Issuance of non-agency MBS rose strongly in the first quarter, with hefty gains in prime, ECM and NPL/RPL production. While the market was well ahead of its year-ago pace, there’s still some catching up to do with 2021 and 2022. (Includes three data tables.)
Ginnie Mae continued growing its forward-mortgage servicing portfolio during the first quarter, leading to a rising share of high-coupon mortgages. Meanwhile, the GSE servicing market contracted slightly. (Includes two data tables.)
Smaller lenders, with comparatively smaller declines in volume, saw their market share rise in the first quarter at the expense of large banks and large nonbanks. (Includes two data tables.)
While mortgages with primary insurance coverage included in agency mortgage-backed securities declined in the first quarter overall, VA refi volume jumped. (Includes two data tables.)
The share of higher-risk lending going to the GSEs expanded slightly in the first quarter, but high-credit score mortgages continued to dominate business at Fannie Mae and Freddie Mac. (Includes two data tables.)
The refinance market is showing signs of life — especially in the government-insured sector — and total agency MBS issuance in the first quarter was up from a year ago. (Includes two data tables.)
Mortgage holdings at banks increased last year despite mixed results at the largest depositories, including a decline at Wells Fargo. The ARM share also increased somewhat. (Includes data table.)
As the historic mortgage boom fades into the past, buyback claims from the GSEs have declined. The biggest downturn has been at Freddie. (Includes three data tables.)
With barely any refinance activity, the seasonal housing slowdown showed overcapacity in production platforms that squashed profitability. (Includes data table.)