Global Markets 

Analysis Report

A MONTHLY PUBLICATION OF GINNIE MAE’S 

OFFICE OF CAPITAL MARKETS

PREPARED FOR GINNIE MAE 

BY STATE STREET GLOBAL ADVISORS 

URBAN INSTITUTE, HOUSING FINANCE POLICY CENTER
Relative Attractiveness of US Fixed Income and Ginnie Mae MBS

Barclays US Aggregate and Global Indices 5

Global 10-year treasury yields 6

Ginnie Mae yields and yield spreads—USD, JPY, Euro 7-9

Ginnie Mae yield spreads - Intermediate Credit 10

MBS yield per duration 11

Total return and Sharpe Ratios 12

State of the US Housing Market 

Serious delinquency rates 13

National HPI, HPI by state 13-14

Ginnie Mae Agency issuance and Agency outstanding by state 15

FHA and VA Outstanding Loan Count Maps 16

Size and value of the US Residential housing and mortgage markets 17

Outstanding Agency MBS 18

Origination volume over time 19

US Agency Market, Originations

Agency Gross and Net Issuance 20-22

Purchase versus refi: Refi Issuance Breakdown 23

Credit Box 

First time home buyer share—purchase only loans 24-25

FICO score distribution 26

Credit box at a glance (FICO, LTV, DTI) 27-29

Historical credit box (FICO, LTV,DTI) 30-31

Cumulative Default Rates: FHA and VA 32

High LTV credit box 33-34

Ginnie Mae Nonbank Originators

Nonbank originator share (All, Purchase, Refi) 35-36

Bank vs. nonbank originators historical credit box, Ginnie Mae vs. GSE (FICO, LTV, DTI) 37-40

Holders of Ginnie Mae Mortgage Servicing Rights 

Top Holders of Ginnie Mae MSR 41-42

Non-bank Holders of Ginnie Mae MSR 42

Prepayments 

Aggregate 43

Select coupon/origination year cohorts 44-46

Other Ginnie Mae Programs

HMBS 47

Multifamily 48

Market Conditions-Agency MBS

Average daily trading volume and turnover by sector 49

Dealer net positions, repo volume 50

MBS Ownership

Ownership breakdown of total agency debt 51

MBS share of total agency debt and commercial bank ownership of MBS 52

Bank and Thrift Residential MBS Holdings 53

Foreign ownership of MBS 54-55

Fed Ownership of MBS 56

CONTENTS
HIGHLIGHTS

The impact of CARES Act Forbearance on the US mortgage market.

The recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act) permits 

borrowers with federally-backed, i.e. Ginnie Mae, Fannie Mae, and Freddie Mac mortgages, to seek up 

to 12-months of mortgage payment forbearance, if they are experiencing financial hardship due, 

directly or indirectly, to COVID-19. Under the program, forbearance is available to borrowers of 

federally-backed mortgages, which represent roughly 70 percent of all outstanding single-family 

mortgages with an unpaid principal balance of $6.9 trillion. 

How many GSE and Ginnie Mae borrowers will take advantage of forbearance? 

According to Black Knight, 7.6 percent of Ginnie Mae loans, totaling 922,000 were in forbearance as of 

April 16th compared to 4.9 percent of GSE loans, totaling 1.37 million loans. Higher forbearance takeup rate for Ginnie Mae loans is consistent with its mission of financing homes for low- and moderateincome homebuyers and first-time homebuyers, whose credit profile is less strong compared to GSE 

borrowers. 

Agency Loans in forbearance as of April 16th 

Source: Black Knight Financial Services

Although, these numbers provide valuable insight into the financial impact of forbearance, we caution 

they are very preliminary and likely to rise in the coming weeks as more unemployed borrowers 

request forbearance. If the take-up rate were to peak at 15 percent for Ginnie Mae (i.e. double the 

current level), that would equate to 1.8 million loans; a 10 percent take-up rate for GSEs, would equate 

to 2.8 million loans. The eventual financing needed for cover forbearances will depend on both the 

take-up rate and the duration of forbearance.

How will forbearance impact the mortgage market? 

The CARES Act forbearance will provide immediate relief to impacted borrowers. Although borrowers 

must eventually repay these funds, in the interim, mortgage servicers (or issuers in the case of Ginnie 

Mae) are contractually obligated to keep advancing principal and interest payments to MBS investors, 

as well as real estate taxes and homeowners insurance premiums to relevant entities. This obligation 

could create major liquidity problems for issuers, as they were never set up, nor expected, to finance 

nationwide forbearances. In light of this, Ginnie Mae recently announced COVID-19 Pass-Through 

Assistance Program (PTAP/C19) to assist its issuers in covering any shortfall in the P&I owed to 

holders of Ginnie Mae securities.

Ginnie Mae Fannie Mae and Freddie Mac

Estimated loans in forbearance 922,000 1,374,000 

Forbearance take-up rate 7.6% 4.9%
At the same time, the GSEs or the Federal Housing Finance Agency (FHFA) haven’t yet 

announced any facility to fund forbearances for GSE loans. Most large servicers service both 

Ginnie and GSE loans, with the latter accounting for two-thirds of agency loans outstanding. 

Thus, absent a liquidity facility for GSE loans, the risk is that GSE book will become the main 

source of financial stress in the servicing market. If a servicer were to become insolvent, it is 

possible that both Ginnie Mae and GSE may need to transfer servicing to a different entity.

A related issue is that PTAP/C19 won’t cover advances servicers have to make for real estate 

taxes and insurance payments. While these account for a smaller share of the monthly payment 

(under 30 percent), this issue could present liquidity risk if forbearance take-up rates were to 

skyrocket.

In any event, financial stress in the servicing market will not impact payments to MBS investors. 

Ginnie Mae MBS security holders are protected without exception by the full faith and credit 

guaranty of the United States of America and will be paid on time and in full.

Disclosure:

For Ginnie Mae’s Internal Use only. All the information contained in this document is as of date indicated unless 

otherwise noted. The information provided does not constitute investment advice and it should not be relied on as 

such. All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. The 

views expressed in this material are the views of Urban Institute and Street Global Advisors as of April 14th, 2020 and 

are subject to change based on market and other conditions. This document contains certain statements that may be 

deemed forward-looking statements. Please note that any such statements are not guarantees of any future 

performance and actual results or developments may differ materially from those projected. © 2019 State Street 

Corporation. All Rights Reserved. 

Tracking Code: 3040729.1.1.AM.INST

Expiration Date: 06/30/2021

Highlights this month:

• Government bond yields across the globe experienced significant volatility in March 2020 in 

response to the economic impact of the COVID-19 shock (page 6).

• Ginnie Mae II OAS tightened substantially in March while those on intermediate credit 

widened, resulting in Ginnies significantly outperforming corporates in March (page 18).

• Agency gross issuance remained very robust in Jan and Feb 2020, more than doubling 

compared to the same period last year (page 20).

HIGHLIGHTS
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

US MBS (Ginnie Mae, Fannie Mae, and Freddie Mac) comprise 27 percent of the Barclays US Aggregate Index- less 

than either the US Treasury share (41 percent) or the US Credit share (29 percent). Fannie Mae 30-year MBS 

accounts for 10 percent of the overall index, the largest MBS component, while Ginnie Mae 30-year MBS and Freddie 

Mac 30-year MBS both comprise 7 of the market. Mortgages with terms of 15 and 20 years comprise the remaining 

balance (3 percent) of the Barclays US Aggregate Index. US securities are the single largest contributor to the 

Barclays Global Aggregate, accounting for 39 percent of the global total. US MBS comprises 11 percent of the global

aggregate.

41%

1%

29%

7%

10%

7%

3%

3%

Barclays US 

Aggregate Index

Treasury

Agency

Credit

GNMA MBS 30y

FNMA MBS 30y

FHLMC MBS 30y

15y and 20y MBS

ABS & CMBS

54%

7%

25%

11%

1%

2%

Global Treasury

Global Agency

Global Credit

US MBS

ABS & CMBS

Collateralised

(Pfandbrief)

1%

3% 1%

39%

29%

21%

1%

0.04%

2%

0%

Australia

Canada

Middle East

United States

Europe

Asia & Pacific Rim

Latin America

Africa

Supranational

Others

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2020.

Note: Numbers in chart may not add to 100 percent due to rounding.

Barclays Global Aggregate Index by Country Barclays Global Aggregate Index by Sector

Sources: Bloomberg and State Street Global Advisors. 

Note: Data as of March 2020.

Sources: Bloomberg and State Street Global Advisors

Note: Data as of March 2020.
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20

Yield (%)

Global 10-year Treasury Yields

US 10y UK 10y GER 10y ITA 10y JPY 10y

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

10yr US Treasury hedged yield, JPY

10y US hedged yield, JPY (left)

US 10y hedged yield advantage vs 10y JGB (right)

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

10yr US Treasury hedged yield, EUR

10y US hedged yield, EUR (left)

10y US hedge yield advantage vs 10y bund (right)

Sources: Bloomberg and State Street Global Advisors. 

Note: Data as of March 2020.

Sources: Bloomberg and State Street Global Advisors

Note: Data as of March 2020.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2020.

Government bond yields across the globe experienced significant volatility in March 2020 in response to the 

economic impact of the COVID-19 shock. The yield on the 10-year treasury fell by 48 bps to 0.67 percent. With 

this drop, US treasury yields fell below the yield on the Italian 10-year note, which increased by 42 basis points 

to 1.52 percent. The yield on the UK 10-year bond fell by 9 bps to 0.36 percent, the Japanese 10-year 

government bond yield increased by 18 bps to 0.02 percent, and the German 10-year yield was up by 14 bps to -

0.47 percent in March. At the end of March, the hedged yield differential between the 10-year Treasury and the 

10-year JGB stood at -87 bps, a decrease of 32 bps since February 2020. The hedged yield differential between 

the 10-year Treasury and the 10-year Bund stood at -26 bps, an increase of 9 bps since the end of February 

2020.

Yield(%)

Yield(%)
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20

G2SF CC yield & nominal spread, USD

G2SF CC yield, USD (left) G2SF CC yield nominal spread vs UST 5/10 blend (50%/50%) (right)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

GNSF CC yield & nominal spread, USD

GNSF CC yield, USD (left) GNSF CC yield nominal spread vs UST 5/10 blend (50%/50%) (right)

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2020.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2020.

Nominal yields fell in March 2020, with GNMA II yields declining 50 bps to 1.54% and GNMA I yields declining 

58 bps to 1.46% respectively. The spread between agency mortgages and U.S. Treasuries widened dramatically 

in the first half the month, then ended the month largely unchanged after extensive Federal Reserve purchases 

of the agency MBS and other actions to stabilize the markets. At the end of March, current coupon Ginnie Mae 

securities outyield their Treasury counterparts (relative to the average of 5- and 10-year Treasury yields) by 

101 bps on the G2SF and 94 bps on the GNSF, an increase of 2 and a decrease of 6 bps respectively since last 

month.

Yield(%) Yield(%)

Yield(%)

Yield(%)
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20

G2SF CC yield & nominal spread, JPY

G2SF CC yield, JPY (left) G2SF CC yield nominal spread vs JGB 5/10 blend (50%/50%) (right)

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2020.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2020.

If Ginnie Mae securities are hedged into Japanese Yen, they look fair to poor on a yield basis versus the JGB 5/10 

blend. More precisely, hedged into Japanese yen, the G2SF and GNSF have a 5 and -2 bp yield versus the JGB 

5/10 blend. This represents a 33 and 41 bp narrowing for G2SF and GNSF, respectively, since the end of February 

2020.

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

GNSF CC yield & nominal spread, JPY

GNSF CC yield, JPY (left) GNSF CC yield nominal spread vs JGB 5/10 blend (50%/50%) (right)

Yield(%) Yield(%)

Yield(%) Yield(%)
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20

G2SF CC yield & nominal spread, EUR

G2SF CC yield, EUR (left) G2SF CC yield nominal spread vs GER 5/10 blend (50%/50%) (right)

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

GNSF CC yield & nominal spread, EUR

GNSF CC yield, EUR (left) GNSF CC yield nominal spread vs GER 5/10 blend (50%/50%) (right)

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2020.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2020.

If Ginnie Mae securities are hedged into Euros, they look favorable on a yield basis versus the German 5/10 

Blend. The figures below show that at the end of March, the current coupon G2SF and GNSF hedged into euros 

have a 70 and 63 bp higher yield than the average of the German 5/10, respectively. This represents an 8 bp

increase for the G2SF and a 1 bp increase for the GNSF since the end of February 2020.

Yield(%) Yield(%)

Yield(%) Yield(%)
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

0

50

100

150

200

250

300

Jan-16 Jun-16 Nov-16 Apr-17 Sep-17 Feb-18 Jul-18 Dec-18 May-19 Oct-19 Mar-20

Sources: State Street Global Advisors. Note: Data as of March 2020.

-50

0

50

100

150

200

250

300

350

400

Jan-16 Jun-16 Nov-16 Apr-17 Sep-17 Feb-18 Jul-18 Dec-18 May-19 Oct-19 Mar-20

U.S. Intermediate Credit - OAS US GNMA 30yr II - OAS

Sources: State Street Global Advisors. Note: Data as of March 2020.

G2 30 MBS and Intermediate Credit OAS

G2 30 MBS versus Intermediate Credit

After touching a peak of nearly 170 basis points in early 2016, the spread between US Intermediate Credit and 

GNMA II 30 year MBS tightened steadily through Jan 2020. OAS on intermediate credit fell while on GNMA II, it 

increased. In February and March 2020, the spread on both GNMA and corporates initially widened in response to 

the COVID-19 panic, followed by subsequent tightening, much more so for Ginnies, resulting in a substantial 

widening of the spread differentials between the securities. In the event COVID-19 leads to an economic 

downturn, we would expect Ginnie Mae securities to continue to outperform as investor concern about corporate 

credit risk moves front and center.
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Sources: Bloomberg and State Street Global Advisors. Note: Yields are in base currency ofsecurity and unhedged. 

