Ginnie Mae Issuance

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

July 31, 2014 - Inside Mortgage Finance

Nonbanks Continue Assault on Mortgage Servicing Market, More Business Shifts to Smaller Institutions

Non-depository institutions aren’t letting a relatively stagnant mortgage servicing business stop them from continuing to build market share, according to a new Inside Mortgage Finance analysis and ranking of mortgage servicers at the midway point in 2014. Nonbanks that ranked among the top 30 servicers as of the end of the second quarter serviced an estimated $1.792 trillion of home mortgages, an increase of 12.4 percent over the past year. Depository institutions serviced considerably more – $5.142 trillion – but their aggregate portfolio was down 7.8 percent from the midway point in 2013. The shift to nonbank servicing from the first quarter was...[Includes two data charts]


July 25, 2014 - Inside Mortgage Trends

Data: Agency MBS Activity By State: 6M2014

A ranking by state of agency mortgage-backed security activity in the first half of 2014 with columns for purchase mortgages, refinances, Fannie Mae, Freddie Mac and Ginnie Mae.


July 24, 2014 - Inside Mortgage Finance

First-Time Homebuyer Share of Purchase Market At High Levels, GSEs Account for Growing Share

The first-time homebuyer share of home purchases has increased for four consecutive months, according to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. First-time homebuyer activity tends to increase through the spring homebuying season, but the first-time homebuyer share is at particularly high levels this year. First-time homebuyers accounted for 37.2 percent of home purchases in June, based on a three-month moving average. That was up from a 34.2 percent share in March, and the last time the first-time homebuyer share of home purchases was at 37.2 percent was September 2010. According to real estate agents, first-time buyers appear...


July 24, 2014 - Inside Mortgage Finance

Most Lenders Rode Surge in Mortgage Production In 2Q14, But Pace Was Well Below Recent Past

A healthy housing recovery boosted mortgage origination volume during the second quarter of 2014, but production remains at relatively sluggish levels, according to a new market analysis and ranking by Inside Mortgage Finance. Single-family mortgage originations totaled an estimated $295 billion during the second quarter, up 25.5 percent from the first three months of the year. The first quarter of 2014 was the worst production environment for the mortgage industry since the end of 2000, even falling below the mark set at the depth of the financial crises in the fourth quarter of 2008. In fact, the most recent April-to-June cycle brought...[Includes three data charts]


July 18, 2014 - Inside FHA Lending

House Democrats’ Bill Features Amped-Up GNMA

Ginnie Mae would play a greater role in a private-market partnership model envisioned in proposed housing finance reform legislation introduced recently by House Democrats. However, many in the industry doubt whether a Democrat-sponsored reform bill will pass in this Congress. Sponsored by Reps. John Delaney (MD), John Carney (DE) and Jim Himes (CT), the Partnership to Strengthen Homeownership Act would put Ginnie Mae in charge of all single- and multifamily mortgage-backed securities with government backing. Among other things, H.R. 5055 would create a new Ginnie Mae MBS for conventional mortgages backed by the full faith and credit of the federal government with minimum support from the private sector. Under the proposed model, private entities would assume up to 5 percent of the first-loss capital on the MBS. The remaining 95 percent would be shared between ...


July 18, 2014 - Inside FHA Lending

Ginnie Mae Servicing Remains Flat in 2Q14

Ginnie Mae servicing remained flat in the second quarter of 2014, continuing a trend that began in the third quarter of last year as FHA refinancing fell and purchase activity slowed, according to Inside FHA Lending’s analysis of Ginnie Mae data. Servicing volume rose by only 0.7 percent from the first quarter, slightly lower from the 0.9 percent increase reported by Ginnie Mae servicers for the first three months of 2014. On the other hand, volume was up modestly by 5.9 percent year-over-year, data showed. Ginnie Mae servicers ended the second quarter with a total of $1.46 trillion in unpaid principal balance, up from $1.45 trillion in the prior quarter. Four out of the top five Ginnie Mae servicers were banks. Wells Fargo closed out the second quarter with $425.9 billion in servicing volume, a 0.2 percent decrease from the previous quarter but up 2.1 percent from a year ago. Its 29.2 percent market share put it ... [1 chart]


