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.

“I understand how the Department of Housing and Urban Development and FHA operate behind the scenes, how decisions are made, and what it takes to successfully close complex financing transactions from both sides of the table,” Frank Cassidy wrote on Linkedin.

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

Matt Jones, FHA single-family housing deputy assistant secretary, indicated the agency believed the rescissions would make the FHA program more accessible to a wide range of lenders.

Mutual of Omaha Mortgage and Finance of America Mortgage, the top two lenders in the sector, lost some market share in the first quarter.

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

Loans with balances above the baseline conforming loan limit accounted for 16.4% of total originations in the first quarter of 2026.

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.