The extension rate on loans in auto ABS declined again in February. Still, extensions are elevated compared with a year ago, just before the pandemic hit the economy.

Production of vehicle-finance and business ABS was up sharply in the first quarter. A transaction backed by future cash flows from an airline rewards program played a big part, while student loan and consumer ABS markets also posted big gains. (Includes two data charts.)

“Issue debt while you can.” That seems to be the mantra of nonbank mortgage lenders and even real estate mortgage investment trusts. The latest sellers: UWM and PennyMac.