Some $81.01 billion of non-mortgage ABS came to market in the first quarter, a hefty 85.8% gain from the previous period.

The two government-sponsored enterprises saw a steeper 20.4% drop in purchase-loan volume, while the government-insured market fell 16.9%...

Bottom line: These smaller shops will need to make additional capital investments to effectively compete against larger seller/servicers.

The culprit: a downturn in purchase-mortgage activity...

When it comes to Ginnie EBOs, sales are done both servicing-retained and servicing-released.

RAMS: “Large, medium, and small originators are all in the same boat looking for new outlets for this product.”

“Here’s what it means to you,” said the CEO. “You’re going to start seeing that second homes and investment homes might have loan-level price adjustments"...

The first quarter of 2021 still ranked as the second-highest quarterly volume for the two GSEs...

Fun fact: Ginnie Mae regularly captures 95% or more of new FHA and VA loan production...

Issuers of MBS and ABS should use a 30-day average of SOFR rather than LIBOR when setting adjustable-rate terms for new deals, according to recommendations from a group convened by the Fed.