Rate-term refinances fueled most of the increase in agency single-family MBS issuance last month, but the wave may already be running out of propulsion. (Includes two data tables.)
JPMorgan Chase reported a $44 million increase in mortgage-banking income during the third quarter of 2024. Twenty-five other publicly traded banks boosted their combined mortgage banking earnings by $13 million. (Includes data table.)
Multifamily finance was one of the stars of the CMBS market in the third quarter, with securitization up 75% in the non-agency market and agency production rising 38%. (Includes two data tables.)
A whopping $91.6 billion of existing CLO deals were reset and refinanced during the third quarter, lifting year-to-date volume to $184.8 billion. While issuance of new CLO deals is also up strongly from 2023, third-quarter volume was down.
Bulk sales of agency mortgage servicing rights shifted to prepayment-protected coupons of 4% or less, while transfers of refinance-rich MSR slowed. (Includes three data tables.)
The key vehicle ABS sector slowed in the third quarter and business-finance securitization stalled. But issuance in the first nine months of 2024 was up 22.9% from last year. (Includes three data tables.)