Ginnie Mae Issuance

Browse articles from all of our Newsletters related to Ginnie Mae Issuance.

April 29, 2016 - Inside MBS & ABS

Commercial Mortgage Securitization Down in Early 2016 as Both Non-Agency and Agency Sectors Slump

New MBS issuance backed by income-property mortgages fell in the first quarter of 2016 as all sectors of the market got off to a weak start in the new year, according to a new Inside MBS & ABS analysis. A total of $44.78 billion of commercial mortgages were securitized in the first three months of the year, down 11.8 percent from the fourth quarter. It marked the lowest three-month output since the second quarter of 2014, when $37.61 billion of commercial mortgages were securitized. Both sides of the industry saw...[Includes one data table]

April 28, 2016 - Inside Mortgage Finance

Banks Toy With Creating an ‘FHA-Like’ Mortgage For Portfolio; But Chances of Success Are Unlikely

Having agreed to pay billions of dollars in damages for underwriting allegedly faulty FHA mortgages, the nation’s megabanks could be pondering a better idea: Creating a portfolio product that accomplishes the same task as a low-downpayment, government-backed loan. According to industry officials who claim to have knowledge of the situation, Wells Fargo and at least one other top-five ranked lender are working on such a concept, but it remains to be seen whether they will ever get there, and if they do, whether such a creation can amass any type of volume. When asked whether Wells was working on an FHA-like portfolio loan, a spokesman did not dismiss...

April 28, 2016 - Inside Mortgage Finance

Mortgage Originations Hold Fairly Steady in Early 2016 But Results Vary Significantly Among Top Lenders

Mortgage lenders that have excelled at originating refinance loans posted steady and improving originations during the first quarter of 2016 while competitors that are more focused on the purchase-mortgage market generally saw declining production levels. A new Inside Mortgage Finance analysis and ranking shows that first-lien mortgage originations totaled an estimated $380.0 billion during the first three months of 2016, down slightly from the fourth quarter of last year. That estimate could change as more information becomes available, especially from major nonbank lenders that have not yet reported first-quarter originations data. Agency indicators were...[Includes two data tables]

April 22, 2016 - Inside FHA/VA Lending

GNMA Eliminates Targeted Lending Initiative Due to Very Low Volume

Ginnie Mae is pulling the plug on its long-running Targeted Lending Initiative because it is no longer having an impact on overall lending in underserved urban and rural areas. TLI volume has seen more decline than uptick in recent years despite its offer of a Ginnie Mae guaranty fee reduction to encourage lenders to make more loans in underserved communities, according to an agency spokesperson. Reducing the Ginnie Mae guaranty fee lowers lenders’ expenses and, ideally, provides an incentive to increase lending. In 2005, Ginnie Mae extended the TLI to areas hardest hit by Hurricane Katrina, reducing the guaranty fee by as much as 50 percent to spur issuers to originate or purchase mortgage loans in areas where the hurricane inflicted the most damage. At one point, the program had more than 10,000 census tracts that were identified as targeted areas. Other TLI areas included those ...

April 22, 2016 - Inside MBS & ABS

Ginnie Mae to Eliminate 19-Year Program Targeting Underserved, Guaranty Fee Reduction Ineffective

Ginnie Mae is shutting down its long-running Targeted Lending Initiative (TLI) because it has not made much of an impact on lending to underserved urban and rural areas in recent years. Launched in 1997, the TLI was designed to encourage lenders to finance housing in underserved areas through a reduced guaranty fee. In 2005, the program played a major role in offering relief and financial assistance to homeowners in areas hardest hit by Hurricane Katrina. Under the TLI, Ginnie Mae’s guaranty fee is reduced...

April 21, 2016 - Inside Mortgage Finance

Agency Servicing Market Continues Tilting From Banks to Nonbanks, From Top to Second Tier

The evolutionary flow of the slow-growing agency mortgage servicing market continued in the first quarter of 2016 as many of the big names peeled back and fast-growers kept growing, according to a new analysis and ranking by Inside Mortgage Finance. Overall, the agency MSR space expanded by a meager 0.2 percent during the first three months of 2016. Slow growth is typical of heavier refinance periods, and refi business at Fannie Mae, Freddie Mac and Ginnie Mae was up a combined 1.9 percent from the fourth quarter. Although purchase mortgages accounted for half of the first-quarter market, the volume of such loans securitized by the three agencies was down 12.6 percent from the previous period. Ginnie continued...[Includes two data tables]

April 14, 2016 - Inside Mortgage Finance

Fannie and Freddie Securitized Fewer Private MI Loans In Early 2016 as Purchase-Mortgage Market Stalled

The flow of home loans covered by private mortgage insurance into new Fannie Mae and Freddie Mac mortgage-backed securities fell by 11.5 percent during the first quarter of 2016, according to a new Inside Mortgage Finance analysis and ranking. That decline mirrored the 11.6 percent drop in purchase-mortgage securitization from the fourth quarter by the two government-sponsored enterprises. A slight uptick in refinance activity partly offset the slide in purchase-mortgage business. Private MIs do...[Includes two data tables]

April 8, 2016 - Inside FHA/VA Lending

GNMA Market Slumped in 1Q16, But Monthly Data Show Rebound

Ginnie Mae issued $93.41 billion of single-family mortgage-backed securities during the first three months of 2016, an 8.6 percent drop from the previous quarter, according to a new Inside FHA/VA Lending analysis of loan-level MBS data, excluding FHA reverse-mortgage activity. Early 2016 was the slowest market in a year for Ginnie MBS production, though it still was stronger than most of the agency’s pre-2015 business. And issuance in the first quarter of 2016 was 17.0 percent ahead of the volume produced during the same period last year. The soft spot in the first quarter was FHA lending, especially purchase-mortgage activity. Issuers delivered $54.44 billion of FHA loans into Ginnie MBS during the period, a 12.1 percent drop from the fourth quarter, including a 15.0 percent decline in FHA purchase mortgages. Securitization of VA loans fell by a ... [4 charts].