July 18, 2014 - Inside MBS & ABS

House Democrat Bill Would Put Ginnie in Charge of All Government-Backed MBS. No Chance This Year

A significantly bigger Ginnie Mae would be placed in charge of all MBS issued with a government backing while Fannie Mae and Freddie Mac would be wound down and stripped of their government sponsorship under a bill filed last week by House Democrats. The legislation – the Partnership to Strengthen Homeownership Act, H.R. 5055, sponsored by House Democrats John Delaney (MD), John Carney (DE) and Jim Himes (CT) – has zero chance of gaining traction this year. It would create a new Ginnie Mae MBS backed by conventional mortgages that would have the full faith and credit of the federal government while tapping private capital to absorb some of the risk. The new structure under the Delaney-Carney-Himes bill would create...


July 18, 2014 - Inside MBS & ABS

Non-Agency MBS Market Sputters in 2Q14 As Jumbo and Servicing Advance Deals Slow

The modest rebound in non-agency MBS issuance during the first three months of 2014 fizzled during the second quarter of the year, according to a new analysis and ranking by Inside MBS & ABS. A total of just $1.60 billion of non-agency MBS were issued during the second quarter, a 62.7 percent decline from the previous period. It was the lowest quarterly volume in new issuance since the financial crisis of 2008. On a year-to-date basis, new issuance was...


July 17, 2014 - Inside Mortgage Finance

House Democrats’ ‘Middle Ground’ Bill Lauded by Industry But Lawmakers Tired of Mortgage Reform

A new “middle ground” legislative proposal that would replace Fannie Mae and Freddie Mac with a beefed-up Ginnie Mae is getting high marks from industry observers, but lawmakers on both sides of Capitol Hill have no more appetite for housing finance reform this year. The Partnership to Strengthen Homeownership Act, H.R. 5055, sponsored by House Democrats John Delaney (MD), John Carney (DE) and Jim Himes (CT), would create a new Ginnie Mae mortgage-backed security for conventional mortgages. It would have the full faith and credit of the federal government while tapping private sector capital to absorb some of the risk. H.R. 5055 has...


July 11, 2014 - Inside The GSEs

House Dem Trio Files ‘Middle Ground’ GSE Reform Legislation

A GSE reform bill filed late this week by a trio of House Democrats is less a last ditch effort to push their measure across the finish line this year than a bid to have the first word in next year’s debate over housing finance reform, note industry observers. The Partnership to Strengthen Homeownership Act, H.R. 5055, by Reps. John Delaney (MD), John Carney (DE), and Jim Himes (CT), follows through on their January draft proposal to seek a “middle ground” between the existing, politically untenable legislative proposals.


July 11, 2014 - Inside MBS & ABS

MBS Investing REITs Have Been Paying Hefty Dividends the Past Few Years, But How Long Can the Gravy Train Last?

Real estate investment trusts that have been gobbling up MBS the past few years – and paying hefty dividends in the process – may have some more room to run, especially if interest rates remain relatively benign. “Given the tailwinds of lower prepayment speeds and Fed purchases, we believe that payout levels should remain stable in the near term,” said one veteran analyst who works for a top five bank. This analyst, who tracks several large REITs that invest in agency securities, added...


July 11, 2014 - Inside MBS & ABS

Purchase Mortgages Fueled Second-Quarter Surge in Agency 1-Family MBS Production

A promising surge in purchase-mortgage lending was the key ingredient in the 13.3 percent increase in agency issuance of single-family MBS during the second quarter of 2014, according to a new market analysis and ranking by Inside MBS & ABS. Fannie Mae, Freddie Mac and Ginnie Mae issued a total of $212.23 billion of single-family MBS during the second quarter. That was a nice gain from an exceptionally poor $187.38 billion in production during the first three months, but it still marked the second lowest quarterly volume since the beginning of 2005 – and it fell short of the $213.12 billion produced at the low point in the financial crisis at the end of 2008. The agencies securitized...[Includes two data charts]


July 3, 2014 - Inside MBS & ABS

Agency REMIC Volume Dipped in 2Q14; Ginnie Most Active Issuer

Issuance of real estate mortgage investment conduits securities backed by agency MBS declined by 14.4 percent from the first quarter to the second, according to a new Inside MBS & ABS analysis. Fannie Mae, Freddie Mac and Ginnie Mae issued a total of $51.5 billion of REMICs during the second quarter. That left year-to-date production at $111.8 billion midway through 2014, down 25.8 percent from the same point last year. Ginnie remained...


