All five rating services saw hefty increases in their ABS business in the first quarter as total rated issuance rose 88%. But there were clear winners and losers in the non-agency MBS market.

REIT industry holdings of agency MBS have climbed 8% higher than they were when COVID forced many firms to shrink, but investment in non-agency MBS remains depressed. (Includes data chart.)

All things equal, "agency" jumbo volume might be expected to grow when loan limits are raised.

Non-agency jumbo production grew 6.2% in the first quarter, but Fannie, Freddie and Ginnie saw a 19.5% downturn in conforming-jumbo business. A lean toward refinancing and pricing issues likely accounted for the difference in the two markets. (Includes three data charts.)

A slowdown in refinance activity was responsible for the May swoon.

A shift away from refinancing to purchase-mortgage lending played to the FHA's strengths as the program came close to reclaiming top-dog status in the government market. (Includes two data charts.)

With mortgage rates climbing for most of the year, a pullback in refinance activity was expected.

It's no surprise that the massive agency refinance boom showed signs of fizzling out, but purchase-mortgage business slumped just as housing season rolled into high gear. (Includes two data charts.)

PennyMac ranked as the top producer of purchase-money mortgages in the first quarter of 2021. Quicken Loans remained the top refi lender but lost ground to many competitors. (Includes four data charts.)

First-timer loans with private mortgage insurance slipped to 38.6% in the first quarter, down 9 basis points, while the share of FTHB loans with no MI was basically unchanged.