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.
Total ABS issuance reached its second-highest quarterly total in the first three months of 2026. Securitization of auto loans and data-center revenue were key factors. (Includes three data tables.)
A new Inside Mortgage Trends analysis showed a total of $164.28 billion of agency MSR changed hands in the first three months of the new year, down 84.1% from the prior quarter.
Carrington Mortgage Services was the top bulk buyer of agency MSR in the first quarter of 2026, thanks to a large acquisition of Ginnie servicing from Pennymac. Bayview Asset Management was the top buyer in the coissuance market. (Includes three data tables.)
Ginnie posted a 1.3% quarterly gain in servicing outstanding to $2.726 trillion at the end of March, not including servicing of home-equity conversion mortgages.
Non-agency MBS issuance hit its highest level since the third quarter of 2007, largely because of surging production of the new generation of Alt A and subprime deals. JPMorgan Chase was the top issuer and top underwriter in the first quarter. (Includes three data tables.)
Depository institutions increased their share of the agency servicing market slightly in the first quarter of 2026 as a handful of banks bought GSE MSR in the bulk market. (Includes two data tables.)
Agency MBS issuance declined on a quarterly basis in the first quarter of 2026 while non-agency MBS issuance hit the highest level since the financial meltdown of 2007.