The risk of default on new quarterly mortgage originations turned significantly higher as production plunged, though seasonal factors played a role.

On the $323 billion in single-family loan originations during the first-three months of this year, the weighted-average probability of default was 1.11 percent.

That was according to the Default Risk Index, which was 95.8. The index is a measure of relative changes in risk level and benchmarked against the third quarter of 2013.

Source: Mortgage Daily