Securitization of retail-property loans and hotel mortgages saw volume gains in the fourth quarter, but non-agency CMBS issuance was down 46.3% in 2023. Agency multifamily MBS held up slightly better, recording a 38.0% decline from 2022. (Includes two data tables.)
Most of the companies that grew their owned servicing significantly in 2023 tapped a vibrant secondary market in bulk agency MSR. (Includes three data tables.)
CLO issuance is expected to go up in 2024, although securitization of commercial real estate faces persistent problems in the underlying market. (Includes two data tables.)
Most categories of loan withdrawals from Ginnie MBS pools saw declining activity in the fourth quarter. But repurchases of delinquent loans, especially FHA, were up. (Includes two data tables.)
Very few lenders managed to increase loan production in the fourth quarter, while quite a few saw declines of 20% or more. First-lien mortgage originations in 2023 marked the lowest annual output since 2014. (Includes two data tables.)
The big engines in the ABS market — vehicle and business-finance deals — posted solid gains in annual issuance last year, along with sharp declines in quarterly production. (Includes three data tables.)
Last year's pendulum swing in loan purpose toward the purchase-money market yielded a significant increase in the share of agency business with primary MI coverage. And a larger share of insured business layered heavy debt burden with lower credit scores. (Includes three data tables.)