Retail typically thrives in heavy refinance markets but that's not where we were in 4Q...

Third-party originators typically do better in strong purchase-mortgage markets, which was apparent again in the fourth quarter of 2022. (Includes six data charts.)

Note: It doesn’t appear that banks are selling MBS in any grand way.

Private MI and VA saw the biggest declines during the period.

The FHFA's National Mortgage Database offers interesting comparisons between the GSE market and conventional-conforming loans that are funded elsewhere. (Includes data chart.)

Chase and Citi both added Ginnie Mae MBS to their portfolios during the fourth quarter, but overall bank investment in the market continued to taper off. (Includes two data charts.)

Despite a downward spiral in new business and losing share to FHA, private MIs continued to report support strong earnings in the fourth quarter. Delinquency trends are edging up. (Includes three data charts.)

Lodging was the only major property type to get traction in the fourth quarter.

Most of the major property groups in non-agency CMBS saw hefty declines in securitization in the fourth quarter, though lodging was stronger than most. Agency multifamily MBS was down in 2022 despite a modest fourth-quarter gain. (Includes two data charts.)

Government-insured lending looked almost alive in comparison...