REIT TBA investments down 22.6% as MBS values fall.

Per loan profitability plummets more than $3,000 year over year.

A surge in bank investment in deals backed by car loans accounted for much the industry's growth in ABS holdings during the first quarter. (Includes two data charts.)

Portfolio holdings of agency MBS fell mostly due to lower market value for the assets. REITs also recorded a significant drop in TBA investments as agency MBS issuance declined. (Includes data chart.)

Retail, correspondent and wholesale-broker all saw sharp declines in production volume in the first quarter, but retail may have been the most profitable. (Includes six data charts.)

Fun fact: Banks continued adding MBS to their portfolios even though they had to write down the value for most of their holdings.

Most bank holdings of residential MBS are in available-for-sale accounts that require fair-value accounting, which led to a rare decline in the industry's portfolio in the first quarter. (Includes two data charts.)

Since the beginning of 2021, $40.25 billion of ECM mortgage-backed securities have come to market...

Expanded-credit mortgage was the only product line to show any growth in the first quarter of 2022, and more lenders are sizing it up as agency and jumbo markets wilt. (Includes two data charts.)

The non-agency CMBS sector took the biggest hit...