October 2023
GLOBAL MARKETS ANALYSIS REPORT

October 2023

Table of Contents

Inside this Month’s Global Market Analysis Report... .............................................................1

Highlights ....................................................................................................................................2

1 US Aggregate and Global Indices .................................................................................4

1.1 Bloomberg US Aggregate and Global Indices..........................................................4

2 Sovereign Debt Product Performance Comparisons ..................................................5

2.1 Global 10-Year Treasury Yields (Unhedged) ...........................................................5

2.2 U.S. Treasury Hedged Yields...................................................................................6

SECONDARY MORTGAGE MARKET ........................................................................................7

3 Fixed Income Product Performance Comparisons......................................................7

3.1 Ginnie Mae Yields – USD.........................................................................................7

3.2 Ginnie Mae Hedged Yields.......................................................................................8

3.3 Ginnie Mae Yield Spreads – Intermediate Credit .....................................................9

3.4 Global Treasury Yield Per Duration........................................................................10

4 Prepayments..................................................................................................................11

4.1 Aggregate Prepayments (CPR)..............................................................................11

4.2 Involuntary Prepayments (CDR) ............................................................................12

4.3 Voluntary Prepayment Rates (CRR) ......................................................................

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A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page i

Table of Contents

Inside this Month’s Global Market Analysis Report 1

Highlights 2

1 US Aggregate and Global Indices 4

1.1 Bloomberg US Aggregate and Global Indices 4

2 Sovereign Debt Product Performance Comparisons 5

2.1 Global 10-Year Treasury Yields (Unhedged) 5

2.2 U.S. Treasury Hedged Yields 6

SECONDARY MORTGAGE MARKET 7

3 Fixed Income Product Performance Comparisons 7

3.1 Ginnie Mae Yields – USD 7

3.2 Ginnie Mae Hedged Yields 8

3.3 Ginnie Mae Yield Spreads – Intermediate Credit 9

3.4 Global Treasury Yield Per Duration 10

4 Prepayments 11

4.1 Aggregate Prepayments (CPR) 11

4.2 Involuntary Prepayments (CDR) 12

4.3 Voluntary Prepayment Rates (CRR) 13

5 Single-Family MBS Pass-Through Issuance 14

5.1 Gross Issuance of Agency MBS 14

5.2 Net Issuance of Agency MBS 16

5.3 Monthly Issuance Breakdown 18

5.4 Percent Refi at Issuance – Single-Family 19

6 Agency Single-Family MBS Outstanding 20

6.1 Outstanding Single-Family Agency MBS 20

6.2 Origination Volume and Share Over Time 21

6.3 Agency Issuance and Agency Outstanding by State 22

6.4 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time 23

7 Agency REMIC Securities 24

7.1 Monthly REMIC Demand for Ginnie Mae MBS 24

7.2 REMIC Market Snapshot 25

8 MBS Ownership 26

8.1 Commercial Bank Holdings of Agency MBS 26

8.2 Bank and Thrift Residential MBS Holdings 27

8.3 SOMA Holdings 29
GLOBAL MARKETS ANALYSIS REPORT

October 2023

8.4 Foreign Ownership of MBS ....................................................................................30

8.5 Foreign Ownership of Agency Debt and Agency MBS...........................................31

9 Fixed Income Liquidity Indicators ...............................................................................32

PRIMARY MORTGAGE MARKET.............................................................................................33

10 Agency Credit Breakdown ...........................................................................................33

10.1 Credit Scores..........................................................................................................33

10.2 Loan-to-Value (LTV)...............................................................................................35

10.3 Debt-to-Income (DTI) .............................................................................................37

10.4 High LTV Loans: Ginnie Mae vs. GSEs .................................................................39

10.5 Serious Delinquency Rates ....................................................................................40

10.6 Credit Box...............................................................................................................41

10.7 Credit Box: Historical..............................................................................................43

11 Forbearance Trends......................................................................................................45

