Securitization of non-agency prime and Alt A mortgages ramped up significantly in the first quarter, although subprime MBS issuance dropped to its lowest level since 2017. RPL/NPL transactions remained the biggest component in the non-agency MBS market. (Includes three data charts.)
Most of the increase in Ginnie loan removals came from borrower payoffs, but servicer buyouts for loss mitigation and foreclosure rose sharply. (Includes data chart.)
Freddie saw a huge gain in single-family servicing in early 2021, especially among nonbank servicers, while slumping FHA production led to a decline in Ginnie servicing. (Includes two data charts.)
Freedom Mortgage remained the top Ginnie MBS issuer in the first quarter, though third-ranked Quicken Loans posted a mighty 47% gain from the prior period. Some 57% of loans securitized by Ginnie had VA guarantees. (Includes four data charts.)
Slumping purchase-mortgage business in the agency MBS market was a big factor in the 6% downturn in total MBS-ABS-CMBS issuance in the first quarter of 2021. Agency business rebounded in March, however.