (WFC), one of the largest banks in the mortgage space, was holding steady, up about 0.7%.