Ginnie Mae

MSR Financing Trends Vary by Servicer Size

bivey@imfpubs.com — Thu, 07 May 2026 16:27:25 -0400

Some large servicers are using securitizations for MSR financing while mid-size and smaller servicers stick with bilateral agreements.

VantageScore Impact on MBS Market Likely Minimal

dhollier@imfpubs.com — Thu, 30 Apr 2026 17:50:35 -0400

For MBS investors, the biggest complication in the GSEs’ implementation of VantageScore 4.0 is likely loan-level pricing adjustments.

Residential Mortgage Securitization Rate Steady in 2025

bivey@imfpubs.com — Thu, 26 Mar 2026 16:59:14 -0400

Some 68.0% of mortgages originated in 2025 were sold into MBS. Securitization rates were stable across most products, except for expanded-credit mortgages, where the securitization rate increased sharply. (Includes data table.)

Mortgage Spreads Widen With Uncertainty Tied to Iran Conflict

dhollier@imfpubs.com — Thu, 12 Mar 2026 16:41:32 -0400

Since the U.S. initiated strikes on Iran, mortgage rates and MBS spreads have given up all the ground they gained from the Trump administration’s directive for the GSEs to purchase $200 billion in agency MBS.

FHA Custom Pools Pushing Up VA Share of Ginnie TBAs

ewilley@imfpubs.com — Thu, 29 Jan 2026 16:28:26 -0500

Investors are seeking out Ginnie Mae custom pools with better convexity profiles than those of forward trading multiple-issuer pools, causing the convexity of the multi-pools to further deteriorate.

Ginnie to Allow Pooling of eNotes in PIIT Program

ewilley@imfpubs.com — Thu, 15 Jan 2026 16:15:25 -0500

The flexibility is part of an effort by Ginnie Mae to make its digital collateral program more attractive.

Grapevine: SFA Names New Advocacy Director; Ginnie MBS Change

bivey@imfpubs.com — Thu, 15 Jan 2026 16:07:37 -0500

SFA’s new director of advocacy comes from CSBS; Ginnie adjusts platinum MBS pooling; earnings per share at Orchid Island Capital up in fourth quarter; Setpoint to acquire due diligence provider.

GSE-Eligible Securitization Rate Climbs in Third Quarter

bivey@imfpubs.com — Fri, 02 Jan 2026 10:07:20 -0500

The securitization rate for residential mortgages originated during the third quarter was near the same level seen in 2019. Meanwhile, the share of GSE-eligible mortgages that flowed into MBS increased.

Fannie’s MBS Holdings Jump in October

dhollier@imfpubs.com — Thu, 11 Dec 2025 16:29:21 -0500

The growing securities holdings in Fannie’s retained mortgage portfolio include a large share of non-Fannie agency MBS.

Federal Reserve Ends Balance Sheet Reduction

dhollier@imfpubs.com — Thu, 04 Dec 2025 16:33:59 -0500

Federal Reserve Ends Balance Sheet ReductionAfter 42 straight months of allowing its security holdings to run off, the Federal Reserve finally said “enough.” The central bank’s current balance sheet: $6.134 trillion.

Capital Change Will Allow Banks to Add to MBS Holdings

bivey@imfpubs.com — Thu, 04 Dec 2025 16:32:04 -0500

Federal banking regulators issued a final rule to adjust the enhanced supplementary leverage ratio that applies to large banks. The directive aims to increase bank investments in low-risk assets, including Ginnie Mae MBS.

Reverse-Mortgage Industry Yearns for HMBS 2.0

ewilley@imfpubs.com — Thu, 04 Dec 2025 16:30:04 -0500

Trade groups suggested improvements to Ginnie Mae’s reverse-mortgage securitization program, many of which were already included in a planned update the agency has gone quiet on.

Index to Allow Investors to Hedge Ginnie Delinquency Risks

ewilley@imfpubs.com — Thu, 13 Nov 2025 16:07:34 -0500

Vista Index Services plans to release an index next month that will give investors an opportunity to hedge against delinquency risks in Ginnie MBS, rather than selling securities if there’s a downturn.

PIMCO Pushes for More MBS Purchases by Fed

dhollier@imfpubs.com — Thu, 06 Nov 2025 16:06:51 -0500

While the Fed is moving away from purchases of agency MBS, portfolio managers at PIMCO believe additional purchases are warranted. In the meantime, the GSEs are increasing their investments.