Data as of March 2020.

US MBS yields are about the same or higher than most government securities with the same or longer durations. 

The only asset class with significantly more yields are the US and Pan-Euro high yield and credit indices. 

Duration, a measure of sensitivity to interest rate changes, does not fully capture the volatility of the high yield 

asset classes, as there is a large credit component, which has moved front and center in light of COVID-19.

Security Duration Yield

US 5y 4.9 0.38

US 10y 9.2 0.67

GNMA II 3.0% 2.5 0.55

GNMA II 3.5% 1.7 0.19

JPY 5y 4.7 -0.12

JPY 10y 10.0 0.01

GER 5y 5.1 -0.66

GER 10y 9.9 -0.47

ITA 5y 4.8 0.91

ITA 10y 9.2 1.52

US credit 7.7 3.23

US credit >= A 7.5 2.41

US HY 4.5 9.44

Pan-Euro Corp 5.6 2.04

Pan-Euro HY 4.2 9.62

US 5y US 10y

G2 3.5%

G2 3.0%

JPY 5y

GER 10y

GER 5y JPY 10y

ITA 5y

ITA 10y

US Credit

US Credit>=A

US HY

Pan-Euro

Corp

Pan-Euro HY

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

0.0 2.0 4.0 6.0 8.0 10.0 12.0

Yield

Duration

Yield versus duration
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Source: State Street

*A 2% max r

Average Return (Per Month)

Time Period US MBS 

Ginnie Mae US Treasury US Credit Corp Pan Euro Credit Corp US High Yield* Pan EuroHigh Yield*

1 year 0.55 1.05 0.44 -0.24 -0.53 -0.78

3 year 0.32 0.48 0.36 0.03 0.09 -0.09

5 year 0.23 0.30 0.29 0.03 0.25 0.06

10 year 0.27 0.32 0.41 0.32 0.48 0.46

* ssumes 2 capitalization ma per issue

*Assumes 2% capitali ati per issuer

Source: State Street

Average Excess Return (Per Month)

Time Period US MBS 

Ginnie Mae US Treasury US Credit Corp Pan Euro Credit Corp US High Yield* Pan EuroHigh Yield*

1 year 0.42 0.92 0.30 -0.18 -0.67 -0.73

3 year 0.18 0.34 0.22 0.09 -0.05 -0.03

* ssu 2 o ax 

5 year 0.14 0.21 0.20 0.09 0.16 0.12

10 year 0.23 0.27 0.36 0.34 0.43 0.49

Source: State Street

l zat on max

Cor

Standard Deviation

Time Period US MBS 

Ginnie Mae US Treasury US Credit Corp Pan Euro Credit Corp US High Yield* Pan EuroHigh Yield*

1 year 0.57 1.59 2.57 2.38 3.57 4.23

3 year 0.67 1.21 1.67 1.44 2.29 2.58

5 year 0.60 1.13 1.49 1.35 2.15 2.25

10 year 0.66 1.07 1.37 1.34 2.00 2.00

As mes % capitalizati n ma per issuer

Sharpe Ratio

Time Period US MBS 

Ginnie Mae US Treasury US Credit Co p

Pan Euro 

Credit Corp US High Yield Pan EuroHigh Yield*

1 year 0.74 0.58 0.12 -0.08 -0.19 -0.17

3 year 0.27 0.28 0.13 0.06 -0.02 -0.01

5 year 0.23 0.19 0.13 0.07 0.08 0.05

10 year 0.34 0.25 0.26 0.26 0.22 0.24

*Assumes 2% capitalization max per issuer on high yield indices

Sources: Barclays Indices, Bloomberg and State Street Global Advisors Note: Data as of March 2020.

The average return on the Ginnie Mae index over the past decade is less than other indices. However, the 

standard deviation of the Ginnie Mae index is the lowest of any sector, as it has the least price volatility over a 1, 

3, 5 and 10 year horizon. The result: The Sharpe Ratio, or excess return per unit of risk for the Ginnie Mae index is 

highest among all indices over a 1, 5 and 10-year horizon, and second only to the US Treasury Index over a 3-year 

horizon.
State of the US Housing Market

5.7%

6.8%

4.7%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Feb-01

Aug-01

Feb-02

Aug-02

Feb-03

Aug-03

Feb-04

Aug-04

Feb-05

Aug-05

Feb-06

Aug-06

Feb-07

Aug-07

Feb-08

Aug-08

Feb-09

Aug-09

Feb-10

Aug-10

Feb-11

Aug-11

Feb-12

Aug-12

Feb-13

Aug-13

Feb-14

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Year-over-year growth rate

National Year-Over-Year HPI Growth

Bottom price tier Middle price tier Top price tier

Sources: Black Knight and Urban Institute. Note: Black Knight divides home prices in each region into quintiles; this figure shows the performance of the 

bottom, middle and top quintiles. Data as of February 2020.

0.66%

0.63%

3.47%

1.92%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2Q061Q074Q073Q082Q091Q104Q103Q112Q121Q134Q133Q142Q151Q164Q163Q172Q181Q194Q19

Serious delinquency rates

Fannie Mae Freddie Mac FHA VA

Sources: Fannie Mae, Freddie Mac, MBA Delinquency Survey and Urban Institute.

Note: Serious delinquency is defined as 90 days or more past due or in the foreclosure process. Data as of Q4 2019.

Serious Delinquency Rates: Single-Family Loans

Serious delinquencies rates for single-family GSE loans, FHA loans and VA loans grew slightly in Q4 2019. GSE 

delinquencies remain just above their 2006-2007 level, while FHA and VA delinquencies (which are higher than 

their GSE counterparts) are well below 2006-2007 levels. The bottom chart shows nationwide house prices for the 

bottom, middle and the top quintiles by price. House prices have risen most at the lower end of the market where 

Ginnie Mae plays a major role. Prices at the lower end of the market rose by 6.8 percent for 12 months ended 

February 2020, much higher than the 4.7 percent for the top end of the market. Year-over-year price growth in 

February was lower than January for all price tiers.
State of the US Housing Market

bt,

ousehold

De

h

mortg

$9,833

Sources: Black Knight and Urban Institute. Note: 

rtgages,

HPI data as of January 2020. Negative sign indicates that state is above earlier peak. Peak refers to the month when 

HPI reached the highest level for each state/US during the housing boom period, ranging from 09/2005 to 09/2008. Trough represents the month when HPI fell to 

the lowest level for each state/US after the housing bust, ranging from 01/2009 to 03/2012. Current is 01/2020, the latest HPI data period.

Nationally, nominal home prices have increased by 55.6 percent since the trough, and now exceed their pre-crisis 

peak valuation on a nominal basis by 16.1 percent. The picture is very different across states, with many states well in 

excess of the prior peak, while two states remain 9 percent or more below peak levels: Connecticut (12.8% below) and 

Illinois (9.5% below).

HPI Changes

State 2000 to Peak Peak to Trough Trough to Current YOY Current HPI % Above Peak

National 75.3% -25.4% 55.6% 4.8% 16.1%

Alabama 43.9% -15.2% 33.6% 6.5% 13.2%

Alaska 69.4% -3.0% 23.6% 3.3% 19.8%

Arizona 110.0% -47.9% 87.1% 7.3% -2.6%

Arkansas 41.4% -10.4% 26.8% 4.1% 13.7%

California 155.0% -43.3% 93.4% 4.4% 9.6%

Colorado 40.3% -12.8% 81.0% 4.3% 57.8%

Connecticut 92.3% -24.7% 15.8% 3.4% -12.8%

Delaware 94.9% -23.9% 32.4% 5.1% 0.7%

District of Columbia 174.4% -13.6% 56.8% 2.7% 35.4%

Florida 128.7% -46.9% 74.4% 4.9% -7.4%

Georgia 38.3% -31.8% 68.5% 5.9% 14.9%

Hawaii 162.8% -22.5% 50.0% 1.6% 16.3%

Idaho 71.8% -28.7% 93.5% 12.2% 37.9%

Illinois 61.4% -34.5% 38.1% 2.2% -9.5%

Indiana 21.3% -7.8% 37.8% 6.6% 27.0%

Iowa 28.3% -4.7% 26.8% 4.0% 20.8%

Kansas 34.6% -9.2% 47.2% 7.7% 33.7%

Kentucky 29.7% -7.5% 34.2% 5.2% 24.1%

Louisiana 48.8% -5.1% 24.1% 3.0% 17.7%

Maine 82.1% -12.4% 45.6% 11.2% 27.6%

Maryland 129.3% -28.6% 27.8% 3.4% -8.8%

Massachusetts 92.4% -22.9% 56.9% 5.4% 20.9%

Michigan 23.9% -39.5% 77.5% 4.6% 7.3%

Minnesota 66.4% -27.8% 56.0% 4.6% 12.7%

Mississippi 41.1% -13.7% 29.1% 5.9% 11.5%

Missouri 42.7% -14.9% 36.6% 5.2% 16.2%

Montana 81.6% -11.2% 51.8% 6.5% 34.8%

Nebraska 26.6% -6.6% 43.4% 5.1% 33.9%

Nevada 126.9% -59.2% 124.3% 3.8% -8.4%

New Hampshire 90.7% -23.6% 44.3% 7.7% 10.2%

New Jersey 117.9% -28.0% 28.4% 4.4% -7.5%

New Mexico 67.0% -16.2% 27.1% 7.5% 6.4%

New York 98.2% -15.1% 42.8% 4.9% 21.2%

North Carolina 40.7% -15.7% 38.7% 5.2% 16.9%

North Dakota 53.4% -3.8% 55.9% 4.1% 49.9%

Ohio 21.1% -18.4% 38.3% 6.1% 12.9%

Oklahoma 37.5% -2.4% 21.4% 5.4% 18.5%

Oregon 82.0% -28.0% 80.5% 4.9% 29.9%

Pennsylvania 70.0% -11.7% 25.8% 4.7% 11.1%

Rhode Island 130.7% -34.6% 56.4% 8.5% 2.4%

South Carolina 44.9% -19.5% 38.1% 5.5% 11.2%

South Dakota 45.1% -3.8% 47.3% 4.4% 41.7%

Tennessee 35.2% -11.9% 47.8% 6.8% 30.2%

Texas 33.4% -5.7% 53.2% 4.2% 44.4%

Utah 54.6% -21.9% 79.2% 7.9% 39.9%

Vermont 83.5% -7.5% 35.8% 7.8% 25.6%

Virginia 99.4% -22.8% 29.1% 4.5% -0.3%

Washington 85.3% -28.7% 90.9% 6.6% 36.1%

West Virginia 42.7% -6.6% 28.5% 4.4% 20.1%

Wisconsin 44.7% -16.3% 35.8% 4.4% 13.6%

Wyoming 77.4% -5.7% 32.7% 7.2% 25.2%
State of the US Housing Market

Debt,

sehold

D

hou

mort

$9,833

rtgages,

Agency Outstanding 

State GNMA Share GNMA Loan 

Count

GNMA Avg.

Loan Size (000)

GSE Avg. Loan 

Size (000)

Agency Issuance (past 1 year)

GNMA Share GNMA Loan 

Count

GNMA Avg. 

Loan Size (000)

GSE Avg. Loan 

Size (000)

