Loan removals from Ginnie Mae MBS in the first quarter were driven by lower borrower payoffs. Meanwhile, loss-mitigation removals hit a three-year peak. (Includes two data tables.)

A rise in interest rates around the beginning of the year suppressed refi volume to some extent. PennyMac was the top Ginnie issuer of both FHA and VA mortgages in the first quarter. (Includes four data tables.)

The Ginnie Mae market continued to retreat in February. Most securitizers lost volume and PennyMac retained its top spot despite a 29.4% decline in issuance volume. (Includes two data tables.)

Some $202.78 billion of loans were removed from Ginnie Mae MBS last year, with about 88% of them representing borrower payoffs. (Includes two data tables.)

The refi boomlet lost steam after peaking in November. PennyMac overtook Freedom Mortgage at the top of the issuer ranking in January. (Includes two data tables.)

The pause was ultimately rescinded following court injunctions. In the meantime, participants in government-insured mortgage programs faced uncertainty.

Ginnie servicing portfolios expanded modestly in the fourth quarter as VA outstandings broke through the $1 trillion level. Delinquencies continued to rise to levels not seen since the pandemic. (Includes four data tables.)

VA refis in Ginnie MBS issuance more than doubled on a quarterly basis in the fourth quarter and FHA refi volume was up almost 50%. On an annual basis, Ginnie MBS issuance increased by nearly 20% in 2024.

Declining interest rates through September helped increase the flow of both purchase mortgages and refinances into Ginnie MBS in November. Issuance increased by 10.1% on a monthly basis, and growth in FHA refi business outpaced VA refi activity. (Includes two data tables.)

Issuance of Ginnie Mae mortgage-backed securities with refinance loans increased sharply for the third straight month in October. However, the refi business appears poised to slow as interest rates on mortgages increased through October. (Includes two data tables.)