In January of last year, the flow of VA loans into Ginnie MBS exceeded the volume of FHA loans, a trend that culminated in December, when VA accounted for 57.0% of monthly issuance.
The VA home loan guaranty program accounted for 54% of single-family loans securitized in Ginnie MBS last year, thanks to a roaring refinance program. (Includes four data charts.)
Issuance of prime jumbo non-agency MBS was up in 2020 despite a soft fourth quarter, but the expanded-credit mortgage sector lagged, as did securitization of reperforming loans. (Includes three data charts.)
After a slight blip higher in early-stage delinquencies in November, late-payment rates fell in December for all three agencies. (Includes data chart.)
Freddie Mac saw the biggest gain in agency MSR during the fourth quarter, fueled by a hefty 18% increase by independent mortgage companies. Ginnie servicing fell slightly despite growth among nonbanks. (Includes two data charts.)
Depository institutions saw their combined agency servicing shrink 2.5% from the third to the fourth quarter, squeezing their share of the market to 42.2%.