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.

Bayview handled a $436.71 billion Ginnie portfolio as of the end of March, up 1.5% from the end of 2025.

The temporary change is due to FHA’s 2025 modification to the single-family loss-mitigation waterfall, which included reinstating TPP requirements before certain loss-mitigation options can be approved.

On average, loan-to-value ratios and debt-to-income ratios are much higher for GSE purchase mortgages with private MI compared with loans that don’t carry MI.

The main difference in 2026 was that later-stage delinquencies increased.