Arch Mortgage Insurance sprinted to the lead among private MIs with $14.81 billion in NIW for the first quarter. The company was the only PMI to increase production from the previous three-month period.

Issuance of non-agency CMBS was up 13% from the fourth quarter to $41 billion, including big gains in retail, office and multifamily. But agency multifamily MBS production fell 22%. (Includes two data tables.)

A boost in primary MI for refinance loans helped offset an across-the-board downturn in new coverage for purchase loans. Private MI earnings look to be on cruise control. (Includes four data tables.)

Pools of loans secured by property in Florida were the most popular “story” in the first quarter.

April issuance was the highest monthly total since June 2022, when the market was coming down from the euphoria of the COVID-19 rally.

Rocket Mortgage was the top seller-issuer in April thanks to a 24% jump in monthly volume, while UWM slipped to second place. Newrez, Chase and Onity all posted big gains from March. (Includes two data tables.)

A handful of GSE specified-pool categories based on maximum loan amounts saw increased production in the first quarter, as did MBS backed by investor loans. (Includes data table.)

Earnings were depressed for both production and servicing.

While new production volume was generally sluggish in the first quarter of this year, several banks reported higher gain-on-sale margins and better MSR hedging results. (Includes data table.)

Much of the first-quarter decline in CLO issuance came from a sharp slowdown in reset and refinance transactions. Meanwhile, issuance backed by commercial real estate is having a moment.