FHA and VA originations in the fourth quarter of 2022 were the lowest since early 2019. The VA’s IRRRL program was practically wiped out, while HECMs were the least bleak corner of the market. (Includes three data charts.)

Mortgage brokers using table-funding fared slightly better with a 31.2% sequential decline...

Agency securitizations of retail mortgages shrank by 36.7% in the fourth quarter as the share of refinances fell to 18.2%. Loan quality deteriorated slightly while average loan sizes continued to shrink. (Includes two data charts.)

Among the top-10 GNMA servciers, just two are federally insured depositories: Wells Fargo and U.S. Bank.

Lakeview/Bayview Loan Servicing edged out Freedom Mortgage as the top servicer in the $2.1 trillion GNMA market. FHA delinquencies rose throughout the year, but the VA default rate remained subdued. (Includes four data charts.)

The VA side of the aisle took a larger hit, plummeting 23.6% to $39.72 billion...

PennyMac led all categories in Ginnie Mae issuance as the downward trend continued in the sector, which produced its most disappointing results in three years. (Includes five data charts.)

Notable: Roughly 9.9% of all purchase loans were in the under-60% LTV range, a 289-bps increase since the first quarter.

Underwriting standards tend to deteriorate in dire circumstances, but GSE sellers appeared to avoid taking excessive risk as 2022 wound down even as sales volumes plummeted. (Includes two data charts.)

Will more depositories abandon the wholesale channel?