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Ginnie Mae MBS Portfolio Continues to Grow in November

Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.325 trillion in November of 2022, including $36 billion of total MBS issuance for the month of November, leading to $23 billion of net growth.

November new MBS issuance supports the financing of more than 122,000 households, including more than 55,600 first-time homebuyers. Approximately 69% of November MBS issuance reflects new mortgages that support home purchases, as refinance activity remained slowed due to higher mortgage rates. The November issuance includes $34.22 billion of Ginnie Mae II MBS and $1.82 billion of Ginnie Mae I MBS, including approximately $1.71 billion in loans for multifamily housing.

“Monthly issuance of Ginnie Mae MBS is returning to historic patterns, consisting of primarily purchase money transactions supporting tens of thousands of households in achieving first-time homeownership,” said Ginnie Mae EVP and COO Sam I. Valverde.

Ginnie Mae attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country.

The Mortgage Bankers Association’s (MBA) most recent monthly Loan Monitoring Survey found the total overall number of loans currently in forbearance remained flat relative to the prior month at 0.70% as of November 30, 2022. Ginnie Mae loans in forbearance increased five basis points to 1.46% in November 2022, up from 1.41%.

“There were pockets of weakness in the November data, despite the forbearance rate remaining unchanged and the overall loan performance of serviced loans staying mostly flat,” said Marina Walsh, CMB, MBA’s VP of Industry Analysis. “The forbearance rate for Ginnie Mae loans increased for the fourth consecutive month, and the overall performance of the portfolio declined for the third consecutive month. Furthermore, the performance of government post-forbearance workouts also weakened.”

Ginnie Mae’s MBS programs directly support housing finance programs administered by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), the U.S. Department of Housing and Urban Development’s (HUD) Office of Public and Indian Housing, and the U.S. Department of Agriculture’s Rural Housing Service (USDA).

About Author: Eric C. Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.

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