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.)

Some large servicers are using securitizations for MSR financing while mid-size and smaller servicers stick with bilateral agreements.

Originator collateral misrepresentation and servicer reporting fraud also received a notable portion of votes for the most concerning schemes in a new survey from the Structured Finance Association.