Most publicly traded nonbanks saw declines in origination gain-on-sale margins in the first quarter as the market evolved toward normalcy. Several companies offset declining production income with better performance on servicing. (Includes data chart.)
Nearly two-thirds of the CLO and CDO issuance in the first quarter of 2021 came from restructuring and refinancing of earlier transactions. For new production, broadly syndicated loans were the biggest source of collateral. (Includes two data charts.)
Freddie had one of its busiest quarters ever in issuance of new STACR credit-risk transfer securities in the first quarter of 2021. Fannie remained out of the market. (Includes data chart.)
A greater concentration of refinances in the primary market led to a sharp drop in the private MI share of new primary insurance business. And the FHA actually posted a bigger gain in refi endorsements than the VA. (Includes three data charts.)
Private MIs reported a 19.6% drop in purchase-mortgage business during the first quarter, which still accounted for 64.8% of their new insurance written for the period.
While the VA program still accounted for over half of the loans sold into Ginnie MBS in April, the FHA saw a significantly bigger increase in monthly volume. Freedom Mortgage held onto the top spot among Ginnie issuers despite a slowdown in production. (Includes two data charts.)
Freddie Mac accounted for most of the monthly gain in single-family agency MBS issuance, which rose to $372.9 billion in April, a new all-time high for the market. (Includes two data charts.)