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Ginnie’s Jumbo Issuance Sinks to 4-Year Low

As monthly issuance ascended to the highest level in nine months at the Government National Mortgage Association, jumbo securitizations retreated to a low not seen in nearly four years.

When August was over, the unpaid principal balance of Ginnie Mae mortgage-backed securities outstanding amounted to $1.9945 trillion, according to monthly operational data.

Making up the Washington-based company’s book of business were
$1.8799 trillion in residential MBS and another $0.1146 trillion in multifamily MBS.
The residential portion included $0.0567 trillion in jumbo MBS and $55.471 billion in home-equity conversion mortgage MBS.

Issuance of Ginnie Mae MBS came to $38.872 billion during August — the strongest month since November 2017. Total issuance was $36.774 billion in July 2018 and
$44.133 billion in August 2017.

Last month’s volume was comprised of $1.528 billion in multifamily pools and $37.344 billion in residential pools including $0.580 billion in HMBS and $0.959 billion in jumbo MBS — the lowest jumbo issuance since November 2014.

From Jan. 1, 2018, through Aug. 31,
MBS issuance was $281.970 billion, while the sum was $398.983 billion since Ginnie’s fiscal-year 2018 started on Oct. 1, 2017.

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