The largest of the three pending MBS is a $381.3 million deal from Starwood Property Trust.

Originally, there were 14 nonbank issuers that Ginnie was talking to but one was acquired by a competitor.

Fun fact: January’s new issuance was more than double the total produced in the first month of 2019.

Former FHA Commissioner Dave Stevens: “The absence of banks in FHA has been a challenge ever since the False Claims Act was used as an excessive enforcement mechanism, making it far too great a risk to participate in the program.”

After the FCA payment to Uncle Sam, JPM remained as a correspondent buyer of FHA loans but its Ginnie Mae MBS issuance volume has slipped tremendously…

Nonbanks took huge strides in GSE servicing as well: Their combined portfolio rose 10.4% from 2018 to $2.009 trillion…

Quicken entered the market as an issuer of prime non-agency MBS in October of last year.

Vista Point Mortgage was launched about a year ago by Bill Ashmore, the former president of Impac Mortgage Holdings.

Ryan, though, is quick to point out that the single security initiative is largely successful, not a surprise since he played a key part in its rollout.

As most residential stakeholders know, nonbank risk is an issue that has caught the eye of the Federal Housing Finance Agency and the Department of Housing and Urban Development because nonbanks are major counterparties to Fannie Mae, Freddie Mac as well as Ginnie Mae.