Following seasonal patterns, the number of FHA and VA loans in early stages of delinquency fell sharply from the fourth quarter of 2018 to early 2019. Nonbanks continued to expand their footprint, accounting for 62.2% of outstanding Ginnie single-family servicing.
New Ginnie Mae mortgage-backed securities volume in the first quarter of 2019 declined to the lowest level in nearly five years. Total single-family MBS production fell 15.7% sequentially to $76.97 billion.
The volume of FHA and VA loans securitized in Ginnie Mae pools declined in 2018, according to an Inside FHA/VA Lending analysis of agency data. [Includes one data chart.]
Ginnie Mae issuers produced just $22.84 billion of new mortgage-backed securities in February, the lowest monthly total in nearly five years, according to a new Inside FHA/VA Lending analysis. [Includes two data charts.]
Ginnie Mae saw a modest increase in issuance of single-family mortgage-backed securities in January, according to an Inside FHA/VA Lending analysis of MBS disclosures. [Includes one data chart.]
Ginnie Mae approved far fewer issuers last year than in 2017, according to agency data. Only eight out of 28 applicants were approved to participate in its mortgage-backed securities program, as against 22 issuers in the previous year.
Ginnie Mae’s plan to reduce the number of small issuers of mortgage-backed securities could increase the agency’s risk and make it harder for those issuers to remain in the program, warned the Community Home Lenders Association.
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