The volume of broker-originated FHA and VA refinance loans pooled in new Ginnie MBS jumped 94.1% from the first to the second quarter. Correspondent production saw the smallest gains among the three channels.
Purchase loans still accounted for over two-thirds of Ginnie loan deliveries, but the volume of incoming refinance loans had a slightly higher increase from June.
HUD and Ginnie Mae, in a joint policy action, announced changes to the eligibility criteria for cash-out refis to reduce lender risk, preserve homeowner equity and boost investor confidence.