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.)

Some $93.98 billion of non-agency MBS was issued year-to-date through September, putting the market on track for its best year since 2021.

Total servicing tied to agency single-family mortgage-backed securities rose to $9.004 trillion as of the end of September.

Non-agency MBS issuance was up in the third quarter thanks to strong gains in prime and expanded-credit MBS. Home equity and short-term business-purpose loan deals also gained momentum. (Includes three data tables.)

It’s no surprise that Ginnie, and nonbank servicers, saw the biggest gains in the agency MSR market in the third quarter. Freedom Mortgage made noise growing its portfolio by nearly 20%. (Includes two data tables.)

Residential MBS production was up 11.9% from the second quarter, hitting $341.43 billion, a two-year high.

Issuance of single-family agency MBS increased by 13.1% from the second quarter, hitting its highest level in two years.

Issuance of residential MBS was up 11.9% in the third quarter, thanks to a decline in interest rates that sparked increased refinance activity and bolstered purchase-mortgage lending. (Includes three data tables.)

The agency market may need continued growth in refinance lending to sustain the third quarter’s increase in single-family business. Fueled by surging refi volume, Ginnie grew its share of agency MBS issuance. (Includes two data tables.)

Fitch Ratings remained the top player for rating non-agency MBS in the second quarter of 2024 but the firm lost some market share.