National 32.5% 2,179,767 241.1 260.6 28.4% 11,472,513 163.7 191.2

Alabama 44.7% 39,361 182.2 204.6 43.0% 238,818 128.4 153.9

Alaska 53.6% 6,170 300.0 267.7 49.5% 38,993 231.4 200.7

Arizona 32.7% 79,770 237.6 243.3 27.9% 320,758 165.4 183.2

Arkansas 42.7% 21,357 156.6 183.8 42.7% 140,288 111.0 139.3

California 26.6% 199,655 381.1 373.5 18.7% 792,115 265.8 272.0

Colorado 31.9% 67,674 320.7 310.3 23.9% 239,796 220.6 231.5

Connecticut 31.8% 17,802 227.2 246.5 28.3% 110,794 181.8 189.3

Delaware 38.9% 9,562 231.4 245.3 34.4% 52,483 179.0 185.9

District of Columbia 17.4% 1,701 460.2 411.4 14.3% 10,074 299.1 307.1

Florida 41.1% 189,590 231.2 228.1 33.7% 846,872 167.4 174.4

Georgia 40.7% 98,840 205.5 233.2 36.6% 520,854 143.8 172.8

Hawaii 44.5% 8,174 533.6 425.5 27.8% 31,863 382.3 319.4

Idaho 31.5% 17,429 237.8 235.3 28.2% 80,110 156.4 173.7

Illinois 24.5% 62,886 193.3 222.1 23.2% 376,178 140.2 161.6

Indiana 35.7% 53,427 161.0 179.1 35.1% 310,161 111.1 128.7

Iowa 24.5% 14,348 162.3 185.0 23.9% 87,956 113.7 133.4

Kansas 34.4% 16,770 171.7 197.6 33.7% 106,830 120.0 140.8

Kentucky 38.3% 29,810 166.2 186.5 37.1% 170,366 121.3 134.7

Louisiana 43.3% 31,668 183.4 211.3 40.5% 190,295 137.1 160.3

Maine 33.1% 7,800 202.7 221.5 30.0% 41,363 151.8 163.1

Maryland 43.5% 57,977 305.8 297.1 37.0% 307,582 230.1 221.1

Massachusetts 21.7% 27,341 320.2 322.6 17.5% 125,899 236.6 233.0

Michigan 23.5% 52,757 164.8 192.8 23.2% 312,045 113.3 137.1

Minnesota 23.1% 32,100 220.3 235.1 21.7% 192,433 156.0 173.7

Mississippi 50.9% 18,835 166.9 188.3 48.9% 116,854 120.6 143.4

Missouri 32.8% 45,403 170.0 195.4 32.8% 268,249 120.5 141.2

Montana 30.4% 6,832 240.1 243.0 27.0% 37,142 169.6 180.8

Nebraska 32.2% 11,607 185.1 189.8 30.8% 74,566 122.6 139.5

Nevada 38.4% 36,933 276.1 258.3 31.3% 143,796 189.4 197.0

New Hampshire 30.9% 9,317 257.2 250.2 26.7% 45,522 193.3 184.5

New Jersey 28.4% 46,111 274.4 296.9 25.4% 252,327 209.4 221.3

New Mexico 42.4% 15,343 199.1 209.6 40.6% 99,251 140.7 154.8

New York 24.3% 45,366 267.3 300.2 23.8% 340,008 186.6 217.6

North Carolina 35.1% 80,117 203.4 229.8 31.7% 435,185 141.4 169.1

North Dakota 28.0% 3,047 228.8 226.0 24.4% 16,989 166.7 168.7

Ohio 33.4% 71,912 159.5 176.3 33.6% 458,622 112.1 128.4

Oklahoma 45.3% 28,272 168.0 189.0 46.1% 198,249 119.5 141.8

Oregon 28.6% 30,168 285.9 285.2 21.2% 128,452 200.2 212.1

Pennsylvania 31.3% 63,493 182.9 216.7 30.7% 422,562 135.6 160.0

Rhode Island 36.6% 7,455 252.2 246.1 31.8% 37,459 189.4 185.6

South Carolina 40.6% 47,280 205.4 216.7 35.4% 230,287 147.5 163.4

South Dakota 35.4% 5,874 196.7 206.7 33.5% 31,393 143.1 152.5

Tennessee 39.2% 56,094 207.7 226.4 36.9% 300,018 139.5 168.2

Texas 35.6% 183,991 219.6 237.1 33.7% 1,096,930 144.1 178.3

Utah 26.1% 31,210 277.2 282.4 23.8% 128,222 192.6 214.7

Vermont 25.3% 2,290 207.1 221.1 19.5% 13,059 164.0 160.5

Virginia 43.9% 84,551 298.5 298.5 38.6% 455,650 219.9 219.4

Washington 30.7% 64,702 323.6 327.7 24.5% 274,539 220.2 236.0

West Virginia 50.8% 9,637 168.9 171.2 44.8% 55,665 125.9 128.0

Wisconsin 21.0% 24,711 186.7 200.4 19.1% 139,323 133.2 143.3

Wyoming 41.3% 4,976 229.4 236.0 37.7% 27,306 176.8 178.8

Sources: eMBS and Urban Institute. Note: Ginnie Mae outstanding share are based on loan balance as of February 2020. Ginnie Mae issuance is based on the last 12 

months, from February 2019 to February 2020.

Ginnie Mae MBS constitute 28.4 percent of outstanding agency issuance by loan balance and 32.5 percent of new 

issuance over the past year. However, the Ginnie Mae share varies widely across states, with the share of 

outstanding (by loan balance) as low as 14.3 percent in the District of Columbia and as high as 49.5 percent in 

Alaska. In general, the Ginnie Mae share is higher in states with lower home prices.
FHA and VA Outstanding Loan Count 

Sources: eMBS and Urban Institute. Note: Ginnie Mae outstanding share are based on loan balance as of February 2020.

FHA Outstanding Loan Count by State

VA Outstanding Loan Count by State

Texas , Florida, and California are the top 3 states for FHA and VA lending as measured by the number of loans 

outstanding. As of February 2020, TX has 760,000 million FHA and 300,000 VA loans outstanding, FL had 550,000 

FHA and 260,000 VA loans outstanding, and CA had 530,000 FHA and 240,000 VA loans outstanding. Virginia 

ranks 4th for number of VA loans outstanding and 13th for number of FHA loans outstanding.
State of the US Housing Market

$11.2

$19.7

$30.9

0

5

10

15

20

25

30

35

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

$ Trillions

Value of the US Housing Market

Debt, household mortgages Household equity Total Value

$0.44

$0.50

$6.88

$3.35

0

1

2

3

4

5

6

7

8

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

$ Trillions

Size of the US Residential Mortgage Market

Private Label Securities Second Liens Agency MBS Unsecuritized first liens

Sources: Federal Reserve Flow of Funds, Inside Mortgage Finance, eMBS and Urban Institute. Last updated March 2020.

Note: Unsecuritized first liens includes loans held by commercial banks, GSEs, savings institutions, and credit unions. 

The Federal Reserve’s Flow of Funds report has indicated a gradually increasing total value of the housing market 

driven by growing household equity since 2012, and Q4 2019 was no different. Total mortgage debt outstanding 

and household equity were up slightly from Q3 2019 to $11.2 and $19.7 trillion in Q4 2019, bringing the total 

value of the housing market to $30.9 trillion as of the year’s end. The market is now 20.8 percent higher than the 

pre-crisis peak in 2006. Agency MBS account for 61.6 percent of the total mortgage debt outstanding, privatelabel securities make up 4.0 percent, and unsecuritized first liens make up 30.0 percent. Second liens comprise 

the remaining 4.5 percent of the total.
State of the US Housing Market

As of February 2020, outstanding securities in the agency market totaled $6.94 trillion: 42.2 percent Fannie Mae, 

28.1 percent Freddie Mac, and 29.6 percent Ginnie Mae MBS. Ginnie Mae has more outstandings than Freddie 

Mac. Within the Ginnie Mae market, both FHA and VA have grown very rapidly since 2009. FHA comprises 58.5 

percent of total Ginnie Mae MBS outstanding, while VA comprises 35.7 percent.

$2.93

$1.95

$2.06

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Feb-02

Aug-02

Feb-03

Aug-03

Feb-04

Aug-04

Feb-05

Aug-05

Feb-06

Aug-06

Feb-07

Aug-07

Feb-08

Aug-08

Feb-09

Aug-09

Feb-10

Aug-10

Feb-11

Aug-11

Feb-12

Aug-12

Feb-13

Aug-13

Feb-14

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

$ Trillions

Outstanding Agency Mortgage-Backed Securities

Fannie Mae Freddie Mac Ginnie Mae

Sources: eMBS and Urban Institute. Note: Data as of February 2020.

$1.2

$0.7

$0.1

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Feb-02

Aug-02

Feb-03

Aug-03

Feb-04

Aug-04

Feb-05

Aug-05

Feb-06

Aug-06

Feb-07

Aug-07

Feb-08

Aug-08

Feb-09

Aug-09

Feb-10

Aug-10

Feb-11

Aug-11

Feb-12

Aug-12

Feb-13

Aug-13

Feb-14

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

$ Trillions

Outstanding Ginnie Mae Mortgage-Backed Securities

FHA VA Other

Sources: eMBS and Urban Institute Note: Data as of February 2020.
State of the US Housing Market

$1.02

$0.46

$0.05

$0.85

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

$ trillions

First Lien Origination Volume Portfolio

PLS securitization

FHA/VA securitization

GSE securitization

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q4 2019.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

First Lien Origination Share

For full-year 2019, first lien originations totaled $2.38 trillion, up from the full year 2018 volume of $1.63 trillion. 

The share of portfolio originations was 35.9 percent in 2019, a significant jump from the 30.0 percent share in 

2018. The 2019 GSE share was down at 42.9 percent, compared to 45.7 percent for the full year 2018. The 

FHA/VA share fell to 19.3 percent, as compared to 22.6 percent last year. Private-label securitization at 1.9 

percent maintained the same share as one year ago, but remains a fraction of its share in the pre-bubble years.

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q4 2019. 

35.9%

1.94%

19.3%

42.9%
US Agency Market, Originations

Debt,

$9,833

household

mortgage ,s

Ginnie Mae Breakdown: Agency Gross Issuance

Issuance Year FHA VA Other Total

2000 $80.2 $18.8 $3.2 $102.2

2001 $133.8 $34.7 $3.1 $171.5

2002 $128.6 $37.9 $2.5 $169.0

2003 $147.9 $62.7 $2.5 $213.1

2004 $85.0 $31.8 $2.5 $119.2

2005 $55.7 $23.5 $2.1 $81.4

2006 $51.2 $23.2 $2.3 $76.7

2007 $67.7 $24.2 $3.0 $94.9

2008 $221.7 $39.0 $6.9 $267.6

2009 $359.9 $74.6 $16.8 $451.3

2010 $304.9 $70.6 $15.3 $390.7

2011 $216.1 $82.3 $16.9 $315.3

2012 $253.4 $131.3 $20.3 $405.0

2013 $239.2 $132.2 $22.2 $393.6

2014 $163.9 $111.4 $21.0 $296.3

2015 $261.5 $155.6 $19.2 $436.3

2016 $281.8 $206.5 $19.9 $508.2

2017 $257.6 $177.8 $20.2 $455.6

2018 $222.6 $160.8 $17.2 $400.6

2019 $266.9 $225.7 $16.0 $508.6

2020 YTD $52.6 $51.3 $3.2 $107.2

2020 % Change YOY 73.4% 149.5% 110.8% 104.3%

2020 Ann. $315.7 $308.0 $19.4 $643.1

 

Agency Gross Issuance

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

2000 $202.8 $157.9 $360.6 $102.2 $462.8

2001 $506.9 $378.2 $885.1 $171.5 $1,056.6

2002 $710.0 $529.0 $1,238.9 $169.0 $1,407.9

2003 $1,174.4 $700.5 $1,874.9 $213.1 $2,088.0

2004 $517.5 $355.2 $872.6 $119.2 $991.9

2005 $514.1 $379.9 $894.0 $81.4 $975.3

2006 $500.2 $352.9 $853.0 $76.7 $929.7

2007 $633.0 $433.3 $1,066.2 $94.9 $1,161.1

2008 $562.7 $348.7 $911.4 $267.6 $1,179.0

2009 $817.1 $462.9 $1,280.0 $451.3 $1,731.3

2010 $626.6 $377.0 $1,003.5 $390.7 $1,394.3

2011 $578.2 $301.2 $879.3 $315.3 $1,194.7

2012 $847.6 $441.3 $1,288.8 $405.0 $1,693.8

2013 $749.9 $426.7 $1,176.6 $393.6 $1,570.2

2014 $392.9 $258.0 $650.9 $296.3 $947.2

2015 $493.9 $351.9 $845.7 $436.3 $1,282.0

2016 $600.5 $391.1 $991.6 $508.2 $1,499.8

2017 $531.3 $345.9 $877.3 $455.6 $1,332.9

2018 $480.9 $314.1 $795.0 $400.6 $1,195.3

2019 $597.4 $445.2 $1,042.6 $508.6 $1,551.2

2020 YTD $118.2 $90.9 $209.1 $107.2 $316.3

2020 % Change YOY 94.9% 132.2% 109.5% 104.3% 107.7%

2020 Ann. $709.1 $545.3 $1,254.5 $643.1 $1,897.6

Sources: eMBS and Urban Institute (top and bottom). 

Note : Dollar amounts are in billions. “Other“ refers to loans insured by HUD’s Office of Public and Indian Housing and the Department of 

Agriculture’s Rural Development. All data is as of February 2020.

Despite the rise in portfolio origination, agency gross issuance was a robust $1.55 trillion in 2019, the strongest 

year for agency gross issuance since 2013. This reflected primarily strong borrower incentives to refinance, 

further buoyed by improved home purchase affordability. And this strong issuance trend continues through the 

first two months of 2020, with gross issuance of $316.3 billion, up 107.7 percent from the same period in 2019. 

Ginnie Mae gross issuance was up by 104.3 percent and GSE gross issuance was up by 109.5 percent. Within the 

Ginnie Mae market, FHA was up by 73.4 percent and VA origination was up by 149.5 percent.
US Agency Market, Originations

Debt,

$9,833

household

mortgages,

Ginnie Mae Breakdown: Net Issuance

Issuance Year FHA VA Other Total

2000 $29.0 $0.3 $0.0 $29.3

2001 $0.7 -$10.6 $0.0 -$9.9

2002 -$22.5 -$28.7 $0.0 -$51.2

2003 -$56.5 -$21.1 $0.0 -$77.6

2004 -$45.2 $5.1 $0.0 -$40.1

2005 -$37.3 -$12.1 $7.2 -$42.2

2006 -$4.7 $3.8 $1.2 $0.2

2007 $20.2 $8.7 $2.0 $30.9

2008 $173.3 $17.7 $5.4 $196.4

2009 $206.4 $35.1 $15.8 $257.4

2010 $158.6 $29.6 $10.0 $198.3

2011 $102.8 $34.0 $12.8 $149.6

2012 $58.9 $45.9 $14.3 $119.1

2013 $20.7 $53.3 $13.9 $87.9

2014 -$4.8 $53.9 $12.5 $61.6

2015 $22.5 $66.9 $7.9 $97.3

2016 $45.6 $73.2 $6.0 $124.9

2017 $50.1 $76.1 $5.0 $131.3

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 YTD $2.8 $12.3 $0.6 $15.7

2020 % Change YOY -65.3% 94.1% -222.7% 13.3%

2020 Ann. $16.5 $74.0 $3.5 $94.0

 

Agency Net Issuance

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

2000 $92.0 $67.8 $159.8 $29.3 $189.1

2001 $216.6 $151.8 $368.4 -$9.9 $358.5

2002 $218.9 $138.3 $357.2 -$51.2 $306.1

2003 $293.7 $41.1 $334.9 -$77.6 $257.3

2004 $32.3 $50.2 $82.5 -$40.1 $42.4

2005 $62.5 $111.7 $174.2 -$42.2 $132.0

2006 $164.3 $149.3 $313.6 $0.2 $313.8

2007 $296.1 $218.8 $514.9 $30.9 $545.7

2008 $213.0 $101.8 $314.8 $196.4 $511.3

2009 $208.1 $42.5 $250.6 $257.4 $508.0

2010 -$156.4 -$146.8 -$303.2 $198.3 -$105.0

2011 -$32.6 -$95.8 -$128.4 $149.6 $21.2

2012 $32.9 -$75.3 -$42.4 $119.1 $76.8

2013 $53.5 $11.8 $65.3 $89.6 $154.9

2014 -$4.0 $30.0 $26.0 $61.6 $87.7

2015 $3.5 $65.0 $68.4 $97.3 $172.5

2016 $60.5 $66.8 $127.4 $126.1 $261.6

2017 $83.7 $77.0 $160.7 $132.3 $293.0

2018 $81.9 $67.6 $149.4 $112.0 $261.5

2019 $87.4 $110.3 $197.8 $95.7 $293.5

2020 YTD $18.5 $24.5 $43.0 $15.7 $58.6

2020 % Change YOY 156.3% 317.4% 228.5% 13.3% 117.9%

2020 Ann. $110.9 $146.8 $257.7 $94.0 $351.7

Sources: eMBS and Urban Institute. Note : Dollar amounts are in billions. “Other“ refers to loans insured by HUD’s Office of Public and Indian

Housing and the Department of Agriculture’s Rural Development. All data is as of February 2020.

