Refinance activity continued to drive Fannie/Freddie MBS issuance, but purchase-mortgage activity has still not caught fire...

The declines were fairly consistent across most of the major correspondent platforms.

Timing is everything. The majority of the loans, 63.0%, went into forbearance status in April and many of these borrowers may have already made their May payment.

With one big exception — Freedom Mortgage — correspondent platforms saw declining production of FHA/VA loans in the first quarter. Retail was fairly steady, while wholesale-broker gained momentum. (Includes data chart.)

The supply of single-family MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae grew another 1.4% in the first quarter, hitting $7.134 trillion.

The top-five origination tally for 1Q20: Nonbanks 3, Depositories 2...