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.

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

July pushed year-to-date issuance to a stunning $1.512 trillion. The market is on track to top $2.5 trillion by the time 2020 is over, which would smash the current annual record of $2.130 trillion set in 2003.

It was the biggest quarterly output for the sector since 2003 and represented 68.2% of the total $865 billion of first-lien originations in the second quarter.