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...

Government lending accounted for a rising share of first-lien originations in 2022 largely by taking in higher-risk loans. The steepest decline in the fourth quarter was in conventional-conforming production. (Includes two data charts.)

Note: Once upon a time, Wells regularly was the top bank in the business...

The industry goliaths reported huge declines in earnings from their mortgage banking operations in the fourth quarter, driving the sector to its weakest profits in more than a decade. (Includes data chart.)

Ginnie, by the way, ranked as the top agency MBS issuer for the fifth straight month.

Ginnie again ranked as the top agency MBS issuer in January. While production fell for the 10th straight month, several lenders boosted their monthly sales. (Includes two data charts.)

Fun fact: Depository institutions outgrew nonbanks in the agency MSR market during the fourth quarter.

Delinquency rates are rising and many observers expect a mild recession this year. Nonbanks continue to grow their share of agency MSRs while banks build whole-loan portfolios. (Includes three data charts.)