Declining MSR valuations created problems for bank mortgage operations in the fourth quarter, along with a slowdown in loan originations and sales. (Includes data table.)

Agency-eligible production accounted for 87.1% of first-lien originations in the fourth quarter, up from 81.1% a year ago.

Rate-term refinances still account for a relatively small share of total agency MBS production, but volume jumped 22% from December to January. Many top sellers shifted more of their business to Fannie. (Includes two data tables.)

A few top lenders managed to gain share in primary market originations of agency-eligible loans during the fourth quarter. But product totals were down across the board. (Includes two data tables.)

One positive: Financing for retail properties and hotels actually saw gains in the fourth quarter.

A big chunk of the nonbank gains came through secondary-market acquisitions.

Securitization of retail-property loans and hotel mortgages saw volume gains in the fourth quarter, but non-agency CMBS issuance was down 46.3% in 2023. Agency multifamily MBS held up slightly better, recording a 38.0% decline from 2022. (Includes two data tables.)

Most of the companies that grew their owned servicing significantly in 2023 tapped a vibrant secondary market in bulk agency MSR. (Includes three data tables.)

Originations in 2023 were at the lowest level seen since 2014.

CLO issuance is expected to go up in 2024, although securitization of commercial real estate faces persistent problems in the underlying market. (Includes two data tables.)