12 Holders of Ginnie Mae Mortgage Servicing Rights....................................................46

13 Agency Nonbank Originator ........................................................................................

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A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page ii

8.4 Foreign Ownership of MBS 30

8.5 Foreign Ownership of Agency Debt and Agency MBS 31

9 Fixed Income Liquidity Indicators 32

PRIMARY MORTGAGE MARKET 33

10 Agency Credit Breakdown 33

10.1 Credit Scores 33

10.2 Loan-to-Value (LTV) 35

10.3 Debt-to-Income (DTI) 37

10.4 High LTV Loans: Ginnie Mae vs. GSEs 39

10.5 Serious Delinquency Rates 40

10.6 Credit Box 41

10.7 Credit Box: Historical 43

11 Forbearance Trends 45

12 Holders of Ginnie Mae Mortgage Servicing Rights 46

13 Agency Nonbank Originator 47

13.1 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE 49

13.1.1 (FICO, LTV, DTI) 49

14 Environmental, Social, and Governance 53

14.1 Environmental, Social, and Governance: A Summary 53

14.2 Environmental 54

14.3 Social 54

14.3.1 Low-to-Moderate Income Borrowers 55

14.3.2 Purchase and Refinance Origination by Income Bracket 56

U.S. HOUSING MARKET 57

15 Housing Affordability 57

15.1 Housing Affordability – Home Price Appreciation 57

15.2 Housing Affordability – Inflation, Wages, and the Price of Real Estate 58

15.2.1 Housing Affordability – Mortgage Rate Trends 60

15.3 Housing Inventory 61

15.4 Size and Value of the U.S. Housing Market 62

16 Disclosure 63
GLOBAL MARKETS ANALYSIS REPORT

Inside This Month’s Global Market Analysis Report

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 1

Inside this Month’s Global Market Analysis Report...

This month’s Highlights section takes a deeper dive into Agency REMIC Issuance. The Highlights 

provides insight on why Ginnie Mae has continued to be the majority issuer of Single-Family REMIC 

issuance even as Ginnie Mae’s share of the Agency MBS market has remained steady, as well as

trends in deal structures as interest rates continue to climb higher. 

Notable insights in this month’s Global Market Analysis Report include the following:

• The Fixed Income Product Performance Comparisons section shows that Ginnie Mae MBS 

continue to offer attractive yields relative to sovereigns with comparable durations globally.

• The Single-Family MBS Pass-Through Issuance section captures the dominant role

government lending/mortgage insurance programs are playing in the mortgage market postpandemic. Gross and net issuance of Single-Family Ginnie Mae pass-throughs exceeds that of

both Fannie Mae and Freddie Mac.

• The Environmental, Social, and Governance section takes note of the newly introduced Ginnie

Mae Social Bond program, announced by President Alanna McCargo.

• The Single-Family MBS Pass-Through Issuance section captures Ginnie Mae’s leading net 

issuance of Agency MBS through 2023.

• The U.S. Housing Market section illustrates recent record highs of 30- and 15-year fixed

mortgage rates for the month of October.
GLOBAL MARKETS ANALYSIS REPORT

Highlights

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 2

Highlights

Ginnie Mae continues to be the largest guarantor of new issue Single-Family Agency REMICs,

accounting for over 69% of all Single-Family REMIC issuance year-to-date. Ginnie Mae’s fiscal YTD

issuance, from October 2022 to September 2023, including HREMIC’s and Multifamily, amounts to

$105.3 billion, down roughly 29% from October 2021 to September 2022. However, overall Agency

MBS issuance, which can be seen in Section 5.3 Monthly Issuance Breakdown, over the same period

has decreased by 53.3% indicating that REMIC issuance volumes have remained strong in comparison.

The decreasing supply of primary mortgages leads to less new origination MBS securities which

ultimately limits the supply of collateral used for Agency REMIC issuance.