2019 was a robust year for net agency issuance, with $293.5 billion of net new supply, 32.6 percent of this Ginnie Mae. This 

trend continues into the second month of 2020, with net agency issuance totaling $58.6 billion, up 117.9 percent compared 

with the first two months of 2019. Ginnie Mae net issuance was $15.7 billion, comprising 31.6 percent of total agency net 

issuance. Ginnie Mae net issuance in the first two months of 2020 was comprised of 78.7 percent VA and 17.6 percent FHA.
US Agency Market, Originations

Debt,

 

old

g ,

$9,833

Sources: eMBS and Urban Institute.

househ

Note : Dollar amounts are in billions. “Other“ refers to loans insured by HUD’s Office of Public and Indian Housing and the Department of 

Agriculture’s Rural Development. 

mortgages

All data is as of February 2020.

Agency gross issuance moves inversely to interest rates, generally declining as interest rates rise, increasing when 

interest rates fall, but the seasonal trend is also very strong. This table allows for a comparison with the same 

month in previous years. The February 2020 gross agency issuance of $147.2 billion is well above the February 

2019 level of $70.7 billion, as lower rates gave borrowers a stronger incentive to refinance, contributing to a 

sharp increase in refinancing volume.

Date

Gross Issuance Net Issuance

Fannie Mae Freddie Mac Ginnie Mae Total Fannie Mae Freddie Mac Ginnie Mae Total

Jan-17 $55.6 $38.5 $42.6 $136.6 $8.5 $10.7 $10.3 $29.5

Feb-17 $37.6 $27.4 $33.1 $98.1 $2.5 $6.5 $9.4 $18.5

Mar-17 $39.5 $24.4 $31.3 $95.2 $9.7 $6.2 $9.7 $25.6

Apr-17 $39.3 $21.2 $36.4 $97.0 $3.3 $0.4 $11.7 $15.4

May-17 $40.3 $22.6 $36.4 $99.3 $7.7 $2.7 $13.3 $23.8

Jun-17 $45.7 $25.1 $39.9 $110.7 $7.9 $2.4 $13.3 $23.5

Jul-17 $45.3 $27.6 $40.6 $113.5 $5.6 $3.5 $12.3 $21.5

Aug-17 $49.1 $29.3 $42.8 $121.1 $12.0 $6.7 $15.4 $34.1

Sep-17 $47.3 $27.9 $40.2 $115.5 $7.7 $3.8 $10.6 $22.0

Oct-17 $42.9 $34.6 $38.4 $115.9 $5.5 $12.5 $11.0 $28.9

Nov-17 $43.5 $37.2 $37.8 $118.5 $3.9 $13.6 $8.3 $25.8

Dec-17 $45.3 $30.0 $36.2 $111.5 $9.2 $8.1 $7.0 $24.4

Jan-18 $47.4 $21.4 $35.2 $104.0 $12.1 $0.2 $7.7 $20.0

Feb-18 $40.3 $21.5 $31.9 $93.7 $8.3 $2.2 $7.1 $17.6

Mar-18 $35.6 $21.3 $29.0 $85.9 $4.9 $3.0 $6.3 $14.1

Apr-18 $36.3 $26.2 $32.7 $95.2 $1.7 $6.0 $8.8 $16.5

May-18 $38.9 $27.5 $33.7 $100.1 $5.1 $7.2 $10.5 $22.8

Jun-18 $38.2 $28.8 $35.6 $102.5 $2.5 $6.8 $10.3 $19.6

Jul-18 $40.3 $26.2 $35.6 $102.1 $4.2 $3.7 $10.4 $18.3

Aug-18 $50.4 $29.9 $37.5 $117.8 $15.8 $7.9 $12.5 $36.1

Sep-18 $41.8 $30.1 $34.8 $106.6 $5.9 $6.2 $9.0 $21.1

Oct-18 $39.8 $27.4 $33.2 $100.3 $9.7 $7.1 $11.4 $28.2

Nov-18 $35.1 $30.1 $32.4 $97.6 $3.6 $11.0 $9.8 $24.4

Dec-18 $36.9 $23.9 $28.4 $89.1 $8.2 $6.4 $8.2 $22.8

Jan-19 $33.3 $19.2 $29.0 $81.6 $5.9 $2.5 $9.2 $17.6

Feb-19 $27.3 $19.9 $23.5 $70.7 $1.4 $3.4 $4.6 $9.3

Mar-19 $29.6 $27.3 $26.6 $83.5 $1.8 $10.3 $5.6 $17.6

Apr-19 $33.1 $30.8 $32.9 $96.8 $1.3 $10.8 $8.3 $20.4

May-19 $44.5 $34.3 $38.8 $117.6 $6.7 $9.8 $9.4 $26.0

Jun-19 $44.6 $34.0 $43.3 $121.9 $1.9 $5.9 $9.0 $16.8

Jul-19 $51.7 $36.9 $45.9 $134.5 $10.9 $10.1 $11.0 $32.0

Aug-19 $71.1 $50.4 $51.2 $172.6 $20.8 $17.1 $8.7 $46.6

Sep-19 $67.1 $43.0 $52.0 $162.1 $14.1 $7.5 $6.5 $28.0

Oct-19 $65.0 $46.2 $58.4 $169.6 $7.4 $7.1 $11.9 $26.5

Nov-19 $68.1 $50.7 $54.3 $173.1 $5.2 $8.6 $4.1 $18.0

Dec-19 $62.1 $52.5 $52.7 $167.3 $10.1 $17.3 $7.4 $34.7

Jan-20 $61.7 $51.4 $56.0 $169.0 $9.1 $16.5 $8.6 $34.2

Feb-20 $56.5 $39.5 $51.2 $147.2 $9.4 $7.9 $7.1 $24.4

Monthly Agency Issuance
$24.9

$8.0

$1.5 $0.1 $0.0 

$9.1

$3.6

$1.0 

$0.4 $0.1

$8.5

$1.8

$0.2

$0.1 $0.0 

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

3 3.5 4 4.5 5

Streamlined Cash-out Not streamlined, not cash-out

Coupon

$ billions

Ginnie Mae Refinance Issuance by Type: 2020 YTD

US Agency Market, Originations

Sources: eMBS and Urban Institute.

Note: Based on at-issuance balance. Data as of February 2020.

The FHA refinance share stood at 42.7 percent in February 2020, below the 65.9 percent refi share for VA 

originations and the 59.6 percent share for the GSEs. Refinances as a share of all originations grew during most of 

2019 as interest rates were low. They continue to grow into 2020 as rates drop further. The bottom section shows 

that nearly all of 2020 YTD Ginnie Mae refinances, predominantly streamlined, were securitized in lower coupon 

pools. Cash-out refinances are typically securitized in higher coupons, but their volume has fallen sharply in recent 

months due to restrictions Ginnie Mae put in place in late 2019, to combat the “churning” problem.

59.6%

42.7%

65.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Percent Refi at Issuance

Refishare GSE FHA VA

Sources: eMBS and Urban Institute. Note: Based on at-issuance balance. Data as of February 2020.
Credit Box

41.5%

42.2%

72.3%

53.9%

20%

30%

40%

50%

60%

70%

80%

Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19 Oct-19 Feb-20

First-time homebuyer share (%)

First Time Homebuyer Share: Purchase Only Loans

Freddie Fannie Ginnie All

Sources: eMBS and Urban Institute. Note: Data as of February 2020.

The first time homebuyer share of Ginnie Mae purchase loans was 72.3 percent in February 2020, down slightly 

from its historical high in May 2019. First time homebuyers comprise a significantly higher share of the Ginnie 

Mae purchase market than of the GSE purchase market, with first time homebuyers accounting for 42.2 

percent and 41.5 percent of Fannie Mae and Freddie Mac purchase originations respectively. The bottom table 

shows that based on mortgages originated in February 2020, the average first-time homebuyer was more likely 

than an average repeat buyer to take out a smaller loan, have a lower credit score, a much higher LTV, a similar 

DTI, and pay a slightly higher rate.

Fannie Mae Freddie Mac Ginnie Mae All

First-Time Repeat First-Time Repeat First-Time Repeat First-Time Repeat

Loan Amount ($ ) 263,842 286,021 241,044 266,274 223,707 272,369 237,653 275,526 

Credit Score 744.1 756.1 744.9 757.7 681.3 703.3 711.0 741.3

LTV (%) 87.6 79.2 87.5 79.7 96.8 95.3 92.5 84.1

DTI (%) 35.5 36.6 35.0 36.2 41.5 42.6 38.6 38.2

Loan Rate (%) 4.0 3.9 4.0 3.9 3.9 3.7 3.9 3.8

Sources: eMBS and Urban Institute. 

Note: In May 2017 Ginnie Mae began disclosing issuer-reported LTV for FHA loans, which includes the financed upfront mortgage insurance 

premium. To make it consistent with the previously reported LTV, we removed the financed upfront mortgage insurance premium by 

subtracting 169 bps from this new issuer-reported LTV. Data as of February 2020.
Credit Box

84.0%

54.9%

78.9%

72.3%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

Jun-14 Oct-14Feb-15 Jun-15 Oct-15Feb-16 Jun-16 Oct-16Feb-17 Jun-17 Oct-17Feb-18 Jun-18 Oct-18Feb-19 Jun-19 Oct-19Feb-20

First-time homebuyer share (%)

First Time Homebuyer Share: 

Ginnie Mae Breakdown

 

FHA VA Other All

Sources: eMBS and Urban Institute. Note: Data as of February 2020. “Other“refers to loans insured by HUD’s Office of Public and Indian Housing and

the Department of Agriculture’s Rural Development. In May 2017 Ginnie Mae began disclosing issuer-reported LTV for FHA loans, which includes the 

financed upfront mortgage insurance premium. To make it consistent with the previously reported LTV, we removed the financed upfront mortgage 

insurance premium by subtracting 169 bps from this new issuer-reported LTV. 

Within the Ginnie Mae purchase market, 78.9 percent of FHA loans, 54.9 percent of VA loans and 84.0 percent of 

other loans represent financing for first-time home buyers in February 2020. The bottom table shows that based 

on mortgages originated in February 2020, the average first-time homebuyer was more likely than an average 

repeat buyer to take out a smaller loan, have a lower credit score, higher LTV, similar DTI and pay a higher rate.

FHA VA Other Ginnie Mae Total

First-Time Repeat First-Time Repeat First-Time Repeat First-Time Repeat

Loan Amount ($) 221,219 235,341 264,637 319,082 155,834 172,769 223,707 272,369 

Credit Score 672.3 675.1 701.0 730.0 695.1 704.0 681.3 703.3

LTV (%) 95.5 93.9 99.8 96.3 99.0 99.1 96.8 95.3

DTI (%) 43.0 44.2 40.4 41.8 34.9 35.7 41.5 42.6

Loan Rate (%) 4.0 3.9 3.7 3.5 3.8 3.8 3.9 3.7

Sources: eMBS and Urban Institute. Note: Includes only purchase loans. Data as of February 2020.
Credit Box

Sources: Credit Bureau Data and Urban Institute. 

Note: Data as of August 2017.

FICO Score Distribution: Mortgage Owners vs All Consumers

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

300-500500-520520-540540-560560-580580-600600-620620-640640-660660-680680-700700-720720-740740-760760-780780-800800-820820-850

All Consumers Mortgage owners

All Consumers- Percentiles

Minimum P5 P10 P25 P50 P75 P90 P95 Maximum

300 503 524 587 682 774 813 822 839

Mortgage Owners- Percentiles

Minimum P5 P10 P25 P50 P75 P90 P95 Maximum

300 570 615 682 752 801 818 824 839

Consumers who have a mortgage are concentrated at the high end of the general credit score spectrum. The top 

table shows that the median FICO score for all consumers (682) is equal to the 25th percentile of those with a 

mortgage (682).
t,

rtgages,

house

mort

$9,833

hold

Deb

Purchase FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 242,161 643 683 735 777 798 727 

Fannie 78,809 691 723 760 787 802 752 

Freddie 67,699 693 725 761 788 802 753 

Ginnie 95,653 623 646 679 727 773 687 

Refi FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 293,197 657 698 744 780 799 735 

Fannie 130,454 686 719 757 785 801 750 

Freddie 86,330 684 717 756 784 801 748 

Ginnie 76,413 622 651 690 742 781 695 

All FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 535,358 650 691 740 778 798 731 

Fannie 209,263 688 721 758 786 801 751 

Freddie 154,029 688 721 758 786 801 750 

Ginnie 172,066 623 648 684 733 777 691 

 

Purchase FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 95,653 623 646 679 727 773 687 

FHA 58,068 618 640 667 702 743 673 

VA 28,426 631 663 716 768 795 714 

Other 9,159 638 658 692 732 766 696 

Refi FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 76,413 622 651 690 742 781 695 

FHA 32,039 610 638 665 696 734 668 

VA 43,705 636 671 717 765 792 714 

Other 669 646 669 703 741 772 705 

All FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 172,066 623 648 684 733 777 691 

FHA 90,107 615 639 666 700 739 671 

VA 72,131 634 668 716 766 793 714 

Other 9,828 638 659 693 733 767 697 

February 2020 Credit Box at a Glance

Sources: eMBS and Urban Institute. Note: “Other“ refers to loans insured by HUD’s Office of Public and Indian Housing and the Department of

Agriculture’s Rural Development.Data as of February 2020.

