The increase in the use of primary MI during the third quarter was sharpest in refinances.

“If we had a major economic downturn, I don’t know what kind of havoc we would have right now, because there’s no stability,” said Ted Tozer, a former president of Ginnie Mae.

VA issued a temporary variance to allow borrowers to pay buyer-broker charges so they could compete in the real estate market.

Ginnie Mae Acting President Sam Valverde said loan-level securitization could help liquidity.

Ginnie issuers securitized $15.61 billion of refis through the Department of Veterans Affairs home loan program in the third quarter, a 68.5% increase from the prior period.

Total servicing tied to agency single-family mortgage-backed securities rose to $9.004 trillion as of the end of September.

Some $189.08 billion of loans with insurance coverage were included in agency MBS issued in the third quarter, a 13.6% increase from the prior period.

Residential MBS production was up 11.9% from the second quarter, hitting $341.43 billion, a two-year high.

Issuance of single-family agency MBS increased by 13.1% from the second quarter, hitting its highest level in two years.

An estimated 64.2% of newly-originated home loans were securitized in the second quarter, down from 67.2% in the first quarter.