One of the reasons Ginnie Mae has been the predominant issuer of Single-Family Agency REMIC

Issuance in 2023 is due to the regulatory capital treatment they receive compared to conventional

Agency REMICs. Under Basel III, a set of financial reforms with the aim of strengthening regulation,

supervision, and risk management within the banking industry, banks are required to hold a predetermined amount of capital in relation to the risk profile of their assets. Ginnie Mae guaranteed

assets hold a risk weighting of 0%, similar to Treasuries, while assets guaranteed by Freddie Mac and

Fannie Mae hold a risk weighting of 20%, meaning that banks face an additional cost when holding

conventional mortgage-backed securities versus Ginnie Mae. This is important in the current

environment as bank capital ratios continue to tighten due to the increasing unrecognized losses on

bank balance sheets pushing the banking industry to eliminate risk-based capital charges.

Table 1: Single-Family Agency REMIC Issuance 2023 YTD

With interest rates on the rise, the trend in structures of REMIC issuance is more simplistic, weighted

towards pass-throughs, and there is diminished need for prepayment risk protection using balance

schedules and support. The trend is also towards structures that provide for variability, or that at

least recognize uncertainty, in the interest rate environment.

With rates continuing to increase, REMIC structures in Ginnie Mae’s September issuance feature a

significant volume of float/inverse float issuance. Many MX combos in August and September

Month Freddie Mac Fannie Mae Ginnie Mae Total Ginnie Mae Market 

Share

January 0.51 0.63 6.43 7.57 84.89%

February 1.78 1.60 10.23 13.61 75.15%

March 1.50 2.16 7.15 10.82 66.13%

April 0.85 0.46 5.78 7.08 81.61%

May 1.34 1.22 9.63 12.19 78.99%

June 1.84 2.39 6.73 10.96 61.41%

July 2.67 0.90 4.50 8.07 55.73%

August 2.99 1.03 10.50 14.52 72.27%

September 5.55 1.65 8.28 15.48 53.49%

Total 19.03 12.05 69.22 100.30 69.01%
GLOBAL MARKETS ANALYSIS REPORT

Highlights

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 3

included optionality in formulas and margins. Passthrough and simple sequential structures were

used to accommodate the increase in MX combos, which included simple waterfall rules.

September 2023 REMIC issuance transactions also included Re-REMICs of legacy LIBOR tranches

which were indexed to Adjusted CME Term SOFR and are now indexed to a new reference rate, CME

Term SOFR. The first Re-REMIC of this type was issued in July 2023, BMO 2023-100. Unlike Ginnie

Mae, the GSEs selected the 30-day Average SOFR plus a fixed tenor spread adjustment as the

benchmark replacement for their LIBOR-indexed CMOs following the cessation of LIBOR.
GLOBAL MARKETS ANALYSIS REPORT

Aggregate Global Indices

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 4

1 US AGGREGATE AND GLOBAL INDICES

1.1 Bloomberg US Aggregate and Global Indices

At month-end September, U.S. Treasuries contributed 41.4% to the Bloomberg U.S. Aggregate Index,

up approximately 0.3% from the prior month. U.S. MBS (Ginnie Mae, Fannie Mae, and Freddie Mac)

contributed 26.5%, down approximately 0.3% from the month prior. For the U.S. Aggregate Index, all

other changes to the index components were no larger than 0.1%.

Figure 2. Bloomberg U.S. Aggregate Index

In the Bloomberg Global Aggregate Index by Country, the U.S. share of fixed income remained the

largest share of total outstanding issuance, representing 40.4% of the total Bloomberg Global

Aggregate Index, down 0.1% from the prior month. Japan’s share of fixed income was the second 

highest at 11.5%, up slightly for the first time in four months. China’s share of fixed income saw the

largest increase, approximately 0.2% for the month end September. All other countries remained

stable compared to the prior month with no changes larger than 0.1%.

Figure 3. Bloomberg Global Aggregate Index by Country

Source: Bloomberg [both charts]. Note: Data as of September 2023. Figures in charts may not add to 100% due to rounding.

