Ginnie Mae has no president and over the past weekend it lost 27% of its workforce. And delinquencies on underlying loans are rising. Time to worry?

The Federal Housing Finance Agency in recent years has done a better job than Ginnie Mae in interagency planning for a hypothetical nonbank crisis, according to the Government Accountability Office.

Analysts say many of the economic forces that have acted as headwinds for the agency MBS market since 2022 are now poised to become tailwinds.

Ginnie Mae increased its employee base by 25% on an annual basis in fiscal year 2024. Still, the agency is reliant on contractors, which accounted for more than 80% of Ginnie’s expenses.

The final rule will allow lenders to disburse up to 1% of FHA-endorsed multifamily construction loan proceeds before borrower-provided funds are fully exhausted.

The Mortgage Bankers Association said the new early-buyout securitization would provide issuers more liquidity in times of stress.

An affiliate of Proprietary Capital won some significant rulings this week in a lawsuit against Mr. Cooper. The dispute involved early buyouts from Ginnie Mae MBS.

The new pooling option aims to provide some relief for servicers of reverse mortgages.

At the end of the year, nonbanks will be required to meet new risk-based capital requirements at Ginnie Mae. There’s some speculation that the Trump administration could reverse the rule.

The trade group called on the agency to move forward with its plan to allow loan-level options for MSR transfers.