“This program will facilitate much-needed liquidity for issuers while improving the stability of the government-backed reverse mortgage market,” said Sam Valverde, Ginnie’s acting president.

Payoffs accounted for 89.1% of total loan liquidations from Ginnie MBS in the third quarter.

During Trump’s entire first term, Ginnie didn’t have a permanent president.

Some $15.44 billion of refis were pooled into Ginnie MBS in October, a 25.7% jump from the previous month.

Fannie Mae had the biggest monthly gain in total production among the three agencies, which raised its share of agency MBS issuance in October two percentage points to 27.3%.

The capital relief will be provided via an adjustment to MSR values.

Ginnie initially planned on implementing the capital requirements at the end of 2023, along with other reforms.

Sam Valverde, acting president of Ginnie Mae, noted that Ginnie and the Department of Veterans Affairs have policies in place to prevent refis that don’t benefit borrowers and they will continue to watch for “abnormal” refi activity.

Karan Kaul, a senior policy advisor at Ginnie Mae, said Ginnie and others need to analyze the various reform proposals that have been released in recent years.

“If we had a major economic downturn, I don’t know what kind of havoc we would have right now, because there’s no stability,” said Ted Tozer, a former president of Ginnie Mae.