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.)
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.)
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.)