Fannie, Freddie and Ginnie securitized $345.72 billion of loans with some form of primary MI during the third quarter, an 8.3% drop from the previous period.

Mods accounted for 16.2% of FHA loans in 3Q21 Ginnie MBS...

Securitization of modified loans was a significant factor in the FHA reclaiming its traditional role as top guarantor of loans in new Ginnie MBS. PennyMac and Wells Fargo dominate the loan-mod sector. (Includes four data charts.)

Structured finance production held at historically high levels in the third quarter, though most sectors were down. Growth pockets included non-agency MBS and ABS. (Includes four data charts.)

On a sequential basis, agency issuance fell 13.8%...

Sales of purchase-money mortgages into the agency secondary market continued to gain momentum in the third quarter, but the refinance sector saw further erosion. (Includes two data charts.)

Over the four-month period from May to August, Fannie and Freddie purchased $46.18 billion of IPL and SHL loans, down 47.9% from the first four months of the year.

Originations through mortgage banking platforms fell 7.8% from the first to the second quarter.

In the purchase market, the share of loans with credit scores ranging from 620 to 699 rose from 10.75% in the second quarter to 12.00% in the third quarter.

Although the GSEs have for several months seen declines in the share of investor and second-home mortgage purchases, it remains to be seen whether lenders will continue to deliver these loans into the non-agency market now that the caps have been withdrawn. (Includes two data charts.)