Banks and thrifts continued to report a decline in originations through their retail mortgage platforms in 2023. Cornerstone Capital Bank was the top bank retail mortgage lender in the fourth quarter.
The flow of refinance mortgages into agency MBS rose smartly from January to February. And year-to-date total issuance was up slightly from early 2023.
Combined FHA/VA forward mortgage volume declined by 17.7% in the fourth quarter. For the full year, volume was down 19.9%. (Includes three data tables.)
Originations of expanded-credit mortgages declined at a slower pace than total first-lien originations last year. Citi was the top ECM lender in 2023 even though its production was off 8.3% from a year ago. (Includes data table.)
Select Portfolio Servicing remained the largest nonprime mortgage servicer at the end of 2023. Delinquencies in the sector are climbing. (Includes data table.)
Nearly all the top bank MBS investors reported gains in the value of their portfolios during the fourth quarter, but values remain well below amortized cost. Ginnie MBS saw the biggest gain. (Includes two data tables.)
The FHA gained share in the agency purchase-mortgage market last year, while private MIs continued to do more first-time buyer business. (Includes four data tables.)
A sharp drop in jumbo originations in the fourth quarter of 2023 saw the sector’s market share of total first-lien originations narrow. (Includes data table.)