July pushed year-to-date issuance to a stunning $1.512 trillion. The market is on track to top $2.5 trillion by the time 2020 is over, which would smash the current annual record of $2.130 trillion set in 2003.
The primary market tilted more heavily to conventional-conforming production in the second quarter as lenders rode soaring consumer demand and hefty profit margins to sell loans to Fannie Mae and Freddie Mac. (Includes two data charts.)
Most of the major bulk buyers of agency servicing rights moved to the side-lines in the second quarter of 2020, and more mid-sized lenders opted to hold MSR rather than sell through coissuance arrangements. (Includes three data charts.)