After falling below $100 billion in each of the previous two periods, Ginnie Mae issuance turned a corner in the second quarter. But volume is still far off the numbers for most of the past four years. (Includes four data charts.)
Data show that, in the wake of natural disasters, lenders are more likely to approve, originate and sell mortgages to the government-sponsored enterprises. This raises issues of moral hazard and adverse selection, according to economists.
The volume of FHA loans securitized into Ginnie mortgage-backed securities grew 20.5% between March and April, to $18.39 billion. VA loan production sent to Ginnie increased at an even higher rate. (Includes two data charts.)
Acra’s non-QM pipeline is up to $500 million, double what it was a few months back. Angel Oak is seeing improved conditions as well. Better times ahead for these two nonagency stalwarts? Looks that way.
Issuance of Ginnie Mae MBS declined for the eighth straight quarter during the first three months of 2023. The deterioration was relatively uniform between FHA and VA volume. (Includes four data charts.)
SFA and others have asked the SEC to extend the comment period on a proposed rule regarding conflicts of interest in the securitization market; SFA revises TRID grid; Fitch reviews RPL MBS; new ABS with Small Business Act Section 7(a) loans.
Angel Oak Capital Advisors and a portfolio manager with the company settled with the SEC, which alleged improper reporting of delinquencies on a fix-and-flip securitization issued by Angel Oak in 2018.
Ginnie Mae said it supports HUD’s efforts seeking legislation that would provide a permanent source of capital for housing finance agencies fostering affordable multifamily housing.
Ginnie Mae issuance of single-family mortgage-backed securities declined 12.2% in the second quarter of 2022, as rising interest rates dragged the refinance market to new lows. (Includes four data charts.)