Heavy buying and selling in the secondary servicing market played a significant role in the third quarter ranking of GSE servicers. Chase continued to climb closer to the top rung.

ABS issuance of business-finance deals was up slightly in the third quarter, but all other sectors of the market posted sharp declines. GM Financial remained the top issuer despite a 32% downturn in production.

United Wholesale Mortgage ranked as the top seller of loans with private MI coverage for the first nine months of 2022. But PMI loans lost market share in the third-quarter agency purchase market.

Meanwhile, UWM ranked as the top GSE seller of home loans with private MI coverage at the end of the third quarter.

It was the steepest decline since COVID, when production plummeted 45.1% in the second quarter of 2020.

Production of non-agency MBS suffered a third-straight sharp decline in quarterly issuance. The biggest hit was in the prime RMBS sector, where jumbo securitization dropped and GSE-eligible activity nearly disappeared.

Nonbanks continued to broaden their footprint in agency mortgage servicing during the third quarter, particularly the Ginnie market. Bulk MSR acquisitions played a role in that.

Will changes to the eligibility rules alter the incredible grip nonbanks have on the GNMA market?

Agency single-family MBS production continued to erode in the third quarter despite a modest pickup in purchase loans. Meanwhile, issuance fell sharply in the commercial MBS and ABS markets. (Includes three data charts.)

Rocket and UWM ranked first and second, respectively, in terms of MBS issuance through the first nine months of 2022.