There’s a big disparity between default rates on Fannie/Freddie loans and government-insured loans in Ginnie MBS. The combined total delinquencies for the government-sponsored enterprises was 4.13%, compared with Ginnie’s 10.81%.

New VA home guaranty business continued to boom, rising 21.8% from the first quarter to a record $100.52 billion. But FHA single-family endorsements fell 5.9% to $73.19 billion over that period.

Ginnie also announced new requirements for users of its systems...

For HUD, the central question boils down to this: Will the MMIF have enough cash on hand to weather what could turn out to be a delinquency tsunami on the FHA book of business?

Through the first seven months of 2020, Ginnie issued $400.14 billion of single-family MBS, excluding deals backed by FHA reverse mortgages.

PennyMac posted a record profit in the second quarter and went on a hiring spree to support its origination and servicing activities.

While the refinance market continued to go bonkers, agency securitization of purchase loans showed a bigger relative gain from June.

The lower readings might suggest a lack of interest in FHA/VA lending but that’s hardly the case given the continued strong production numbers…

According to the S-1 initial public offering documents filed with the SEC, Rocket’s total share count (public and private) is roughly 1.9858 billion shares. At $22 a unit (the upper end of the range) that works out to a cool $43.69 billion. In short: Wow.