The FHA saw a steep 21.1% decline in volume, while the VA posted an 18.4% decline from the fourth quarter...

The sharp drop in agency refinance business in the first quarter hit FHA and VA hard but had less of an impact on the private MI market. UWM was the top private MI customer. (Includes three data charts.)

Prime non-agency MBS issuance fell 16.3% in the first quarter to $20.87 billion.

Securitization of reperforming and nonperforming mortgage loans fell sharply in the first quarter of 2022, along with softening in the prime non-agency MBS market. Expanded-credit issuance stayed strong. (Includes three data charts.)

Nonbanks continued their dominance in the MSR sector, a fact that likely keeps some federal regulators up at night...

Freddie continued to be the fastest-growing sector in agency servicing. Freedom Mortgage was a major seller in the first quarter, while Lakeview and Chase posted big gains. (Includes two data charts.)

2021 marked the first year since Inside Mortgage Finance began annual originations rankings back in 1989 that three nonbanks topped the ranking.

The silver lining is that agency purchase-loan business was up 4.0% from the first three months of 2021. That’s a promising sign...

Most sectors of the structured-finance market saw declines in new issuance during the first quarter of 2022, including a steep drop in single-family agency MBS production. (Includes three data charts.)

As might be expected, most of the erosion has been in the refinance market.