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.)

The biggest growth was in securitization of recently originated jumbo loans and expanded-credit mortgages.

Total non-agency MBS issuance rocketed up 82.8% last year. A huge surge in traditional jumbo loans drove a big increase in prime MBS issuance, helped by the GSE-eligible investor-property sector. (Includes three data charts.)

Depository institutions increased their agency mortgage servicing rights by just 0.4% during the final three months of the year.

Many of the top nonbank servicers recorded strong increases in their agency servicing rights, through both organic production and bulk MSR purchases in the secondary market. (Includes two data charts.)

Continued low interest rates, courtesy of the pandemic, was a key factor in the results...