The first-quarter tally was the highest quarterly issuance total for Ginnie since the fourth quarter of 2021.

The sharpest increase in the use of securitization was in the expanded-credit mortgage market.

CHLA suggested the facility be modeled after the pass-through assistance program Ginnie launched in 2020 to support servicers facing liquidity shortfalls due to pandemic-related borrower forbearances.

A total of $545.80 billion of non-agency MBS backed by single-family mortgages was outstanding at the end of March.

Ginnie Mae’s share of total residential servicing outstanding increased to 18.5% as of the end of March.

The decline in issuance was driven by refinances, with refi volume off 16.8% on a monthly basis.

The agencies securitized $30.31 billion of rate-term refis in May, a 32.6% decline from April.

“There’s a tremendous economic incentive to adopt VantageScore, it’s just gonna take some time to work it through,” said Chris Cartwright, CEO of TransUnion.

The lender saves 5 basis points per loan on average using eNotes.

April issuance was the highest monthly total since June 2022, when the market was coming down from the euphoria of the COVID-19 rally.