While the GSEs are under mandates to shrink their retained portfolios, Freddie’s holdings increased in the final three months of 2022. (Includes data chart.)

Appraisal reduction amounts, which measure a new appraisal’s shortfall compared to the loan’s unpaid balance, are generally considered an indicator of expected losses.

Despite a sharp decline in primary market originations, the agency MSR market continued to grow in the fourth quarter. Ginnie servicing was the fastest-growing segment. (Includes two data charts.)

Nearly all sellers recorded huge declines in agency deliveries in late 2022 as purchase-mortgage volume plummeted. Ginnie ranked as the top agency MBS issuer in the fourth quarter. (Includes two data charts.)

The relationship between waivers and prepayments began to decline in April 2021, as the refinance wave cooled.

Fannie, Freddie and Ginnie saw a modest 4% increase in purchase-mortgage business during the third quarter, not nearly enough to offset the ongoing collapse in refinance activity. (Includes two data charts.)

Ginnie spreads over Treasuries have widened in the wake of the newly announced capital and liquidity requirements for nonbank servicers.

Agency seller/servicers have a new set of net worth requirements to adhere to. The good news: The final language is close to what was originally proposed.

At midyear, 806,884 mortgages backing MBS issued by the GSEs and Ginnie were delinquent...

Falling origination volumes and a return to loan-loss provisions point to lower net income for Fannie Mae and Freddie Mac through the end of the year.