ABS issuance rebounded from COVID-related market disruption in the third quarter but lost momentum in the fourth quarter to end 2020 down 11% from the previous year. (Includes two data charts.)
Private mortgage insurance accounted for over half of insured loans sold the agencies last year, while the VA overtook the FHA as the top government-insurance program. (Includes three data charts.)
In January of last year, the flow of VA loans into Ginnie MBS exceeded the volume of FHA loans, a trend that culminated in December, when VA accounted for 57.0% of monthly issuance.
The VA home loan guaranty program accounted for 54% of single-family loans securitized in Ginnie MBS last year, thanks to a roaring refinance program. (Includes four data charts.)
Issuance of prime jumbo non-agency MBS was up in 2020 despite a soft fourth quarter, but the expanded-credit mortgage sector lagged, as did securitization of reperforming loans. (Includes three data charts.)
After a slight blip higher in early-stage delinquencies in November, late-payment rates fell in December for all three agencies. (Includes data chart.)
Freddie Mac saw the biggest gain in agency MSR during the fourth quarter, fueled by a hefty 18% increase by independent mortgage companies. Ginnie servicing fell slightly despite growth among nonbanks. (Includes two data charts.)
Depository institutions saw their combined agency servicing shrink 2.5% from the third to the fourth quarter, squeezing their share of the market to 42.2%.