Legal Seminar, Chicago, IL

OVERVIEW ORIGINATIONVOLUME AND COMPOSITION

First Lien Origination Volume

In the first quarter of 2019, first lien originations totaled $335 billion, down slightly from $380 billion in Q1 2018. The share of portfolio originations was 37.3 percent in Q1 2019, up significantly from 29.0 percent in the same period of 2018. The GSE share was down at 37.3 percent, compared to 46.3 percent in Q1 2018. The FHA/VA share fell slightly, at 20.2 percent compared to 22.9 percent in the same period last year. Private-label securitization at 2.9 percent was relatively high compared to the share of 0 percent ten years ago, but remains a fraction of its share in the pre-bubble years.

($ trillions)

GSE securitization

FHA/VA securitization

PLS securitization

Portfolio

$4.0

$3.5

$3.0

$2.5

$2.0

$1.5

$0.132 $0.010 $0.072 $0.141

$1.0

$0.5

$0.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 Sources : Inside Mortgage Finance and Urban Institute. Last updated June 2019.

(Share, percent)

100%

90%

80%

37.3%

70%

2.9%

60%

50%

20.2%

40%

30%

20%

39.6%

10%

0%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 Sources : Inside Mortgage Finance and Urban Institute. Last updated June 2019.

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