The non-agency CMBS market posted a huge 97.4% increase in issuance in 2021, led by the securitization of office and industrial-property mortgages. Fannie, Freddie and Ginnie continued to dominate multifamily MBS with a steady 8.3% gain. (Includes two data charts.)

The conventional-conforming and government-insured sectors took the brunt of the decline in mortgage originations during the fourth quarter. Jumbo held steady, while ECM gained. (Includes two data charts.)

Total Ginnie issuance was down 3.2% largely due to an 18.7% collapse in rate-term refinance.

Higher conforming loan limits likely helped agency MBS issuance edge slightly higher in January. But the market started 2022 well behind its pace a year ago. (Includes two data charts.)

Nonbank servicers in the top 50 posted a hefty 4.6% gain in owned servicing...

Wells Fargo still ranks as the top mortgage servicer, but its industry-leading portfolio fell below the $1 trillion mark. (Includes three data charts.)

Roughly $153.60 billion of Fannie/Freddie MSRs changed hands in bulk deals during the fourth quarter...

Since the beginning of 2021, low interest rates fed a gusher of refinance and restructuring activity that totaled $230.29 billion...

Freedom Mortgage ranked as the top bulk buyer of agency MSR in 2021, but Chase came on strong in the second half. Coissuance volume gained some share last year, led by Lakeview Loan Servicing as the top buyer.

Refinance and restructuring deals accounted for just over half of last year's record $459.84 billion of CLO and CDO issuance. The major collateral groups all posted big gains from 2020, though CRE faltered a bit in the fourth quarter.