The biggest decline in CLO issuance came in refinance and restructuring transactions, where volume fell 26% from the second to the third quarter. Refi CLO activity still accounted for 47% of new issuance. (Includes two data charts.)

After the FHFA revealed its intent to reduce GSE capital requirements for CRT exposure, Fannie announced plans to get back in the market. (Includes data chart.)

While agency market trends weakened in the third quarter, non-agency production likely continued to gain share. Rocket Mortgage, PennyMac and United Wholesale Mortgage remained the top producers, but several banks reported strong quarterly gains. (Includes two data charts.)

Barring an implosion over the next two months, 2021 will set a new world record, likely topping $4.5 trillion in annual originations.

Freedom Mortgage grew its Ginnie servicing portfolio significantly by acquiring MSR in bulk and coissuance transactions during the third quarter. Despite a spike in short-term delinquencies, overall loan performance improved. (Includes four data charts.)

Loan removals from Ginnie MBS declined nearly 10% from the second to the third quarter, with the sharpest drop in buyouts of delinquent loans. (Includes data chart.)

Issuance of new ABS through the first nine months of 2021 was up 38% from the same period last year and already the highest annual output since 2007. (Includes two data charts.)

Although a handful of large banks took advantage of willing sellers to boost their agency MSR holdings, nonbanks continued to expand their footprint in the market. (Includes two data charts.)

Commercial banks continue to show no love for MSRs, except for JPMorgan Chase...

However, removals for loan modification or foreclosure processing edged up 2.2% to $11.14 billion in the third quarter.