Very few lenders managed to increase loan production in the fourth quarter, while quite a few saw declines of 20% or more. First-lien mortgage originations in 2023 marked the lowest annual output since 2014. (Includes two data tables.)

The market sagged badly at the end with just $55.70 billion in new issuance...

The primary MI share in the agency market rose from 50.4% in 2022 to 62.9% in 2023.

The big engines in the ABS market — vehicle and business-finance deals — posted solid gains in annual issuance last year, along with sharp declines in quarterly production. (Includes three data tables.)

Last year's pendulum swing in loan purpose toward the purchase-money market yielded a significant increase in the share of agency business with primary MI coverage. And a larger share of insured business layered heavy debt burden with lower credit scores. (Includes three data tables.)

Agency MSR transfers declined by 27.5% in the fourth quarter, to $219.05 billion

Volume was down on an annual basis across prime, subprime, Alt A and scratch-and-dent deals.

Several top buyers of bulk agency MSR in the fourth quarter also sold some servicing as they rebalanced their portfolios. Lakeview was the top buyer in both bulk and coissuance deals. (Includes three data tables.)

Lakeview handled $644.49 billion in agency servicing as of the end of 2023.

Prime MBS issuance was up 15% from the third to the fourth quarter, while ECM production faded 15%. The sole growth market in 2023 was home-equity loan securitization. (Includes three data tables.)