Borrower payoffs accounted for 81% of removals in the quarter, indicating heavy refi activity.

The flow of refinances declined 21.5% on a monthly basis to $8.90 billion in July.

Some $54.47 billion of FHA purchase mortgages were included in Ginnie Mae mortgage-backed securities issued in the second quarter, up 28.9% from the previous quarter.

“Gravity is being tested,” said Mark Garland, a managing director at SitusAMC.

Loans one payment past due increased 19 basis points during the second quarter, after declining during the first quarter.

Among other differences, Congress doesn’t appear to be budgeting for a reduction in force at HUD.

Sales of new single-family homes declined by 13.7% on a monthly basis in May.

The largest servicing gains in the past year were in servicing for Ginnie Mae, whole loans at nonbanks and in non-agency mortgage-backed securities.

Ted Tozer, a fellow at the Urban Institute and former Ginnie president, said he expects the volume of buydowns in custom single-family pools to explode as lenders take advantage of the rule change.

Beginning June 16, custom single-family pools in the Ginnie II program won’t be subject to the 10% concentration limit on mortgages with buydowns.