Roughly $164.77 billion of securities backed by commercial mortgages were issued last year, down just 0.6 percent from 2013, which was a banner year.

For the year, the 20 banks earned $3.090 billion from mortgage banking, down 30.5 percent from their income in 2013.

On loans with LTVs ranging from 90 percent to 95 percent, for example, GSE pricing was better for all borrowers with credit scores over 620. But things are different now.

Wells Fargo was the largest Fannie/Freddie servicer at yearend with $791.0 billion, followed by Chase Home Finance ($429.1 billion) and Bank of America ($260.4 billion).

The top five lenders in the industry accounted for 33.8 percent of total production last year, down from a combined 40.8 percent market share back in 2013.

ABS issuance was up 12.0 percent from the prior year, with solid gains in three of the market’s key sectors: auto finance, credit cards and business loans.

Still, the four super-sized U.S. banks – those with more than $1 trillion in assets – continue to rank in the top five GSE sellers.

Meanwhile, Fannie Mae and Freddie Mac continued to get less of their business from their five biggest customers.

Two of the four, Chase and BofA, reported increased originations during the fourth quarter. At Chase, production was up 8.5 percent...

Securitization of nonperforming and re-performing mortgages accounted for just over half of total non-agency MBS production in 2014.