In February 2020, the median Ginnie Mae FICO score was 684 versus 758 for both Fannie Mae and Freddie Mac. 

Note that the FICO score for the 10th percentile was 623 for Ginnie Mae, versus 688 for Fannie Mae and Freddie 

Mac. Within the Ginnie Mae market, FHA loans have a median FICO score of 666, VA loans have a median FICO score 

of 716 and other loans have a median FICO score of 693.
February 2020 Credit Box at a Glance

old

Debt,

househ

or

$9,833

m rtgages,

Purchase

Number of Loans

LTV

P10 P25 Median P75 P90 Mean

All 242,581 73.0 80.0 95.0 96.5 100.0 87.9 

Fannie 78,871 63.0 77.0 80.0 95.0 97.0 82.2 

Freddie 67,813 65.0 80.0 80.0 95.0 95.0 82.4 

Ginnie 95,897 92.7 96.5 96.5 100.0 101.3 96.4 

Refi LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 309,864 48.0 62.0 75.0 86.0 96.9 73.3 

Fannie 130,456 43.0 57.0 70.0 79.0 84.0 66.6 

Freddie 86,359 44.0 58.0 71.0 79.0 83.0 67.2 

Ginnie 93,049 71.5 81.4 91.3 98.0 100.0 88.2 

All LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 552,445 54.0 70.0 80.0 95.0 98.0 79.7 

Fannie 209,327 48.0 62.0 75.0 84.0 95.0 72.5 

Freddie 154,172 49.0 65.0 78.0 85.0 95.0 73.9 

Ginnie 188,946 79.3 89.7 96.5 98.9 101.0 92.3

 

Purchase LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 95,897 92.7 96.5 96.5 100.0 101.3 96.4 

FHA 58,173 92.8 96.5 96.5 96.5 96.5 95.1

VA 28,505 91.1 100.0 100.0 102.2 103.0 98.2 

Other 9,219 94.8 98.9 100.9 101.0 101.0 99.0 

Refi LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 93,049 71.5 81.4 91.3 98.0 100.0 88.2 

FHA 40,004 72.4 81.4 89.9 97.1 98.3 87.0 

VA 52,326 70.7 82.8 92.0 99.4 101.0 88.9 

Other 719 85.4 93.3 99.1 101.0 102.0 95.9 

All LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 188,946 79.3 89.7 96.5 98.9 101.0 92.3 

FHA 98,177 80.5 89.9 96.5 96.5 97.3 91.8 

VA 80,831 75.3 87.7 98.1 100.0 102.3 92.2 

Other 9,938 94.1 98.7 100.7 101.0 101.0 98.8 

Sources: eMBS and Urban Institute. Note: “Other“ refers to loans insured by HUD’s Office of Public and Indian Housing and the Department of

Agriculture’s Rural Development. In May 2017 Ginnie Mae began disclosing issuer-reported LTV for FHA loans, which includes the financed 

upfront mortgage insurance premium. To make it consistent with the previously reported LTV, we removed the financed upfront mortgage 

insurance premium by subtracting 169 bps from this new issuer-reported LTV. Data as of February 2020.

In February 2020, the median loan-to-value ratio (LTV) was 96.5 percent for Ginnie Mae, 75 percent for Fannie Mae 

and 78 percent for Freddie Mac. The 90th percentile was 101.0 percent for Ginnie Mae, and 95 percent for both 

Freddie and Fannie. Within the Ginnie Mae market, the median LTV was 96.5 for FHA, 98.1 for VA and 100.7 for 

other programs.
De

mortgages,

hous

rt

$9,833

ehold

bt,

Purchase DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 242,228 24.0 31.2 39.0 45.0 50.0 38.1 

Fannie 78,866 22.0 29.0 37.0 44.0 48.0 35.9 

Freddie 67,812 22.0 29.0 37.0 43.0 47.0 35.6 

Ginnie 95,550 28.7 35.3 42.4 49.0 54.3 41.8 

Refi DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 255,580 21.7 28.0 36.0 43.0 48.0 35.4 

Fannie 130,448 21.0 28.0 36.0 43.0 47.0 34.6 

Freddie 86,355 21.0 28.0 36.0 43.0 47.0 34.8 

Ginnie 38,777 24.3 32.0 40.2 48.4 54.0 39.6 

All DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 497,808 23.0 30.0 38.0 44.0 49.0 36.7

Fannie 209,314 22.0 28.0 36.0 43.0 47.0 35.1 

Freddie 154,167 22.0 28.0 36.0 43.0 47.0 35.2 

Ginnie 134,327 27.5 34.2 41.9 48.9 54.2 41.1 

 

Purchase DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 95,550 28.7 35.3 42.4 49.0 54.3 41.8 

FHA 58,142 30.6 37.4 44.2 50.2 54.7 43.2 

VA 28,227 27.0 34.0 41.5 48.5 54.2 41.0 

Other 9,181 25.7 30.6 36.0 40.2 43.1 35.0 

Refi DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 38,777 24.3 32.0 40.2 48.4 54.0 39.6 

FHA 19,627 27.4 34.2 43.0 49.9 54.5 41.6 

VA 18,649 22.2 30.1 37.5 46.1 52.9 37.7

Other 501 14.2 20.6 29.0 36.3 41.1 28.6 

All DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 134,327 27.5 34.2 41.9 48.9 54.2 41.1 

FHA 77,769 29.8 36.6 44.0 50.1 54.7 42.8 

VA 46,876 25.0 32.0 40.1 47.7 53.7 39.7 

Other 9,682 24.9 30.3 35.7 40.1 43.0 34.7 

February 2020 Credit Box at a Glance

Sources: eMBS and Urban Institute. Note: “Other“ refers to loans insured by HUD’s Office of Public and Indian Housing and the Department of

Agriculture’s Rural Development. Data as of February 2020.

In February 2020, the median Ginnie Mae debt-to-income ratio (DTI) was 41.9 percent, considerably higher than the 

36.0 percent median DTI for both Freddie Mac and Fannie Mae. The 90th percentile for Ginnie Mae was 54.2 

percent, also much higher than the 47.0 percent DTI for Fannie Mae and Freddie Mac, respectively. Within the 

Ginnie Mae market, the median FHA DTI ratio was 44.0 percent, versus 40.1 percent for VA and 35.7 percent for 

other lending programs.
Credit Box: Historical

660

680

700

720

740

760

780

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

FICO Scores

FICO Scores for Purchase Loans 

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

660

680

700

720

740

760

780

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

FICO Scores for Refinance Loans

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

758

758

684

740

660

680

700

720

740

760

780

Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19 Oct-19 Feb-20

FICO Scores

FICO Scores for All Loans

Freddie Median FICO Fannie Median FICO Ginnie Median FICO All Median FICO

Sources: eMBS and Urban Institute. Note:Data as of February 2020. Sources: eMBS and Urban Institute. Note: Data as of February 2020.

Sources: eMBS and Urban Institute. Note: Data as of February 2020.

The median FICO score for all agency loans originated in February 2020 was 740, up considerably since the 

start of last year, owing to the refinance wave, which higher FICO borrowers take advantage of with greater 

frequency. The figures show that the median FICO score for Ginnie Mae borrowers has always been 

considerably lower than for GSE borrowers. Since early 2019, the median FICO scores for Fannie, Freddie and 

Ginnie borrowers have moved up for both purchase and refinance loans. The difference between Ginnie Mae 

and GSE borrower FICOs is slightly wider for purchase loans than for refi loans.
Credit Box: Historical

96.5

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Loan-to-Value Ratio

LTV Ratio for All Loans

Freddie Median LTV Fannie Median LTV Ginnie Median LTV All Median LTV

Median LTVs for Ginnie Mae loans have historically been at 96.5 percent, much higher than the 75–80 LTVs 

for the GSEs. Median debt-to-income ratios for Ginnie Mae loans have historically been in the low 40s, 

considerably higher than for the GSEs. DTIs increased in the 2017-2018 period for both Ginnie Mae and 

GSE loans, with the movement more pronounced for Ginnie Mae. Increases in DTI are very typical in an 

environment of rising interest rates and rising home prices. All three agencies witnessed measurable 

declines in DTI, beginning in early 2019, driven by lower interest rates.

Sources: eMBS and Urban Institute. Note: In May 2017 Ginnie Mae began disclosing issuer-reported LTV for FHA loans, which includes the financed 

upfront mortgage insurance premium. To make it consistent with the previously reported LTV, we removed the financed upfront mortgage insurance 

premium by subtracting 169 bps from this new issuer-reported LTV. Sources and note apply to all three graphs. Data as of February 2020.

80.0

78.0

75.0

36.0

41.9

38.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19 Oct-19 Feb-20

Debt-to-Income Ratio

DTI Ratio for All Loans

Freddie Median DTI Fannie Median DTI Ginnie Median DTI All Median DTI
Credit Box: Historical

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83

FHA Cumulative Default Rate by DTI and FICO

DTI<=45, FICO <=660 DTI <=45, FICO>660

DTI>45, FICO <=660 DTI>45, FICO>660

Loan age

Cumulative default rate

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83

VA Cumulative Default Rate by DTI and FICO

DTI<=45, FICO <=700 DTI <=45, FICO>700

DTI>45, FICO <=700 DTI>45, FICO>700

Loan age

Cumulative default rate

Sources: eMBS and Urban Institute. Note: Defaults = 180 days delinquent. Data as of February 2020.

DTI is a much weaker predictor of performance than FICO score. The top chart shows FHA borrowers with higher 

DTIs do default more than those with lower DTIs, but the differences are modest, as evidenced by the fact that the 

black line is very close to the blue line and the grey line is not that much above the yellow line. By contrast, FICO 

makes a much larger difference, as can be seen by comparing the blue line to the yellow line or the black line to the 

gray line. And low DTI/low FICO borrowers default much less than high DTI/high FICO borrowers, as can be seen 

by comparing the blue line to the gray line. The bottom chart, for VA borrowers illustrates the same point; DTI is a 

much weaker predictor of loan performance than credit score.

Sources: eMBS and Urban Institute. Note: Defaults = 180 days delinquent. Data as of February 2020.
96%

85%

66%

48%

37%

97%

88%

62%

42%

31%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

<640 640–680 680–700 700–750 ≥ 750

94%

85%

66%

49%

36%

97%

88%

64%

43%

33%

0%

20%

40%

60%

80%

100%

120%

<640 640–680 680–700 700–750 ≥ 750

December 2017- February 2018 December 2019- February 2020

Credit Box: Historical

DTI < 35

Sources: eMBS and Urban Institute. 

Ginnie Mae Share of Agency Market by DTI and FICO for Loans with LTV ≥ 95 

35 ≤ DTI < 45 

97%

92%

79%

64%

52%

100% 98%

85%

67%

53%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

<640 640–680 680–700 700–750 ≥ 750

Credit score

Credit score

Credit score

DTI ≥ 45

This table shows Ginnie Mae’s share of agency high-LTV lending by DTI and FICO. In each DTI bucket, Ginnie 

Mae’s share is more concentrated in lower FICO scores than in higher FICO scores. In December 2019- February 

2020, Ginnie Mae accounted for 97 percent of agency issuance for DTIs under 35 and FICOs below 640, 

compared to just 33 percent for DTIs below 35 and FICO 750 and higher. The Ginnie/GSE split in the 35-45 DTI 

bucket looks a lot like the below 35 percent DTI bucket. In December 2019− February 2020, Ginnie Mae’s share 

of issuance was higher for DTIs of 45 and above, as compared with the two lower DTI buckets. Ginnie Mae share 

of loans with a DTI of 45 and above and a FICO of 680-700 was 85 percent; it was 62-64 percent for the same 

FICO in the lower DTI buckets. Comparing this period to 2 years earlier, it is clear the GSEs have marginally 

stepped up their higher LTV lending for borrowers in the two lower DTI buckets, taking a small amount of this 

market share from Ginnie Mae.
High LTV Loans: Ginnie Mae vs. 

GSEs

Sources: eMBS and Urban Institute.

December 2017-February 2018

FICO

DTI <640 640–680 680–700 700–750 ≥ 750 All

< 35 2.9% 5.3% 3.0% 7.6% 9.4% 28.2%

35 −45 5.3% 9.5% 5.1% 11.3% 9.7% 40.9%

≥ 45 4.2% 8.4% 4.2% 8.4% 5.7% 31.0%

All 12.4% 23.3% 12.3% 27.3% 24.8% 100.0%

December 2019-February 2020

FICO

DTI <640 640–680 680–700 700–750 ≥ 750 All

< 35 2.8% 4.7% 2.7% 7.6% 10.5% 28.2%

35 −45 4.9% 8.3% 4.7% 11.7% 11.0% 40.6%

≥ 45 4.5% 7.9% 3.9% 8.5% 6.3% 31.2%

All 12.2% 20.9% 11.3% 27.8% 27.8% 100.0%

Agency Market Share by DTI and FICO for Loans with LTV ≥ 95

Share of Loans with LTV ≥ 95

Ginnie Mae GSE All

December 2017- February 2018 68.1% 16.2% 32.4%

December 2019- February 2020 65.8% 13.3% 26.9%

Ginnie Mae dominates high-LTV lending, with 65.8 percent of its issuances in the December 2019-February 

2020 period having LTVs of 95 or above, compared to 13.3 percent for the GSEs. The GSEs have decreased their 

high-LTV lending share from 16.2 percent in December 2017−February 2018. Ginnie Mae’s high-LTV lending is 

also down, but by less than the GSE share, over the same period from 68.1 percent. The share of high-LTV agency 

loans going to highest FICO borrowers (i.e. above 750) has increased from the December 2017-February 2018 

period to the December 2019-February 2020 period. The distribution by DTI looks very similar across the two 

three month periods.
Nonbank Originators

Sources: eMBS and Urban Institute

Note:Data as of February 2020.

