While the market value of residential MBS fell in the first quarter, the volume of outstanding securities continued to grow. (Includes two data charts.)

Nonbanks boosted their combined servicing by 4.8%, hitting $6.231 trillion...

Nonbanks increased their share of the mortgage servicing market by nearly 5% in the first quarter, while a one-time reporting change lowered credit union portfolio holdings. (Includes three data charts.)

Moody’s increased its ratings of newly issued ABS by 36% during the first quarter, a period when total rated issuance was up 8%. Kroll remained the top rating service in non-agency MBS. (Includes two data charts.)

The conforming-jumbo share of agency business fell from 7.5% in December to 6.7% in January as the new loan limits took effect...

The non-agency jumbo market held up better than high-balance agency production in the first quarter. New GSE pricing is depressing conforming-jumbo sales in the second quarter. (Includes three data charts.)

An ominous sign: Agency issuance over the first five months of 2022 totaled $921.38 million, down 44.0% from the same period last year.

Fannie, Freddie and Ginnie securitized just $48 billion of refinance loans in May as both rate-term and cash-out activity crumpled. Purchase-mortgage business was up an anemic 0.2% from April. (Includes two data charts.)

The top three refi originators in 1Q22: Rocket Mortgage, Wells Fargo and United Wholesale Mortgage...

Refinance lending plummeted in the first quarter of 2022 but still clung to a narrow lead over purchase-mortgage originations. Refis may account for only 30% of the market for the rest of the year. (Includes four data charts.)