A gusher of refinance loans over the second half of the year pushed Ginnie MBS production to a record $498 billion in 2019, up 28% from the previous year. (Includes four data charts.)

The revised defect taxonomy will hardly nudge banks to return to or increase participation in FHA programs despite tighter standards for identifying and curing defective loans, according to industry stakeholders.

In 2020, FHA is poised to take a significant chunk of high-risk business as Fannie and Freddie continue to draw back from the over-95% LTV market. VA is expected to continue its slow-growth trajectory.