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Record Annual MBS Issuance, Outstandings at Ginnie

December issuance up 1% from prior month

Jan. 11, 2017

By Mortgage Daily staff



Annual loan securitizations ascended to an all-time high last year at the Government National Mortgage Association, as did the company's book of business.

The unpaid principal balance of mortgage-backed securities issued on behalf of the Washington-based firm came to $1.7668 trillion as of Dec. 31, 2016.

Based on a Mortgage Daily analysis of historical operational data from Ginnie Mae back to 1990, the organization's book of business is at an all-time high.

Ginnie Mae was created through the Housing and Urban Development Act of 1968 that split Fannie Mae into two separate corporations, one to focus on conforming conventional loans and the other -- Ginnie -- to focus on government-insured and -guaranteed mortgages.

At the end of the previous month, Ginnie Mae's portfolio was $1.7506 trillion, while it stood at $1.6430 trillion a year previous.

Residential MBS accounted for $1.6675 trillion of the latest total. Nestled in the residential numbers were $0.0442 trillion in jumbo loans, $0.0550 trillion in home-equity conversion mortgages and $0.0003 trillion in manufactured-housing loans.

Multifamily loans made up the other $0.0993 trillion of outstanding securities.

The data indicated that Ginnie Mae MBS issuance totaled $49.412 billion in December 2016. Volume inched up from $48.949 billion in November and jumped from $31.865 billion in December 2015.

The $46.673 billion in residential MBS issuance last month included $2.390 billion in jumbo mortgages and $0.715 billion in HMBS.

For all 12 months of 2016, overall Ginnie Mae issuance amounted to $526.151 billion. Based on Mortgage Daily data back to 1980, annual issuance at the agency has never been this high. During 2015, there were $454.321 billion in overall securitizations completed.

Last year's issuance consisted of $18.428 billion in multifamily pools and $507.723 billion in residential loans -- including $26.446 billion in jumbo issuance and $9.187 billion in HMBS issuance.

During fiscal-year 2017, which began on Oct. 1, 2016, total issuance has so far come to $147.709 billion.


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