Ginnie Mae MBS Issuance Retreats From Record High

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After reaching an all-time high in July, issuance of mortgage-backed securities on behalf of the Government National Mortgage Association settled back.

Issuers of MBS guaranteed by Ginnie Mae securitized $44.904 billion during August, according to data provided by the Washington-based firm.

Activity slowed from the previous month, when MBS issuance totaled $47.068 billion — the most ever for government-owned corporation.

MBS issuance was up, however, from $31.471 billion in the same month during 2014.

From Jan. 1, 2015, through the end of last month, issuance of Ginnie Mae MBS amounted to $303.898 billion.

Since starting its fiscal-year 2015 on Oct. 1, 2014, securitizations totaled $391.551 billion.

Residential issuance was $43.404 billion in August 2015, off from the previous month’s $45.542 billion and the year prior’s $29.829 billion.

Included in the residential portion of last month’s activity were $1.872 billion in jumbo securitizations and $0.735 billion in the issuance of home-equity conversion mortgage MBS.

The multifamily share of the latest issuance was $1.500 billion, slipping from $1.526 billion a month earlier and $1.642 billion a year earlier.

On Wednesday, Ginnie announced that it is changing the
guarantee fee structure on its Platinum Security Program. In addition, it is lowering the minimum amount necessary to create a Platinum Security.

The move, which is effective on next month’s settlements, is intended to increase pricing and efficiency on the MBS program.

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Mortgage Daily Staff

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