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.

For six consecutive quarters home lenders pounded out $1 trillion or more in originations...

First-lien originations set a new annual record of $4.825 trillion in 2021 despite an 8.4% decline in the fourth quarter. Many top lenders reported significant quarterly declines in production.

All major product groups saw significant gains in 2021...

Every sector of the ABS market saw substantial increases in new issuance last year. Vehicle finance securitization and business ABS remained the top asset classes, though other markets gained share. (Includes two data charts.)

Agency securitization of insured refi loans fell 15.3% last year, with the private MI sector taking a hard hit.

Private MIs made some gains in the insured purchase-mortgage market in 2021, while the FHA grew its share of insured refinance business. (Includes three data charts.)