Sources: eMBS and Urban Institute. Note: “Other“ refers to loans insured by HUD’s Office of Public and Indian Housing and the Department of Agriculture’s Rural 

Development. Data as of February 2020.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Feb-13

Apr-13

Jun-13

Aug-13

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Nonbank Origination Share: All Loans

All Fannie Freddie Ginnie

87.9%

66,2%

61.0%

46.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Feb-13

Jun-13

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

All Fannie Freddie Ginnie

Nonbank Origination Share: 

Refinance Loans

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Feb-13

Jun-13

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

All Fannie Freddie Ginnie

Nonbank Origination Share: 

Purchase Loans

The nonbank origination share has been rising steadily for all three agencies since 2013. The Ginnie Mae 

nonbank share has been consistently higher than the GSEs, standing at 87.9 percent in February 2020, down 

from a record high of 90.2 percent in December 2019. Freddie’s nonbank share dropped to 46.9 percent, while 

Fannie’s nonbank share fell more slightly to 61.0 percent in February (note that these numbers can be volatile 

on a month-to-month basis). Ginnie Mae, Fannie Mae and Freddie Mac all have higher nonbank origination 

shares for refi activity than for purchase activity. Freddie Mac’s nonbank share is the lowest among the three 

agencies for both purchase and refinance loans.
Ginnie Mae Nonbank Originators 

Sources: eMBS and Urban Institute

Note:Data as of February 2020.

Sources: eMBS and Urban Institute. Note: “Other“ refers to loans insured by HUD’s Office of Public and Indian Housing and the Department of Agriculture’s Rural 

Development. Data as of February 2020.

In February 2020, Ginnie Mae’s nonbank share rose to 87.9 percent. The nonbank originator share for FHA fell 

slightly to 92.6 percent in February, just off the high reached in December 2019. The nonbank originator share 

for VA was higher than last month at 83.4 percent and the nonbank originator share for other loans, which can 

fluctuate quite a bit month to month, grew slightly to 89.3 percent.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Feb-13

Apr-13

Jun-13

Aug-13

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Non-bank originator share

Ginnie Mae Nonbank Originator Share: All Loans

All FHA VA Other

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Feb-13

Jun-13

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Non-bank originator share

Ginnie Mae Nonbank Share: 

Purchase Loans

All FHA VA Other

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Feb-13

Jun-13

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Ginnie Mae Nonbank Share: 

Refinance Loans

All FHA VA Other

93%

89%

88%

83%
Sources: eMBS and Urban Institute. 

Note: Data as of February 2020. 

Sources: eMBS and Urban Institute. 

Note: Data as of February 2020. 

741

757

728

680

690

700

710

720

730

740

750

760

770

Aug-13

Nov-13

Feb-14

May-14

Aug-14

Nov-14

Feb-15

May-15

Aug-15

Nov-15

Feb-16

May-16

Aug-16

Nov-16

Feb-17

May-17

Aug-17

Nov-17

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

Agency FICO: Bank vs. Nonbank

FICO All Median FICO Bank Median FICO Nonbank Median FICO

Sources: eMBS and Urban Institute. Note: Data as of February 2020. 

660

680

700

720

740

760

780

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

All Median FICO Bank Median FICO

Nonbank Median FICO

Ginnie Mae FICO: Bank vs. Nonbank

660

680

700

720

740

760

780

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

All Median FICO Bank Median FICO

Nonbank Median FICO

GSE FICO: Bank vs. Nonbank

Nonbank Credit Box

FICO FICO

Nonbank originators have played a key role in opening up access to credit. The median GSE and the median Ginnie Mae 

FICO scores for loans originated by nonbanks are lower than their bank counterparts. Within the GSE space, both bank 

and nonbank FICOs have increased since early 2014. In contrast, within the Ginnie Mae space, FICO scores for bank 

originations are measurably higher since early 2014 while nonbank FICOs have remained flat. This largely reflects the 

sharp cut-back in FHA lending by many banks.
Sources: eMBS and Urban Institute. Note: Data as of February 2020. Sources: eMBS and Urban Institute. Note: Data as of February 2020.

66

68

70

72

74

76

78

80

82

84

86

88

90

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

GSE LTV: Bank vs. Nonbank

All Median LTV Bank Median LTV

Nonbank Median LTV

Sources: eMBS and Urban Institute. Note: Data as of February 2020.

90

91

92

93

94

95

96

97

98

99

100

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

All Median LTV Bank Median LTV

Nonbank Median LTV

Sources: eMBS and Urban Institute. Note: Data as of February 2020.

30

32

34

36

38

40

42

44

46

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

GSE DTI: Bank vs. Nonbank

All Median DTI Bank Median DTI

Nonbank Median DTI

Nonbank Credit Box

Ginnie Mae LTV: Bank vs. Nonbank

Ginnie Mae DTI: Bank vs. Nonbank

LTV LTV

DTI DTI

The median LTVs for nonbank and bank originations are comparable, while the median DTI for nonbank loans is higher 

than for bank loans, indicating that nonbanks are more accommodating in both this and the FICO dimension. Between 

early 2017 and early 2019, there was a substantial increase in DTIs, which has mostly reversed over the subsequent 

months. This is true for both Ginnie Mae and the GSEs, for banks and nonbanks. As interest rates increased, DTIs rose, 

because borrower payments were driven up relative to incomes. With the fall in interest rates in 2019 and 2020, DTIs 

have dropped.
650

660

670

680

690

700

710

720

730

740

750

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

FICO scores

Ginnie Mae VA FICO Scores: Bank 

vs. Nonbank

VA All Median FICO VA Bank Median FICO

VA Nonbank Median FICO

Ginnie Mae Nonbank Originators: 

Credit Box

Sources: eMBS and Urban Institute

Note:Data as of February 2020.

Sources: eMBS and Urban Institute

Note: “Other“ refers to loans insured by HUD’s Office of Public and Indian Housing 

and the Department of Agriculture’s Rural Development. Data as of February 2020.

The median FICO score for Ginnie Mae bank and non-bank originators fell in February 2020; bank FICOs 

remain 28 points above non-banks. The gap between banks and non-banks is very apparent in all programs 

backing Ginnie Mae securities: FHA, VA, and Other.

650

660

670

680

690

700

710

720

730

740

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

FICO score

Ginnie Mae FICO Scores: 

Bank vs. Nonbank

All Median FICO Bank Median FICO

Nonbank Median FICO

650

660

670

680

690

700

710

720

730

740

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Ginnie Mae FHA FICO Scores: 

Bank vs. Nonbank

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO

650

660

670

680

690

700

710

720

730

740

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Ginnie Mae Other FICO Scores: 

Bank vs. Nonbank

Other All Median FICO Other Bank Median FICO

Other Nonbank Median FICO

Sources: eMBS and Urban Institute Note:Data as of February 2020. Sources: eMBS and Urban Institute Note:Data as of February 2020.
34

35

36

37

38

39

40

41

42

43

44

45

46

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

FICO scores

Ginnie Mae VA DTI: Bank vs. 

Nonbank

VA All Median DTI VA Bank Median DTI

VA Nonbank Median DTI

Ginnie Mae Nonbank Originators: 

Credit Box

Sources: eMBS and Urban Institute

Note:Data as of February 2020.

Sources: eMBS and Urban Institute

Note: “Other“ refers to loans insured by HUD’s Office of Public and Indian Housing 

and the Department of Agriculture’s Rural Development. Data as of February 2020.

An analysis of borrowers’ DTI ratios for bank versus non-bank originators indicates that the former have a 

lower median DTI. The DTIs for FHA and VA borrowers experienced notable increases during 2017 and 2018 

for both banks and nonbank originators, while the Other origination DTIs stayed relatively flat. Rising DTIs are 

expected in a rising rate environment. After peaking in January 2019, Ginnie DTIs have reverted to 2017 levels, 

as rates have declined.

34

35

36

37

38

39

40

41

42

43

44

45

46

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

FICO score

Ginnie Mae DTI: 

Bank vs. Nonbank

All Median DTI Bank Median DTI

Nonbank Median DTI

34

35

36

37

38

39

40

41

42

43

44

45

46

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Ginnie Mae FHA DTI: Bank vs. 

Nonbank

FHA All Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI

34

35

36

37

38

39

40

41

42

43

44

45

46

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Ginnie Mae Other DTI: Bank vs. 

Nonbank

Other All Median DTI Other Bank Median DTI

Other Nonbank Median DTI

Sources: eMBS and Urban Institute Note:Data as of February 2020. Sources: eMBS and Urban Institute Note:Data as of February 2020.
Holders of Ginnie Mae MSRs

Sources: eMBS and Urban Institute. Note:Data as of February 2020.

Top 30 Holders of Ginnie Mae Mortgage Servicing Rights (MSRs), by UPB

Rank MSR Holder UPB ($ millions) Share Cumulative 

Share

1 Wells Fargo $216,963 12.9% 12.9%

2 Lakeview $204,902 12.2% 25.1%

3 PennyMac $185,041 11.0% 36.1%

4 Freedom Home Mortgage $120,539 7.2% 43.2%

5 Nationstar $97,684 5.5% 48.7%

6 Quicken Loans $64,201 3.8% 52.5%

7 US Bank $57,468 3.4% 56.0%

8 Newrez $44,566 2.6% 58.6%

9 Carrington Mortgage $39,028 2.3% 60.9%

10 USAA Federal Savings Bank $38,131 2.3% 63.2%

11 Caliber Home Loans $38,054 2.3% 65.5%

12 JP Morgan Chase $33,356 2.0% 67.4%

13 Amerihome $29,143 1.7% 69.2%

14 Navy Federal Credit Untion $28,424 1.7% 70.9%

15 The Money Source $21,414 1.3% 72.1%

16 Midfirst Bank $20,244 1.2% 73.3%

17 Home Point Financial $19,187 1.1% 74.5%

18 M&T Bank $18,119 1.1% 75.6%

19 Roundpoint $17,235 1.0% 76.6%

20 Truist Bank $32,257 1.9% 78.5%

21 Loan Depot $15,709 0.9% 79.4%

22 Guild Mortgage $15,616 0.9% 80.4%

23 Flagstar Bank $13,909 0.8% 81.2%

24 PHH Mortgage $13,415 0.8% 82.0%

25 Citizens Bank $13,097 0.8% 82.8%

26 Pingora $12,379 0.7% 83.5%

27 Planet Home Lending $10,767 0.6% 84.1%

28 Fifth Third Bank $10,543 0.6% 84.8%

29 Bank of America $10,526 0.6% 85.4%

30 PNC Bank $10,003 0.6% 86.0%

This table shows 30 largest owners of mortgage servicing rights (MSR) by UPB for Ginnie Mae securitizations. As 

of January 2020, over half (52.5 percent) of the Ginnie Mae MSRs are owned by the top six firms. The top 30 

firms collectively own 86.0 percent. Eighteen of these 30 are non-depositories, the remaining 12 are depository 

institutions.
69.6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Nov-13

Feb-14

May-14

Aug-14

Nov-14

Feb-15

May-15

Aug-15

Nov-15

Feb-16

May-16

Aug-16

Nov-16

Feb-17

May-17

Aug-17

Nov-17

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

Share of outstanding loans by UPB

The composition of the largest owners of Ginnie Mae MSR has evolved quite a bit over time. In December 2013, 

Wells Fargo and JP Morgan Chase were the two largest owners of Ginnie Mae MSRs, holding $375 billion and 

$139 billion in servicing UPB respectively. Although Wells Fargo is still the largest player, its portfolio has shrunk 

to $217 billion. Lakeview, PennyMac, Freedom Home Mortgage, and Nationstar (all nonbanks) make up the 

remainder of the top five largest holders of MSRs, owning $205 billion, $185 billion, $120 billion, and $92 billion 

respectively as of February 2020. As of February 2020, nonbanks collectively owned servicing rights for 69.6 

percent of all outstanding unpaid principal balance guaranteed by Ginnie Mae. In December 2013, the nonbank 

share was much smaller at 27.7 percent.

Holders of Ginnie Mae MSRs

Sources: eMBS and Urban Institute. Note: Data as of February 2020.

Share of Ginnie Mae MSRs held by Nonbanks

Top 5 MSR Holders: Outstanding Ginnie Mae Loans by UPB

$216,963

$185,041

$204,902

$120,539

$92,140

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

Nov-13

Feb-14

May-14

Aug-14

Nov-14

Feb-15

May-15

Aug-15

Nov-15

Feb-16

May-16

Aug-16

Nov-16

Feb-17

May-17

Aug-17

Nov-17

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

1. Wells Fargo 2. Lakeview

3. PennyMac 4. Freedom Home Mortgage

UPB ($ millions) 5. Nationstar
Prepayments

0%

5%

10%

15%

20%

25%

30%

35%

Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20

Constant Prepayment Rate (%)

2011 Issued 4.0 Coupon CPR

Fannie 2011 4.0 Coupon CPR Freddie 2011 4.0 Coupon CPR Ginnie II 2011 4.0 Coupon CPR

Sources: Credit Suisse and Urban Institute. Note:Data as of March 2020.

Sources: Credit Suisse and Urban Institute. Note:Data as of March 2020.

Prepayments on Ginnie Mae securities were lower than on GSE securities from 2011 through early-2013, but 

have been higher since. These increased Ginnie speeds reflect the growing share of VA loans, which tend to 

prepay faster than either FHA or GSE loans. In addition, FHA puts fewer restrictions on streamlined refinances, 

and unlike GSE streamline refinances, requires no credit report and no appraisal. Some of the upfront mortgage 

insurance premium can also be applied to the refinanced loan. 

