jbancroft@imfpubs.com

MBS investors may see an outsized spike in prepayment speeds when May factor reports are released by the agencies late this week.

A new Inside MBS & ABS analysis of agency loan-level disclosures reveals a record volume of refinance loans were delivered into Fannie Mae, Freddie Mac and Ginnie Mae MBS last month.

The three agencies securitized $147.50 billion of refi loans in April, the biggest monthly total in at least nine years. The previous monthly refi record, $129.37 billion, was set in November 2012.

Total agency issuance, including FHA reverse mortgage MBS, hit $236.81 billion last month, an all-time monthly high.

The biggest increase in refi deliveries was in the Fannie/Freddie market, where volume soared 65.6% from March. For full details and exclusive tables, see the new edition of Inside MBS & ABS, now available online.