The soft performance in the FHA/VA market was all due to declining production in the correspondent and wholesale-broker channels. Retail originations of government loans were up 38.4% for the survey group.

Securitization of purchase loans rose 16.2% from July to August, including an 18.2% increase in VA loans. FHA still accounted for the biggest share of government-insured purchase loans, 53.0% last month.

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New VA home guaranty business continued to boom, rising 21.8% from the first quarter to a record $100.52 billion. But FHA single-family endorsements fell 5.9% to $73.19 billion over that period.

For HUD, the central question boils down to this: Will the MMIF have enough cash on hand to weather what could turn out to be a delinquency tsunami on the FHA book of business?

Through the first seven months of 2020, Ginnie issued $400.14 billion of single-family MBS, excluding deals backed by FHA reverse mortgages.

But there was good news. Thanks to the origination boom, the company’s new insurance written jumped to $25.5 billion in 2Q20, a sequential gain of 52.7%.