Some new players came into the bulk agency MSR market in the second quarter, though Freedom Mortgage and other familiar names remained the biggest buyers. Coissuance volume rose slightly, thanks to Ginnie Mae. (Includes three data charts.)

There was no monster ABS in the second quarter that could match a $10 billion airline transaction in the previous period, but year-to-date issuance was well ahead of last year's pace. (Includes two data charts.)

The shift in focus from refinance to purchase mortgages helped boost the secondary market in FHA and private MI loans, while the VA and uninsured conventional markets saw declines. (Includes three data charts.)

Sales of conventional loans with private MI to Fannie Mae and Freddie Mac recorded a bigger 10.3% increase from the first quarter.

The number of loans 30-days past due was up 13.6%...

Both the FHA (11.1%) and the VA insurance programs (20.4%) saw significant increases in purchase-mortgage activity...

A significant shift from refi to purchase-mortgage lending shaped the ranking of Ginnie issuers in the second quarter. Securitization of modified loans, including mortgages coming out of COVID forbearance, was up sharply. (Includes four data charts.)

Things aren’t back to pre-crisis levels by any means. In 2006, quarterly non-agency MBS issuance averaged over $285 billion every three months. It will take a miracle to reach that level for all of 2021.

Fed by strong jumbo production, non-agency MBS issuance surged to $43 billion in the second quarter, the highest level since the end of 2007. (Includes three data charts.)

Although 30-day delinquencies were up, Fannie, Freddie and Ginnie all saw significant declines in the number of loans two- and three-payments past due. (Includes data chart.)