July 3, 2014 - Inside MBS & ABS

Treasury Seeking to Revive Non-Agency MBS Market with New Practices and Standards

The Treasury Department announced late last week that it is working to develop market practices and standards that would be necessary “to support a safe and sustainable non-agency MBS housing finance channel of significant scale.” As part of the effort, the Treasury posed nine questions to industry participants and is accepting comments on the issue until Aug. 8. Michael Stegman, counselor to the Treasury for housing finance policy, said regulators have addressed most of the problems seen in the non-agency MBS market before the financial crisis. “The last remaining piece of the puzzle is putting in place standards and mechanisms to protect investors in residential MBS, while also clearly defining issuer responsibilities so that they have the confidence to return to the market at scale,” he said. Regulators may have “addressed”...


June 27, 2014 - Inside MBS & ABS

Securitization Rate Slipped in Early 2014 Despite Backlog Pushing Through Fannie and Freddie

About $179.6 billion of newly-originated home mortgages were securitized during the first quarter of 2014, resulting in a securitization rate of 76.4 percent, according to a new Inside MBS & ABS market analysis. The securitization rate was down slightly from 78.5 percent for all of last year and 78.8 percent during the fourth quarter. Historically, the rate peaked in 2009, when 84.4 percent of new originations were securitized. In the conventional conforming market, Fannie Mae and Freddie Mac securitization volume ($126.4 billion) actually exceeded...[Includes one data chart]


June 26, 2014 - Inside Mortgage Finance

Mortgage Servicing Market Shrank Again in Early 2014; Nonbanks Continue Building Market Share

The supply of mortgage debt outstanding declined again during the first quarter of 2014, slipping to its lowest level in eight years, according to new Federal Reserve data. There was a total of $9.851 trillion of home mortgages outstanding as of the end of March, down 0.4 percent from the previous quarter. The mortgage servicing market has been in almost constant decline since midway through 2008, with a modest bump higher in the third quarter of last year after a relatively strong rally in housing activity. Even the agency mortgage servicing market lost...[Includes two data charts]


June 20, 2014 - Inside FHA Lending

Around the Industry

NY Passes Bill to Reduce Number of FHA Loans that Would Fall Under Subprime. The New York Assembly recently passed legislation that would result in fewer FHA loans being classified as “subprime” under state banking law, according to the law firm Ballard Spahr. Already passed by the Senate, the bill would make permanent prior emergency rules issued by the Department of Financial Services, which raised the subprime threshold 75 basis points for those loans subject to the revised FHA mortgage-insurance premium cancellation policy. Although the emergency rules were set to expire on Dec. 31, 2013, the DFS granted an extension to allow the state legislature additional time to find a permanent solution, said Ballard Spahr attorneys. The bill passed with overwhelming bipartisan support and strong industry backing, and is expected to ...


June 20, 2014 - Inside MBS & ABS

Single-Family MBS Market Shrinks in Early 2014 As Growth Slows in Agency Market

The supply of single-family MBS outstanding fell modestly during the first quarter of 2014, reversing three consecutive quarters of modest growth, according to a new Inside MBS & ABS analysis. As of the end of March there was $6.371 trillion of single-family MBS outstanding, down 0.3 percent from the end of 2013. The supply of single-family MBS had been drifting lower since peaking at $7.007 trillion at the end of 2009 as refinance activity – which adds little to outstanding supply – dominated the agency market and non-agency MBS issuance gained little traction. For the last nine months of 2013, the MBS market finally began...[Includes two data charts]


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Home-equity lending is beginning to show new life. My company (pick one):

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