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

While CMBS issuance was down overall, there were a few pockets of strength in the non-agency sector. Agency multifamily MBS issuance tumbled 16% from the fourth quarter. (Includes two data charts.)

Refi volume for private MIs plunged 33.9% on a quarterly basis to just $6.66 billion, or just 4.9% of NIW written.

New primary MI coverage on refinance loans fell sharply in the first quarter. Purchase MI business saw a somewhat softer landing as the mortgage market nosedived. (Includes three data charts.)

April MBS issuance volume, which reflects originations, was the lowest monthly output since March 2020, just before the Fed launched a historic surge in refi activity.

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.)

The nonbank share of the top 50 servicing owners edged up from 53.0% in the fourth quarter to 53.4% in early 2022.

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.)

Among the top 10 funders, the declines were mostly brutal, ranging from a low of -21.1% to a high of -37.2%.