From late 2016 to later 2018, as interest rates increased, the bulk of the mortgage universe found it noneconomic to refinance and the prepayment speeds for all agency MBS slowed substantially. The small month-tomonth variation in speeds reflected primarily seasonality and changes in day count. With the drop in rates 

beginning in late 2018 and persisting through the start of 2020, we have seen a notable pick up in prepayment 

activity. The recent drop in rates has further accelerated speeds.

17%

16%

0%

5%

10%

15%

20%

25%

30%

Mar 11 Sep 11 Mar 12 Sep 12 Mar 13 Sep 13 Mar 14 Sep 14 Mar 15 Sep 15 Mar 16 Sep 16 Mar 17 Sep 17 Mar 18 Sep 18 Mar 19 Sep 19 Mar 20

Constant prepayment rate (%)

Aggregate Prepayments

Fannie CPR Freddie CPR Ginnie I CPR Ginnie II CPR

25%

24%

15%
Prepayments

0%

5%

10%

15%

20%

25%

30%

35%

Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19 Mar-20

Constant Prepayment Rate (%)

2015 Issued 3.5 Coupon CPR

Fannie 2015 3.5 Coupon CPR Freddie 2015 3.5 Coupon CPR Ginnie II 2015 3.5 Coupon CPR

0%

5%

10%

15%

20%

25%

30%

Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20

Constant Prepayment Rate (%)

2016 Issued 3.0 Coupon CPR

Fannie 2016 3.0 Coupon CPR Freddie 2016 3.0 Coupon CPR Ginnie II 2016 3.0 Coupon CPR

Sources: Credit Suisse and Urban Institute. Note: Data as of March 2020.

Sources: Credit Suisse and Urban Institute. Note: Data as of March 2020.

The 2015 Ginnie II 3.5s and the 2016 Ginnie II 3.0s, the largest coupon cohorts of those vintage years, have 

prepaid consistently faster than their conventional counterparts. 2015 and 2016 originations are more heavily 

VA loans than the 2011 origination shown on the preceding page. VA loans prepay faster than either FHA or GSE 

loans. The FHA streamlined programs are likely another contributor to the faster speeds.

With the increase in interest rates over the 2 year period beginning in November 2016, the prepayment 

speeds for all agency MBS had slowed. From late 2016 to late 2018, with the bulk of the mortgage universe 

finding it non-economic to refinance, the muted month to month variations in speeds reflected seasonality, 

changes in day count and changes in mortgage interest rates. With the drop in rates beginning in late 2018 and 

persisting through early 2020, we have seen a notable pick up in prepayment activity. The recent drop in speeds 

has accelerated prepayments, particularly in the 3.0% coupon, where speeds had been muted.

24%

19%

23%

22%
Prepayments

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20

Constant Prepayment Rate (%)

2018 Issued 4.0 Coupon CPR

Fannie 2018 4.0 Coupon CPR Freddie 2018 4.0 Coupon CPR Ginnie II 2018 4.0 Coupon CPR

0%

5%

10%

15%

20%

25%

30%

35%

Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20

Constant Prepayment Rate (%)

2017 Issued 3.5 Coupon CPR

Fannie 2017 3.5 Coupon CPR Freddie 2017 3.5 Coupon CPR Ginnie II 2017 3.5 Coupon CPR

Sources: Credit Suisse and Urban Institute. Note: Data as of March 2020.

Sources: Credit Suisse and Urban Institute. Note: Data as of March 2020.

Ginnie Mae securities season more slowly than their conventional counterparts; they generally have lower 

prepayment in the early months but are more interest rate responsive thereafter. The charts below show the 

behavior of the 2017-issued 3.5s and the 2018-issued 4.0s, the largest coupon cohorts of those vintage years. 

Despite slower seasoning, 2017 Ginnie II 3.5s have been prepaying faster than their conventional 

counterparts since late 2017, due primarily to fast VA prepayment speeds. Similarly, the 2018 Ginnie II 4.0s 

prepaid more slowly than their conventional counterparts until January of 2019. In 2019, speeds of all 2018 

4.0s have accelerated, and Ginnie II speeds have accelerated more than their conventional counterparts. 

However, in early 2020 conventional speeds accelerated, while Ginnie speeds were more stable, and in the 

past month, these Ginnie cohorts had speeds similar to, albeit slightly slower than their conventional 

counterparts.

30%

29%

28%

43%

42%

37%
Prepayments

0%

5%

10%

15%

20%

25%

30%

35%

40%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39

Constant Prepayment Rate (%)

2017 Issued 4.0 Coupon CPR, by Loan Age

Fannie 2017 4.0 Coupon CPR Freddie 2017 4.0 Coupon CPR Ginnie II 2017 4.0 Coupon CPR

Loan age

Sources: Credit Suisse and Urban Institute. Note: Data as of March 2020.

Sources: Credit Suisse and Urban Institute. Note: Data as of March 2020..

The charts below show the prepayment speeds by loan age for 2017 Ginnie II 4.0s and 2018 Ginnie II 4.5s—the 

cohorts 50 basis points above the largest coupon cohort for those years. Prepayment speeds on the 2017 

Ginnie II 4.0s jumped up sharply at the 7-9 month loan age, reflecting abuse of the VA Streamlined Refi 

program (IRRRL). The 2018 Ginnie II 4.5s do not show increased speeds until the 9-10 month point; reflecting 

both the effect of lower rates and the actions taken by both Ginnie Mae and the VA in H1 2018 to curb this 

abuse. Ginnie Mae actions have included suspending a few servicers whose VA prepayment speeds are 

especially high from selling VA loans into Ginnie Mae II securities, as well as rewriting the pooling 

requirements so that if loans that do not meet the seasoning requirement are refinanced, the new loan is 

ineligible for securitization. Ginnie’s latest action on this front became effective for securities issued on or 

after Nov 1 2019. It bars the securitization of over 90% LTV cash-out refinances into Ginnie I and Ginnie II 

pools (custom pools excepted). In addition, VA has implemented a net tangible benefit test, requiring the 

lender to show the borrower has obtained a benefit from the refinance. Even so, the recent experience of 

these cohorts indicates they are much more responsive to interest rate changes than their conventional 

mortgages, with the 2017 Ginnie II 4.0s faster than their conventional counterparts until they are 3 years old, 

and the 2018 Ginnie II 4.5s faster life to date.

28.3%

27.6%

27.3%

0%

10%

20%

30%

40%

50%

60%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

Constant Prepayment Rate (%)

2018 Issued 4.5 Coupon CPR, by Loan Age

Fannie 2018 4.5 Coupon CPR Freddie 2018 4.5 Coupon CPR Ginnie II 2018 4.5 Coupon CPR

Loan age

38.5%

27.3%

23.6%
Reverse Mortgage Volumes

$0.71

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

Jun-12

Aug-12

Oct-12

Dec-12

Feb-13

Apr-13

Jun-13

Aug-13

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

$ Billions

HMBS Issuance Volume

54.1

$0

$10

$20

$30

$40

$50

$60

Aug-12

Oct-12

Dec-12

Feb-13

Apr-13

Jun-13

Aug-13

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

$ Billions

HMBS Outstanding

Other Ginnie Mae Programs

Sources: Ginnie Mae and Urban Institute. Note: Data as of February 2020.

Sources: Ginnie Mae and Urban Institute. Note: Data as of February 2020.

Ginnie Mae reverse mortgage issuance has been volatile in recent months; after falling consecutively in August 

and September 2019, volume rose to $0.91 billion in December 2019 but it has fallen in the first two months of 

2020 to $0.71 billion. Issuance has been generally declining since early 2018 largely due to the implementation 

of the new, lower principal limit factors. In February 2020, outstanding reverse mortgage securities totaled 

$54.1 billion, lower compared to recent past, reflecting a lower volume of new issuances relative to paydowns.
Multifamily Market

$1.5

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

Aug-12

Oct-12

Dec-12

Feb-13

Apr-13

Jun-13

Aug-13

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

$ Billions

Ginnie Mae Multifamily MBS Issuance

$125.4

$0

$20

$40

$60

$80

$100

$120

$140

Aug-12

Oct-12

Dec-12

Feb-13

Apr-13

Jun-13

Aug-13

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

$ Billions

Ginnie Mae Multifamily MBS Outstanding

Other Ginnie Mae Programs

Sources: Ginnie Mae and Urban Institute. Note: Data as of February 2020.

Sources: Ginnie Mae and Urban Institute. Note: Data as of February 2020.

Ginnie Mae multifamily issuance volume in February 2020 totaled $1.5 billion, a decrease from the past month.

Outstanding multifamily securities totaled $125.4 billion as of the second month of 2020.
Market Conditions

Sources: SIFMA and Urban Institute. Note: Data as of February 2020.

$311 

$590 

$40 

$0

$100

$200

$300

$400

$500

$600

$700

1998 2001 2004 2007 2010 2013 2016 2019

$ Billions

Average Daily Fixed Income Trading Volume by Sector

SF Agency MBS trading vol ($B) Treasury trading volume ($B) Corporates trading volume ($B)

4.49%

3.54%

0.41% 0%

2%

4%

6%

8%

10%

12%

14%

1997 2000 2003 2006 2009 2012 2015 2018

Percent

Average Daily Turnover by Sector

Agency MBS Turnover Treasury Turnover Corporates Turnover

Agency MBS trading volume is $311 billion/day on average in February 2020, more robust than in the 2014-

2019 period, but still below the pre-crisis peak of $345 billion in 2008. Average daily trading volume for 

Treasuries now exceed the pre-crisis peak. Agency MBS turnover in 2020 YTD also has been higher than the 

2014-2019 period; in 2020, average daily MBS turnover was 4.49 percent, above the 2019 average of 3.67 

percent. Note that agency MBS turnover in the first two months of 2020 has been higher than US Treasury 

turnover, a rare occurrence. Both average daily mortgage and Treasury turnover are down from their pre-crisis 

peaks. Corporate turnover is miniscule relative to either Agency MBS or Treasury turnover.

Sources: SIFMA and Urban Institute. Note: Data as of February 2020.
Market Conditions

$270.6

150

200

250

300

350

400

450

500

550

600

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

$ Billions

Repo Volume: Securities In

$86.6

0

10

20

30

40

50

60

70

80

90

100

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

$ Billions

Dealer Net Positions: Federal Agency and GSE MBS

Sources: Federal Reserve Bank of New York Primary Dealer Statistics and Urban Institute. Note: Data as of March 2020.

Sources: Federal Reserve Bank of New York Primary Dealer Statistics and Urban Institute. Note: Data as of March 2020.

Dealer net positions are near their post-crisis high. By contrast, dealer gross positions have fallen 

dramatically. The volume of repurchase activity is up from the near 13-year low in 2017. The large decline 

through time reflects banks cutting back on lower margin businesses.
MBS Ownership

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007Q4 2008Q4 2009Q4 2010Q4 2011Q4 2012Q4 2013Q4 2014Q4 2015Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4

GSEs

Commercial Banks

Federal Reserve

Broker/Dealers

REITs

Other

Who owns Total Agency Debt?

Mutual Funds

Money Market and Pension Funds

Sources: Federal Reserve Flow of Funds and Urban Institute. Note: The “other” category includes primarily life insurance companies, state and 

local govts, households, and nonprofits. Data as of Q4 2019.

Credit Unions

Foreign Investors

The largest holders of agency debt (Agency MBS + Agency notes and bonds) include the Federal Reserve (15 

percent), commercial banks (20 percent) and foreign investors (12 percent). The broker/dealer and GSE shares 

are a fraction of what they once were.

Share of Total Agency Debt by Owner
MBS Ownership

Debt,

$9,833

hous old eh

mortgages, rt

Sources: Federal Reserve Flow of Funds and Urban Institute. Note: Data as of Q4 2019.

72.0%

50%

55%

60%

65%

70%

75%

2007Q4 2008Q4 2009Q4 2010Q4 2011Q4 2012Q4 2013Q4 2014Q4 2015Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4

Percent of MBS over Outstanding Agency Debt

MBS Share of Total Agency Debt

Sources: Federal Reserve Bank and Urban Institute. Note: Small domestic banks includes all domestically chartered commercial banks not 

included in the top 25. Data as of March 2020.

As Fannie and Freddie reduce the size of their retained portfolio, fewer agency notes and bonds are required to 

fund that activity, hence the MBS share of total agency debt increases. As of Q4 2019, the MBS share of total 

agency debt stood at 72.0 percent. Commercial banks are now the largest holders of Agency MBS. Out of their $2.2 

trillion in holdings as of the end of March 2020, $1.6 trillion was held by the top 25 domestic banks.

