The broker share of conventional-conforming mortgages declined on a sequential basis to 20.3% in the first quarter of this year, according to surveys of various lenders. (Includes two data charts.)

As retail and correspondent loan sales to the agencies fell by 20%, lenders became visibly less discerning about credit quality, with credit scores dropping and DTI/LTV ratios rising. (Includes two data charts.)

Some $920.73 billion of mortgages originated during 2021 were sold to unaffiliated non-agency buyers during the year, a 19.6% increase compared with 2020. Guaranteed Rate was the top correspondent seller. (Includes data chart.)