Servicers of Ginnie product are buying delinquent FHA and VA loans out of MBS pools and now the mortgages are showing up in a different forbearance category.

Most top Ginnie MBS issuers posted big gains in July, but the government-insured market has generally lost market share to conventional-conforming lending. (Includes two data charts.)

Thanks to strong cash prices paid by FHA/VA aggregators, fewer mortgage firms are seeking their Ginnie “eagles.”

After that date, Ginnie MBS issuers will no longer be able to enter the agency’s legacy systems — GMEP and GinnieNET — directly through their web addresses.

FHA/VA loans in forbearance decreased by 30 basis points to 10.26% as of July 12.

The government guarantor will begin accepting electronic promissory notes and other digitized loan files for its MBS program.

MBA’s June 28 tally shows Ginnie Mae-backed loans in forbearance declined by 11 basis points to 11.72%.

BNY Mellon told MBS participants that deals will be delayed because of a COVID-19 infection in its Dallas office.

Roughly 10% of loans backing Ginnie Mae MBS at the end of May were in forbearance because of the COVID-19 pandemic, but over a quarter of them were still current. (Includes data chart.)