Issuance of all the major RMBS products rose significantly in the first quarter of 2023, although average seasoning in the deals was higher. Subordination levels in ECM deals rose as investor demand weakened and collateral trended riskier. (Includes three data charts.)

Fannie and Freddie captured a smaller share of the conventional-conforming market last year, and non-agency issuance dropped sharply in the second half. (Includes data chart.)

Prepayment speeds are at historic lows, but Fannie reported a net decline in single-family MBS outstanding during the first quarter, and Freddie was up just 0.1%. (Includes two data charts.)

Based on recently released HMDA data, first-lien originations in 2022 totaled an estimated $2.325 trillion, down 47.6% from the previous year. (Includes two data charts.)

The supply of Fannie Mae single-family servicing declined by 0.2% in the first quarter.

Combined MBS issuance at Fannie Mae, Freddie Mac and Ginnie Mae was down 21.2% from the fourth quarter and off 66.9% from the first three months of 2022.

It was the ninth straight quarterly decline for agency MBS issuance.

There were two bright spots in the first quarter: Non-agency MBS issuance rebounded strongly and ABS production saw a solid gain. But agency single-family tanked again, as did CMBS. (Includes three data charts.)

Monthly business volume was up in March, and a handful of sellers grew their agency single-family production in an otherwise calamitous start to the new year. (Includes two data charts.)

Both originations and servicing were a lot less profitable in the fourth quarter of 2022.