Ginnie Mae's single-family outstanding was up 2.2% in the second quarter while the GSEs posted a 0.3% increase in servicing compared with the end of March..
A handful of mergers accounted for a significant share of the huge flow of agency MSR to new owners during the second quarter. Sales by nonbanks looking to prop up earnings were a major factor. (Includes three data charts.)
After a brief rebound in the first quarter, issuance of non-agency MBS declined in the most recent three-month period despite a tiny increase in prime deals.
The agency single-family servicing market grew more rapidly in the second quarter of 2023, with nonbanks racking up most of the gains. Ginnie remained the fastest-growing sector.
Agency MBS, non-mortgage ABS and commercial MBS all saw significant gains in new issuance during the second quarter, while the non-agency MBS market continued to lag behind.
Secondary-market sales of purchase mortgages rose smartly in the second quarter and there was even a modest boost in the refi market. But at midyear, agency single-family business was well off last year’s mark.