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Home News Ginnie Mae MBS issuance shatters report as a consequence of 'elastic' enterprise

Ginnie Mae MBS issuance shatters report as a consequence of ‘elastic’ enterprise

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The red-hot origins market of 2020 brought Ginnie Mae's securitized mortgage volume to an all-time high, sailing well past its old record.

Ginnie ended its 2020 fiscal year with $ 748 billion in MBS issuance, surpassing fiscal 2019's $ 451.6 billion and its previous record of $ 504 billion in fiscal 2017.

"Our business is resilient and our mission is based on meeting the needs of our insurance partners: FHA, VA and USDA," a spokesman for Ginnie Mae said in a statement to NMN. "Record-low mortgage rates encouraged borrowers to refinance and homebuyers to enter the market for the first time."

Month after month, Ginnie's total issuance fell slightly to $ 75.76 billion in September from a record $ 77.62 billion in August. The issue in September, however, far exceeded $ 53.52 billion from September 2019. Additionally, each month of fiscal 2020 outperformed its fiscal year 2019 counterpart.

Ginnie Mae's record annual spending helped secure over 2.8 million households with affordable housing and rental apartments – both single and multi-family homes – compared to 1.8 million a year ago.

"2020 is a year that will stand out in the record books for Ginnie Mae," said Seth Appleton, executive vice president, in a press release. "We attracted record-breaking capital to support affordable home ownership and rental opportunities for millions of American households, advance major modernization initiatives, and respond quickly to the national COVID-19 emergency while operating in a remote setting."

Ginnie's unpaid principal continued its upward trend, topping $ 2.1 trillion in fiscal 2020. The UPB was just under $ 2.1 trillion in fiscal 2019, US $ 2 trillion in 2018, and nearly $ 1.9 trillion in 2017.

Because Ginnie-sponsored loans are typically low- to middle-income borrowers, they are more indulgent when compared to most other types of loans. While the Mortgage Bankers Association's recent forbearance figures improved sharply, Ginnie Mae's stake remained relatively high.

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