There is still plenty of business to be done in the agency market, but jumbo and ECM lending were the sectors that saw growth from the second to the third quarter. (Includes two data charts.)

Still, all three channels saw declines in refinance loans and rising purchase-money mortgage sales.

The rule has since been suspended. However, recent MBS issuance shows a continuing impact on market behavior.

Production was down in both non-agency CMBS and agency multifamily MBS...

The industry wasn’t exactly partying like it was 2020, but last year was a hard act to follow.

Freddie has seen a big shift in how lenders sell loans, with the share of cash sales dropping sharply in 2021 while swaps have gained favor. The same thing happened at Fannie, though not as dramatically. (Includes two data charts.)

Most nonbanks reported significantly higher earnings from mortgage banking during the third quarter as gain-on-sale margins improved and MSR write-downs were less severe. (Includes data chart.)

Deliveries of retail-originated loans to agency MBS fell 16.3% in the third quarter, while wholesale-broker volume was down 9.2%. (Includes two data charts.)

While non-agency CMBS and agency multifamily issuance both declined from the second to the third quarter, year-to-date issuance continued to run significantly higher than during the first nine months of 2020. (Includes two data charts.)

New primary MI on purchase-money mortgages was up from the second quarter. Private MIs reported a 4.2% increase to $134.22 billion...