Excluding a one-off $5.69 billion issuance from Chase, securitization of home equity loans declined during the first quarter. Activity involving closed-end second liens held up while HELOC issuance fell. (Includes three data tables.)
The securitization rate for residential mortgages originated during the third quarter was near the same level seen in 2019. Meanwhile, the share of GSE-eligible mortgages that flowed into MBS increased.