Commercial Bank Holdings ($Billions) Week Ending

Feb-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar 4 Mar 11 Mar 18 Mar 25

Largest 25 

Domestic Banks 1,407.7 1,471.6 1,495.7 1,509.8 1,529.2 1,509.7 1,528.9 1,538.4 1,547.3 1,557.8 1,578.3 1,617.7

Small Domestic 

Banks 485.9 506.8 511.9 516.4 521.1 531.2 535.8 539.4 543.1 542.4 546.0 551.2

Foreign Related 

Banks 25.1 34.1 35.0 37.1 37.6 37.8 38.3 39.3 40.9 43.5 41.8 47.6

Total, 

Seasonally

Adjusted 1,918.7 2,012.5 2,042.6 2,063.3 2,087.9 2,078.7 2,103.0 2,117.1 2,131.3 2,143.7 2,166.1 2,216.5
MBS Ownership

Debt,

$9,833

hous he old

mortgages,

Top Bank & Thrift Residential MBS Investors Total ($MM) GSE PT ($MM)

GNMA PT 

($MM)

Agency REMIC 

($MM)

Non-Agency 

($MM)

Market 

Share

1 Bank of America Corporation $331,072 $188,861 $131,989 $10,134 $88 16.7%

2 Wells Fargo & Company $252,535 $182,814 $65,936 $2,958 $827 12.7%

3 JP Morgan Chase & Co. $143,485 $93,693 $36,597 $205 $12,990 7.2%

4 U S. Bancorp. $93,914 $43,762 $29,495 $20,657 $1 4.7%

5 Charles Schwab Bank $89,040 $52,065 $19,196 $17,779 $0 4.5%

6 Citigroup Inc. $72,342 $61,511 $2,433 $6,564 $1,834 3.6%

7 Truist Bank $68,581 $23,908 $18,243 $26,062 $368 3.5%

8 Capital One Financial Corporation $63,600 $25,739 $14,676 $22,424 $761 3.2%

9 Bank of New York Mellon Corp. $55,954 $34,758 $4,184 $15,696 $1,316 2.8%

10 PNC Bank, National Association $52,962 $45,959 $2,748 $2,301 $1,953 2.7%

11 State Street Bank and Trust Company $42,248 $22,722 $10,143 $6,799 $2,584 2.1%

12 HSBC Bank USA, National Association $26,171 $5,054 $13,017 $8,098 $2 1.3%

13 Ally Bank $24,631 $15,300 $2,211 $4,340 $2,780 1.2%

14 Morgan Stanley $24,014 $13,923 $6,029 $4,062 $0 1.2%

15 E*TRADE Bank $21,952 $10,470 $3,212 $8,270 $0 1.1%

16 USAA Federal Savings Bank $20,933 $17,662 $2,420 $851 $0 1.1%

17 Citizens Bank, National Association $20,763 $10,416 $4,050 $5,635 $662 1.0%

18 KeyBank National Association $20,577 $1,469 $660 $18,449 $0 1.0%

19 TD Bank $18,203 $1,858 $184 $15,854 $306 0.9%

20 Regions Bank $16,248 $10,623 $3,310 $2,314 $1 0.8%

Total Top 20 $1,459,225 $862,567 $370,733 $199,451 $26,474 73.3%

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q4 2019.

Out of the $2.0 trillion in MBS holdings at banks and thrifts as of Q4 2019, $1.5 trillion was agency pass-throughs: 

$1.1 trillion in GSE pass-throughs and $427 billion in Ginnie Mae pass-throughs. Another $429 billion was agency 

CMOs, while non-agency holdings totaled $40 billion. In Q4, 2019, MBS holding at banks and thrifts increased for 

the fifth consecutive quarter, although the increase was smaller than in the previous 4 quarters. The increase was 

almost entirely in GSE pass-throughs, Ginnie Mae pass-through holdings were flat.

All Banks & Thrifts ($Billions)

Total Agency MBS PT GSE PT GNMA PT Agency CMO Private MBS PT Private CMO

2000 $683.90 $392.85 $234.01 $84.26 $198.04 $21.57 $71.43

2001 $810.50 $459.78 $270.59 $109.53 $236.91 $37.62 $76.18

2002 $912.36 $557.43 $376.11 $101.46 $244.98 $20.08 $89.88

2003 $982.08 $619.02 $461.72 $75.11 $236.81 $19.40 $106.86

2004 $1,113.89 $724.61 $572.40 $49.33 $208.18 $20.55 $160.55

2005 $1,139.68 $708.64 $566.81 $35.92 $190.70 $29.09 $211.25

2006 $1,207.09 $742.28 $628.52 $31.13 $179.21 $42.32 $243.28

2007 $1,236.00 $678.24 $559.75 $31.58 $174.27 $26.26 $357.24

2008 $1,299.76 $820.12 $638.78 $100.36 $207.66 $12.93 $259.04

2009 $1,345.74 $854.40 $629.19 $155.00 $271.17 $7.53 $212.64

2010 $1,433.38 $847.13 $600.80 $163.13 $397.30 $7.34 $181.61

2011 $1,566.88 $917.10 $627.37 $214.81 $478.82 $3.28 $167.70

2012 $1,578.86 $953.76 $707.87 $242.54 $469.27 $17.16 $138.67

2013 $1,506.60 $933.73 $705.97 $231.93 $432.60 $26.11 $114.15

2014 $1,539.32 $964.16 $733.71 $230.45 $449.90 $20.33 $104.94

2015 $1,643.56 $1,115.40 $823.10 $292.30 $445.39 $11.14 $71.63

2016 $1,736.93 $1,254.13 $930.67 $323.46 $419.80 $7.40 $55.60

1Q17 $1,762.38 $1,280.63 $950.72 $329.91 $419.34 $7.03 $55.39

2Q17 $1,798.66 $1,320.59 $985.12 $335.47 $417.89 $6.38 $53.79

3Q17 $1,838.93 $1,364.75 $1,012.89 $351.86 $418.08 $5.65 $50.45

4Q17 $1,844.15 $1,378.53 $1,010.83 $367.70 $413.97 $4.63 $47.01

1Q18 $1,809.98 $1,352.28 $991.57 $360.71 $412.37 $3.92 $41.37

2Q18 $1,806.58 $1,345.80 $976.92 $368.88 $414.41 $7.45 $38.92

3Q18 $1,794.39 $1,339.72 $966.52 $373.21 $416.20 $2.42 $36.04

4Q18 $1,814.97 $1,361.00 $980.56 $380.43 $419.59 $2.69 $34.69

1Q19 $1,844.99 $1,385.10 $1,001.61 $383.49 $422.18 $3.06 $34.65

2Q19 $1,907.13 $1,445.91 $1,037.93 $407.97 $421.56 $2.90 $36.76

3Q19 $1,975.78 $1,506.92 $1,079.82 $427.10 $428.69 $4.74 $35.44

4Q19 $1,985.38 $1,516.26 $1,089.41 $426.85 $428.99 $4.62 $35.52 

Bank and Thrift Residential MBS Holdings
Sources: SIFMA and Treasury International Capital (TIC). Note: Data as of December 2019.

16.0%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

Jun-12

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Jun-15

Sep-15

Dec-15

Mar-16

Jun-16

Sep-16

Dec-16

Mar-17

Jun-17

Sep-17

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Percent of Agency MBS Owned by Foreigners

Foreign Share of Agency MBS

MBS Ownership

$1,100.1

$459.8

$640.3

0

200

400

600

800

1,000

1,200

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

$ Billions

Monthly Agency MBS Holdings by Foreigners

Total Agency MBS Held by Foreigners Foreign Official MBS Foreign Private MBS

Sources: Treasury International Capital (TIC) and Urban Institute. Note: Data as of December 2019. In December 2017, there was a data 

correction that moved about $120 billion from privately held U.S. agency bonds to officially held U.S. agency bonds; this resulted in a series 

break at December 2017 in the split between the portion held by foreign private and the portion held by foreign official.

Foreign investors held 16.0 percent of agency MBS in December 2019, up from a low of 12.0 percent in July 

2014. For the month of December 2019, this represents $1.10 trillion in Agency MBS, $460 billion held by 

foreign private institutions and $640 billion held by foreign institutions.
MBS Ownership

Agency MBS+ Agency Debt

Agency MBS Only (Estimates)

Sources :Treasury International Capital (TIC) and Urban Institute. 

Note: *calculated based on June 2018 report with amount asset backed per country. Revised to include Top 10 holders of MBS listed as of June 

2018. Monthly data as of December 2019.

The largest foreign holders of Agency MBS are Japan, Taiwan, and China; these three comprise over 70 percent 

of all foreign holdings. Between June 2018 and December 2019, we estimate China has increased their agency 

MBS holdings by $51.7 billion, Japan has increased their holdings by $48.2 billion and Taiwan has increased 

their holdings by $11.8 billion.

Levelof Holdings ($Millions)* Change in Holdings ($Millions)*

Country Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19

Q3 

2018

Q4 

2018

Q1 

2019

Q2 

2019

Q3 

2019

Q4

2019

Japan 257,547 254,511 271,999 284,322 296,445 311,043 305,327 -3,036 17,488 12,323 12,123 14,598 -5,716

Taiwan 250,009 250,639 261,262 265,992 265,520 263,011 261,740 630 10,623 4,730 -472 -2,509 -1,271

China 180,635 190,203 188,921 208,540 227,312 233,778 231,742 9,568 -1,282 19,619 18,772 6,466 -2,036

Ireland 46,817 48,220 48,020 46,623 44,850 41,374 38,633 1,403 -200 -1,397 -1,773 -3,476 -2,741

Luxembourg 36,372 38,800 50,869 44,561 46,328 46,606 38,977 2,428 12,069 -6,308 1,767 278 -7,629

South Korea 44,039 43,944 44,794 42,604 42,669 41,309 40,542 -95 850 -2,190 65 -1,360 -767

Bermuda 27,866 27,610 28,777 28,450 29,286 29,183 33,897 -256 1,167 -327 836 -103 4,714

Cayman 

Islands 31,017 31,638 31,398 30,374 30,819 29,432 31,036 621 -240 -1,024 445 -1,387 1,604

Malaysia 12,710 12,874 12,671 12,395 12,108 15,585 16,600 164 -203 -276 -287 3,477 1,015

Netherlands 11,995 12,229 9,601 9,400 13,548 10,546 10,898 234 -2,628 -201 4,148 -3,002 352

Rest of World 125,197 128,807 128,323 130,053 128,049 135,460 152,136 3,610 -484 1,730 -2,004 7,411 16,676

Total 1,024,200 1,039,475 1,076,635 1,103,314 1,136,934 1,157,327 1,161,528 15,275 37,160 26,679 33,620 20,393 4,201

Levelof Holdings ($Millions)* Change in Holdings ($Millions)*

Country Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19

Q3 

2018

Q4 

2018

Q1 

2019

Q2 

2019

Q3 

2019

Q4

2019

Japan 253,972 250,851 268,150 280,394 293,002 307,681 302,218 -3,121 17,299 12,244 12,608 14,678 -5,462

Taiwan 249,773 250,397 261,008 265,733 265,293 262,789 261,535 624 10,611 4,725 -440 -2,504 -1,254

China 176,345 185,811 184,302 203,827 223,181 229,743 228,011 9,466 -1,509 19,525 19,354 6,562 -1,732

Ireland 37,832 39,021 38,346 36,751 36,197 32,923 30,819 1,189 -676 -1,594 -554 -3,274 -2,104

Luxembourg 34,012 36,384 48,328 41,968 44,055 44,386 36,925 2,372 11,944 -6,360 2,087 331 -7,462

South Korea 33,064 32,708 32,977 30,546 32,100 30,986 30,998 -356 269 -2,431 1,554 -1,113 11

Bermuda 24,969 24,644 25,658 25,267 26,496 26,458 31,378 -325 1,014 -391 1,229 -38 4,919

Cayman 

Islands 24,384 24,847 24,256 23,086 24,431 23,193 25,268 463 -591 -1,170 1,345 -1,238 2,074

Malaysia 12,319 12,474 12,250 11,965 11,731 15,217 16,260 155 -224 -285 -234 3,486 1,043

Netherlands 11,437 11,658 9,000 8,787 13,011 10,021 10,413 221 -2,658 -213 4,224 -2,989 392

Rest of World 95,510 98,414 96,359 97,436 99,460 107,538 126,319 2,904 -2,056 1,078 2,023 8,078 18,781

Total 953,612 967,209 1,000,632 1,025,760 1,068,956 1,090,935 1,100,142 13,597 33,423 25,128 43,196 21,979 9,207
0

50

100

150

200

250

300

350

400

Jun-09

Oct-09

Feb-10

Jun-10

Oct-10

Feb-11

Jun-11

Oct-11

Feb-12

Jun-12

Oct-12

Feb-13

Jun-13

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

$ Billions

Total Fed Absorption

Total Fed Purchases Gross Issuance

MBS Ownership

0

50

100

150

200

250

300

Feb-12

Aug-12

Feb-13

Aug-13

Feb-14

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

$ Billions

Fed Absorption of GSE MBS

Total Fed Purchases Gross Issuance

Sources: eMBS, Federal Reserve Bank of New York and Urban Institute. Note: Data as of February 2020.

Sources: eMBS, Federal Reserve Bank of New York and Urban 

Institute. Note: Data as of February 2020.

Sources: eMBS, Federal Reserve Bank of New York and Urban Institute. 

Note: Data as of February 2020.

0

10

20

30

40

50

60

70

Feb-12

Aug-12

Feb-13

Aug-13

Feb-14

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

$ Billions

Fed Absorption of Ginnie Mae MBS

Total Fed Purchases Gross Issuance

On March 23rd 2020, the Fed announced extensive measures to purchase agency MBS in response to the 

coronavirus pandemic. Prior to this, the Fed was winding down its MBS portfolio. During the period October 

2014-September 2017, the Fed ended its Great Recession era purchase program, but was reinvesting proceeds 

from mortgage and agency debt into the mortgage market, absorbing 20-30 percent of agency gross issuance. In 

October 2017, the Fed began to taper their mortgage holdings, initially letting securities run off at the rate of $4 

billion per month in Q4, 2017; $8 billion per month in Q1, 2018; $12 billion per month in Q2; $16 billion per 

month in Q3; and $20 billion per month in Q4, 2018 and thereafter. Since then the amount of Fed purchases has 

been tiny. Fed’s absorption of gross issuance was 1.82 percentin February 2020.
Disclosures 

For Ginnie Mae's Internal Use only. All the information contained in this document is as of date 

Indicated unless otherwise noted. The information provided does not constitute investment advice 

and it should not be relied on as such. All information has been obtained from sources believed to 

be reliable, but its accuracy is not guaranteed. The views expressed in this material are the views of 

the Urban Institute's Housing Finance Policy Center and State Street Global Advisors as of April 21st, 

2020 and are subject to change based on market and other conditions. The views should not be 

attributed to the Urban Institute, its trustees, or funders. 

This document contains certain statements that may be deemed forward-looking statements. Please 

note that any such statements are not guarantees of any future performance and actual results or 

developments may differ materially from those projected. 

© 2020 State Street Corporation. All Rights Reserved.

Tracking Code: 3051868.1.1.AM.INST 

Expiration Date: 04/30/2021