Agency multifamily MBS programs accounted for 72.2% of total commercial mortgage securitization in 2020, their most dominant share since the immediate aftermath of the financial crisis.
Ginnie Mae MBS at the end of 2020 included $773.5 billion of VA loans, a 9.5% increase from the previous year, while the FHA sector posted a 4.2% decline over that period. (Includes four data charts.)
Non-agency CMBS issuance last year sank to its lowest production level since 2012 and key real estate sectors remain under stress. But the agency multifamily MBS programs continued to grow. (Includes data chart.)
Some $714 billion of loans were removed from Ginnie MBS last year, with about 86% of them representing borrower payoffs. Repurchases of delinquent loans were also up sharply from 2019. (Includes two data charts.)
Mortgage production exploded in the second half of the year, pushing 2020 past the all-time high set back in 2003. Agency business and nonbanks saw the biggest gains. (Includes two data charts.)
The market produced $42.61 billion of new ABS in the fourth quarter, a 38.7% decline from the previous three-month period. That brought year-to-date issuance to $202.02 billion, down 11.0% from 2019.
A significant chunk of the big fourth-quarter increase in agency MSR transfers came from Freedom Mortgage's acquisition of RoundPoint Mortgage Servicing. But total servicing transfers for 2020 fell well short of recent years. (Includes three data charts.)
Banks and credit unions increased their mortgage production from the second to the third quarter, but not nearly as fast as state-licensed nonbanks. (Includes data chart.)
A number of top nonbank servicers saw significant increases in their Fannie/Freddie servicing portfolios, while most big banks saw declines. The GSE market continued to fragment. (Includes two data charts.)