The trend reflects the surge in VA home loan originations over the past few years at a time when the FHA has lost market share to private mortgage insurers.
In the jumbo MBS sector, mortgage firms issued $4.60 billion of bonds in 1Q, a hefty 20.3 percent increase from 4Q and more than triple the volume posed during the first three months of 2014.
Broker originations delivered to the GSEs increased by 16.0 percent in the first quarter of 2015 compared with the previous quarter, the biggest gain among the three production channels.
Ginnie Mae mortgage-backed securities issuance fell in the first quarter of 2015 with FHA volume slipping during the period, according to an Inside FHA/VA Lending’s analysis of agency data.
Fannie Mae, Freddie Mac and Ginnie Mae securitized $151.1 billion of refi loans during the first quarter, a 34.8 percent increase from the end of 2014.