With refinance activity plummeting, lenders with concentrations of purchase loans were more likely to see their agency sales increase in April. Total agency MBS issuance fell 11% from March. (Includes two data charts.)
An active secondary market in agency servicing rights helped a number of second-tier nonbanks build their owned servicing portfolios significantly in the first quarter. (Includes three data charts.)
A sharp decline in refinance and restructuring activity helped drive issuance of U.S. CLO sharply lower in the first quarter. Volume was up, however, in CRE deals. (Includes two data charts.)
Industry economists expect home lending to deteriorate through the rest of 2022 as gains in purchase-mortgage lending fail to offset the meltdown in refinance activity. (Includes two data charts.)
Bulk MSR transfers were down in the first quarter, with a number of pending deals yet to close. Coissuance saw a boost in its share of agency securitization. (Includes three data charts.)
The two biggest sectors in the ABS market — vehicle loans and business finance — saw solid gains in issuance in early 2022. GM Financial was the top issuer; Barclays Capital was the top underwriter. (Includes two data charts.)