The pause was ultimately rescinded following court injunctions.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.)
Refinance activity drove much of the increase in Ginnie MBS issuance between July and August. Freedom Mortgage remained the top Ginnie issuer, but its production was down 1.9% from July. (Includes two data tables.)
Ginnie Mae issuers produced $38.15 billion into mortgage-backed securities in July, an 8.3% increase from the previous month. (Includes two data tables.)
Second-quarter Ginnie Mae securitization growth was strongest among purchase-loan originations. But refis picked up steam over 2023. (Includes four data tables.)
Ginnie Mae last week proposed a new pool type to allow repooling of home equity conversion mortgages that have reached their buyout limit. Comments on the HMBS 2.0 term sheet are due July 31.
The flow of refinance loans into the Ginnie MBS program dropped 9.2% in April. Still, year-to-date refi volume in the government-insured market was up a solid 54.4%. (Includes two data tables.)
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