Despite a mortgage market that is being rocked by a flurry of refinances, monthly issuance volume was unfazed at the Government National Mortgage Association.
Total issuance by Ginnie Mae issuers during September was $27.7 billion, according to monthly volume data on the government-owned firm’s mortgage-backed securities.
MBS issuance volume was exactly the same as in August.
The lackluster performance comes as homeowners have been flocking to their lenders for refinances and reflects a 10 percent decline in Federal Housing Administration endorsements between June and July.
Last month’s issuance volume at Ginnie included $26.1 billion in single-family MBS, $0.9 billion in home-equity conversion mortgage MBS and $1.7 billion in multifamily MBS.
Business at the Washington, D.C.-based company was off from September 2010, when issuances amounted to $33.9 billion.
Ginnie Mae issuers securitized $246.5 billion during the first nine months of 2011.
“Ginnie Mae’s monthly MBS issuances are consistently second to only Fannie Mae,” Ginnie Mae President Ted Tozer touted in the report.
Fannie reported $391 billion in issuances from January through August.