Securitization Rate for Residential Mortgages Down in 2Q

bivey@imfpubs.com — Thu, 25 Sep 2025 16:16:55 -0400

The securitization rate for residential mortgages came down after reaching an elevated level in the first quarter of 2025. The rate declined for both GSE-eligible mortgages and non-agency loans during the second quarter. (Includes data table.)

Grapevine: Ginnie President Nomination; UBS Settles

bivey@imfpubs.com — Thu, 07 Aug 2025 16:23:30 -0400

Joe Gormley nominated for Ginnie president; UBS pays DOJ to end lingering non-agency MBS obligations from Credit Suisse; Chase marketing non-agency MBS with reperforming loans.

FHFA Changes to CSS May Enable Public Utility Plans

dhollier@imfpubs.com — Thu, 26 Jun 2025 17:21:40 -0400

Changes to Common Securitization Solutions, including being renamed U.S. Financial Technology, appear to set the company up to serve additional secondary mortgage market participants.

Bank Regulator Proposal Could Boost Ginnie Holdings

bivey@imfpubs.com — Thu, 26 Jun 2025 17:17:06 -0400

Banking regulators proposed modifying the enhanced supplementary leverage ratio that applies to large banks. If implemented, it could lead to the banks to increase their holdings of Ginnie Mae MBS.

Ginnie Removes Buydown Cap on Custom Pools

ewilley@imfpubs.com — Thu, 12 Jun 2025 16:50:06 -0400

Ginnie Mae eliminated the 10% concentration limit on buydown securitizations in custom single-family MBS.

Grapevine: Fed Stays Course With MBS Holdings; Ginnie Mae Buydown Change

Thu, 22 May 2025 16:00:24 -0400

The Federal Reserve is allowing its MBS holdings to run off in a predictable manner; Ginnie provides more details on change to buydown policy; Cerberus affiliate issues securitization of closed-end second liens.

GSE Profits Remain Stable in a Weak Mortgage Market

dhollier@imfpubs.com — Thu, 01 May 2025 15:44:20 -0400

First-quarter earnings reports suggest the reduced size of Fannie Mae’s guarantee book of business may be impacting its market share vis a vis Freddie Mac.

FHA Changes to Shrink Ginnie Extended-Term MBS

ewilley@imfpubs.com — Thu, 01 May 2025 15:42:26 -0400

Recent changes in FHA’s loss-mitigation waterfall will probably mean fewer loan modifications enter Ginnie Mae’s Extended Term MBS, Goldman Sachs said in a recent report.

Court Sides With Ginnie in Texas Capital Bank Lawsuit

ewilley@imfpubs.com — Thu, 10 Apr 2025 16:37:24 -0400

Ginnie Mae emerged victorious in a lawsuit brought by Texas Capital Bank over an extinguished lien on collateral for Reverse Mortgage Funding’s home equity conversion mortgages. TCB plans to appeal the ruling.

Grapevine: New Leader at Ginnie? Crypto Shift for MF Vendor

ewilley@imfpubs.com — Thu, 10 Apr 2025 16:33:32 -0400

Joe Gormley is rumored to be leading Ginnie Mae ahead of his potential official nomination for Ginnie president; new leadership at multifamily securitization vendor putting emphasis on decentralized finance.

HECM Lenders Waiting on Ginnie for HMBS 2.0

ewilley@imfpubs.com — Thu, 20 Mar 2025 16:49:33 -0400

HECM loan issuers are uncertain of the timeline for Ginnie to implement HMBS 2.0 amid agency-wide staffing cuts, but are confident it retained some degree of primacy on the agency’s to-do list.

Former Fannie/Freddie Execs Discuss Complexity of GSE Reform

dhollier@imfpubs.com — Thu, 20 Mar 2025 12:36:56 -0400

Three former CEOs of the GSEs this week debated the impact of federal conservatorship, what steps must be taken to safely end the oversight and what the GSEs should look like afterwards.

AEI Projects Savings From Eliminating Agency MBS

dhollier@imfpubs.com — Thu, 13 Mar 2025 14:25:45 -0400

Some economists believe eliminating all GSE MBS would lower rates on Treasury securities and reduce the government’s borrowing costs.

Sizeable Cuts at Ginnie Mae. Trouble Ahead?

pmuolo@imfpubs.com — Thu, 20 Feb 2025 16:58:46 -0500

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?

FHFA, Ginnie Face Complications in Nonbank-Failure Prep

bivey@imfpubs.com — Thu, 06 Feb 2025 16:22:31 -0500

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.

Agency MBS Market Set to Improve

dhollier@imfpubs.com — Thu, 09 Jan 2025 15:41:58 -0500

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.