Loan payoffs through refinancing and the like declined during the fourth quarter while buyouts plummeted. On an annual basis, loan removals were largely flat. (Includes data chart.)
Fannie removed some loans from its MBS early; Guaranteed Rate restructured a jumbo MBS before issuance; the GSEs are prepping separate risk- sharing transactions.
The number of newly minted Ginnie Mae issuers has fallen dramatically the past year. Something to worry about or the byproduct of the mortgage industry’s cyclicality?
Margin requirements for trading GSE MBS are on the way; the Fed will end its stimulus-related purchases of agency MBS in March; JPM readies its largest jumbo MBS since 2016.
Fannie and Freddie have yet to release a date for their fourth-quarter results, but 4Q was likely a tad shy of 3Q. Credit stable interest rates and decent MBS volumes.
Market growth in 2022, though more restrained than in 2021, should give Fannie and Freddie plenty of runway to hit their multifamily caps for the year.
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