Mortgage originations with primary MI coverage declined 11.6% from the third to the fourth quarter of 2021. On a year-to-date basis, FHA did better than VA and the private MIs. (Includes three data charts.)

New private MI business tumbled 13.0%, while government MI endorsements fell 10.5%.

Banks and thrifts generated $51.76 billion in interest income from MBS investment last year.

The Federal Reserve will stand back a bit from the agency MBS market in 2022, but U.S. banks may be able to step up in a declining market. (Includes two data charts.)

For the full year, the wholesale channel accounted for 15.0% of originations, correspondent 21.6%...

Retail production remained the richest source of first-lien mortgage originations, but wholesale-broker and correspondent grew their shares of the market. (Includes six data charts.)

What’s remarkable about the 2021 rebound in non-agency issuance is that several key sectors in commercial real estate still face long-term challenges.

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.