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?

The top three FHA lenders in the third quarter: UWM, Rocket Mortgage and loanDepot...

VA lending took the brunt of the 3Q22 downturn as its streamlined refinance business all but disappeared. Meanwhile, UWM overtook Rocket in the FHA market. (Includes three data charts.)