The flow of purchase-money and refinance loans into Ginnie Mae MBS slowed in October, but deliveries of modified loans were up. PennyMac remained the top issuer for the month. (Includes two data charts.)
Rocket Mortgage recently completed its one millionth e-closing transaction, an executive with the lender said last month during a Ginnie Mae podcast on digital collateral in the government mortgage market.
Loan removals from Ginnie MBS declined nearly 10% from the second to the third quarter, with the sharpest drop in buyouts of delinquent loans. (Includes data chart.)
Securitization of modified loans was a significant factor in the FHA reclaiming its traditional role as top guarantor of loans in new Ginnie MBS. PennyMac and Wells Fargo dominate the loan-mod sector. (Includes four data charts.)
Sales of FHA and VA loans into Ginnie MBS, both purchase mortgages and refinances, fell in August. But some issuers gained share in an ebbing market. (Includes two data charts.)
The FHA received some help from reperforming loans that had COVID payment forbearance, but the VA has also seen a sharp decline in refinance business. (Includes two data charts.)
The move will allow Ginnie issuers to offer loan modifications that carry a lower monthly payment than the current 30-year term. Also, the agency can test the waters for such a product in the secondary market.
A shift away from refinancing to purchase-mortgage lending played to the FHA's strengths as the program came close to reclaiming top-dog status in the government market. (Includes two data charts.)
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