Ginnie Mae is instituting a temporary 10% cap on the share of mortgages with buydowns delivered into multiple issuer pools of Ginnie MBS.

Joseph Gormley is the new executive vice president and chief operating officer at Ginnie Mae.

Calls to HUD field offices redirected to a national hotline. A HUD spokesperson said there were no closures.

A district court issued a summary judgment in favor of Ginnie Mae in a lawsuit brought by Texas Capital Bank against the agency.

The lawsuit covers the Consumer Financial Protection Bureau and the Department of Housing and Urban Development, among other agencies.

The volume of single-family mortgage servicing tied to Ginnie Mae rose 7.3% on an annual basis to $2.541 trillion as of the end of 2024.

“Much of that is seasonality,” said David Spector, chairman and CEO of PennyMac Financial Services.

FHA activity fell 16.8% while VA production was down 15.1% from January.

“The government’s being run by great people, they’re going to do great things going forward,” said Mat Ishbia, chairman and CEO of United Wholesale Mortgage.

Borrower payoffs reflect heavy refinance activity in the Ginnie program.