The first-quarter slump was largely confined to bulk sales of Fannie and Freddie mortgage servicing rights.

Sam Valverde, the principal executive vice president at Ginnie, will serve as acting president following McCargo’s departure.

Sam Khater, chief economist at Freddie Mac, described the issue as “urgent, but manageable,” an opinion shared by others at the conference hosted by Americatalyst.

The deadline to comment on Freddie Mac's proposal to acquire second liens is May 22.

The share of mortgages with primary MI increased by 2.1% in the first quarter, based on agency MBS issuance.

Securitization of closed-end second liens more than doubled in the first quarter of 2024 compared with the previous quarter.

Non-agency MBS issuance totaled $16.90 billion in the first quarter, up 66.9% from the fourth quarter.

FHFA’s report disclosed special purpose credit program activity at the GSEs based on loan count rather than dollar volume.

Ginnie said the new loan-level default data will help it “better understand servicer liquidity stress and loss mitigation outcomes and improve sampling methodologies.”

Refi volume delivered to Ginnie spiked in the first quarter while purchase-mortgage activity declined.