April 8, 2016 - Inside MBS & ABS

Mortgage and Asset Securitization Slowed in Early 2016 Despite Uptick in Mortgage Refinance Activity

Falling mortgage rates helped spur a modest increase in refinance activity during the first quarter of 2016, but not enough to offset a slowdown in other parts of the securitization market, according to a new Inside MBS & ABS analysis and ranking. A total of $318.34 billion of residential MBS and non-mortgage ABS were issued during the first three months of the year, a 3.6 percent decline from the fourth quarter of 2015. It was the lowest amount of new issuance since the second quarter of 2014 and put the market 8.1 percent behind the level reached in the first quarter of last year. Non-mortgage ABS issuance was...[Includes three data tables]

April 7, 2016 - Inside Mortgage Finance

Mortgage Servicing Auctions Come Fast and Furious Despite Uncertainty Over Rates; Bidders Price Offers Accordingly

Although interest rates have been trending downward for much of the year, it hasn’t stopped mortgage firms from selling one of their most prized assets: mortgage servicing rights. According to a new tally from Inside Mortgage Finance, almost $27 billion in MSR auctions have been announced since March 1, with some bulk deals sized as high as $6.2 billion dollars. At least 16 offerings have been announced...

March 25, 2016 - Inside FHA/VA Lending

VA Jumbo Securitization Rises in 2015 Despite 4th Quarter Decline

Ginnie Mae securitization of jumbo mortgage loans with a VA guaranty rose significantly in 2015 despite a volume drop-off in the fourth quarter, according to Inside FHA/VA Lending’s analysis of agency data. Year-over-year results saw an almost 60 percent increase in Ginnie Mae mortgage securitization backed by VA jumbo loans. This was slightly dampened by 17.1 percent drop in VA MBS production in the fourth quarter from the previous quarter. All top-five VA jumbo securitizers – Wells Fargo, Freedom Mortgage Corp., PennyMac Corp., U.S. Bank, and Quicken Loans – reported significant drops quarter-over-quarter and year-over-year. Wells Fargo delivered a total of $5.0 billion in VA jumbo loans into Ginnie pools, making it the leading jumbo securitizer in that segment. This accounted for 17.7 percent of the market. Freedom Mortgage ended the year with $2.1 billion in ... [ Charts ]

March 25, 2016 - Inside MBS & ABS

When in Doubt, Buy Agency MBS. Bond Prices Continue to Rise in Wake of Bombings in Europe; Liquidity Improves

The average daily trading volume in agency MBS climbed to $201.4 billion in February, the best reading in nine months and a sign that investors will still flock to government-backed products in times of uncertainty, especially extreme uncertainty. Late this week, market watchers expressed their concerns about the terrorist bombings in Belgium as well as continued worries about China’s slowing economy and sagging oil prices. In short order, they piled into MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae. Barry Habib, who runs MBS Highway, a rate-lock service, told...

March 24, 2016 - Inside Mortgage Finance

Home Mortgage Debt Outstanding Up Again in 4Q15, But Ends Year Short of $10 Trillion Mark

The supply of home loan debt outstanding grew for a third straight quarter in late 2015, including an ongoing ride higher in un-securitized portfolio mortgages. The Federal Reserve reported that $9.986 trillion of home mortgages were outstanding at the end of last year, a 0.3 percent increase from the third quarter. The growth rate slowed a bit – the market grew by roughly twice that rate from March to September – but the fourth quarter put unpaid home mortgage debt up 1.0 percent from the end of 2014, the first annual increase since 2007. The single fastest-growing segment of the market continued...[Includes two data tables]

March 18, 2016 - Inside MBS & ABS

Increasing Demand on FHA Program Causing Strain on GNMA’s Resources, Warns HUD IG

Increases in demand on the FHA single-family program are having collateral implications for the integrity of Ginnie Mae’s MBS programs, including the potential for more fraud, warned the Department of Housing and Urban Development inspector general. Testifying during a recent Senate budget hearing, HUD Inspector General David Montoya said Ginnie issuer defaults historically have been infrequent, involving small to moderate-size issuers. “However, major unanticipated issuer defaults beginning in 2009 have led...

March 18, 2016 - Inside MBS & ABS

MBS Outstanding Balance Continued Creeping Higher in Late 2015, No Shortage of Investors

After starting 2015 with a net decline in supply of outstanding single-family mortgage securities, the market began to rally and ended the year with a modest gain. A new analysis by Inside MBS & ABS reveals that total residential MBS in the market reached $6.412 trillion at the end of last year, an 0.5 percent increase from the third quarter and up 1.0 percent from yearend 2014. The growing supply of residential MBS slightly outpaced the 0.3 percent increase in home mortgage debt outstanding, resulting in a 64.2 percent securitization rate in the fourth quarter. There are...[Includes two data tables]


Does your lending shop have any plans to make non-jumbo, non-QM loans this year? These would be loans similar to "Alt A" and subprime products made BEFORE standards were loosened severely in the 2004 to 2007 era.





It’s under consideration, maybe by 3Q or 4Q.


We were going to until the TRID "error" mess hit.


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