Ginnie Mae MBS production rose in April thanks to strong increases in both purchase and refinance business. Rate-term transactions accounted for much of the surge in refi activity, but cash-out deals remain the most prevalent. 

FHA’s and VA’s purchase originations fell during the first three months of 2019 despite lower interest rates. On the other hand, lower rates helped boost both programs’ refinance production during the quarter. 

Following seasonal patterns, the number of FHA and VA loans in early stages of delinquency fell sharply from the fourth quarter of 2018 to early 2019. Nonbanks continued to expand their footprint, accounting for 62.2% of outstanding Ginnie single-family servicing.