It was the steepest decline since COVID, when production plummeted 45.1% in the second quarter of 2020.

Production of non-agency MBS suffered a third-straight sharp decline in quarterly issuance. The biggest hit was in the prime RMBS sector, where jumbo securitization dropped and GSE-eligible activity nearly disappeared.

Nonbanks continued to broaden their footprint in agency mortgage servicing during the third quarter, particularly the Ginnie market. Bulk MSR acquisitions played a role in that.

Will changes to the eligibility rules alter the incredible grip nonbanks have on the GNMA market?

Agency single-family MBS production continued to erode in the third quarter despite a modest pickup in purchase loans. Meanwhile, issuance fell sharply in the commercial MBS and ABS markets. (Includes three data charts.)

Rocket and UWM ranked first and second, respectively, in terms of MBS issuance through the first nine months of 2022.

Fannie, Freddie and Ginnie saw a modest 4% increase in purchase-mortgage business during the third quarter, not nearly enough to offset the ongoing collapse in refinance activity. (Includes two data charts.)

Some 47,195 endorsements for cash-out deals were recorded by FHA in 2Q22...

At midyear, bank holding companies valued their agency MBS held for trading at $219.07 billion...

New FHA loan applications and endorsements have been declining steadily since hitting peaks in late 2020, and cash-out refinances make up a growing share of the market.