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.

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.

The VA market optimism stems partly from the fact that the majority of active military personnel who have been given orders to move haven’t been able to do so because of the pandemic.

The outcome was a boost in broker share to 15.2% of the market, up from 12.6% in the first three months of 2019.

“One thing’s for certain: They’re taking on a lot more risk,” said one mortgage insurance official...

The situation at press time: Mnuchin said that a Fed facility was no longer warranted...

“Wait until you see next month’s PTAP draw,” suggested one official familiar with the program...

At yearend, consumers owed $11.168 trillion on their first liens, according to Inside Mortgage Finance, which means the dollar volume of residential loans under forbearance now totals $664.5 billion.

Mortgage bankers not affiliated with depository institutions owned mortgage-servicing rights for $1.363 trillion of loans backing Ginnie MBS, or a stunning 67.8% of the market.