Non-agency jumbo lending saw an uptick in the fourth quarter of 2020, according to a new analysis by Inside Nonconforming Markets.

The report estimates that mortgage bankers closed approximately $102 billion of jumbos in Q4, up 2% from Q3. Total first-lien originations posted a 9.6% gain quarter over quarter.

While agency refinance business boomed during the pandemic, the jumbo sector’s market share shrank by half. The jumbo share of overall loan originations plunged from 16.7% in 2019 to just 9.7% in 2020.

The last time the sector’s market share was below 10% was in 2010, when jumbos accounted for only 6.6% of overall production. According to the report, many jumbo borrowers are refinancing but not at the same rate as refi activity in the agency market.