The average credit score for VA loans rose 1.3 points from the fourth quarter to 716.1 in the first three months of 2020. That’s the highest reading since loan-level MBS became available from Ginnie in 2014.
Arch MI: “The loss ratio for the 2020 first quarter reflected 12.0 points of losses which resulted from financial stress due to the COVID-19 global pandemic."
Fannie Mae, Freddie Mac and Ginnie Mae pumped out a record $236.8 billion of single-family MBS in April. The previous record was $232.1 billion, set in June 2009.
In a statement, MBA SVP Mike Fratantoni noted, “Forbearance requests fell relative to the prior week but remain roughly 100 times greater than the early March baseline. While the pace of job losses have slowed from the astronomical heights of just a few weeks ago, millions of people continue to file for unemployment.”
The flows into commercial MBS of loans backed by office properties, retail facilities, hotels, apartments and industrial properties were all down sharply from the fourth quarter, a victim of the economic damage caused by the COVID-19 pandemic.
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