41%

26%

14%

8%

2%

2%

2% 1%1% 1% 0% Treasury - 41.4%

MBS Passthrough - 26.5%

Industrial - 14.3%

Financial Institutions - 8.3%

Utility - 2.1%

Agency - 1.9%

CMBS - 1.7%

Supranational - 1.4%

Sovereign - 1.0%

Local Authority - 0.8%

ABS - 0.5%

40%

9% 11%

5%

4%

4%

3%

3%

2%

2% 15%

United States - 40.4%

Japan - 11.5%

China - 9.4%

France - 5.2%

Germany - 4.3%

United Kingdom - 4.2%

Canada - 3.5%

Italy - 3.0%

Spain - 2.2%

Netherlands - 1.9%

Other - 14.5%
GLOBAL MARKETS ANALYSIS REPORT

Sovereign Debt Product Performance Comparisons 

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 5

2 SOVEREIGN DEBT PRODUCT PERFORMANCE COMPARISONS

2.1 Global 10-Year Treasury Yields (Unhedged)

The U.S. 10-year Treasury yield moved to 4.54% at month-end September 2023, a MoM increase of 

30 bps. U.S. Treasury yields remain the second highest of all the government treasury yields behind

Italian government bond yields. All month-end yields listed, excluding the UK, have increased for the

third consecutive month.

The yield on the UK 10-year note decreased to 4.32% at month-end September, a MoM decrease

of 12 bps. 

The yield on the German 10-year note increased to 2.81% at month-end September, a MoM 

increase of 25 bps.

The yield on the Italian 10-year note increased to 4.74% at month-end September, MoM increase

of 50 bps. Italian government bond yields have separated from the U.S. in the prior month, claiming 

the highest yield in the group listed at month-end September.

The yield on the Japanese 10-year note increased to 0.74% at month-end September, a MoM 

increase of 9 bps.

Figure 4. Global 10-Year Treasury Yields

Source: Bloomberg. Note: Data as of September 2023.

4.54%

4.32%

2.81%

4.74%

0.74%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

% Yield

USA 10-Year UK 10-Year Germany 10-Year Italy 10-Year Japan 10-Year
GLOBAL MARKETS ANALYSIS REPORT

Sovereign Debt Product Performance Comparisons 

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 6

2.2 U.S. Treasury Hedged Yields

The yield for the 10-year Treasury, hedged in Japanese Yen stood at -1.03% at month-end 

September, a 26 bp increase from month-end August.

The yield for the 10-year Treasury, hedged in Euros stood at 2.86% at month-end September,

a 39 bp increase from month-end August.

Figure 6. U.S. 10yr Total Return Hedged, 1 yr. EUR

Figure 5. U.S. 10yr Total Return Hedged, 1 yr. JPY

Source: Bloomberg. Notes: Data as of September 2023. The 10yr Total Return Hedged Yields are calculated by taking the 10yr treasury yield and 

subtracting the 1yr hedge cost for JPY and EUR.

-1.03%

-2.50%

-2.00%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.86%

-1.50%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 7

SECONDARY MORTGAGE MARKET

3 FIXED INCOME PRODUCT PERFORMANCE COMPARISONS

3.1 Ginnie Mae Yields – USD

Ginnie Mae II yields were 5.71% in July, increased 14 bps to 5.85% at month-end August, then

increased 44 bps to 6.29% at month-end September. Ginnie Mae II spreads over the U.S. 10-year 

Treasury yield increased 2 bps YoY to 175 bps over the U.S. 10-year Treasury yield as of month-end 

September 2023.

Figure 8. Ginnie Mae II SF Yield – U.S. 10yr Treasury Yield

Figure 7. Ginnie Mae II SF Yield, USD

Source: Bloomberg. Note: Data as of September 2023.

6.29%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

% Yield

1.75%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

GNMA 2 - 10yr Treasury Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 8

3.2 Ginnie Mae Hedged Yields

The yield for Ginnie Mae II’s, hedged in Japanese Yen stood at 0.72% at month-end September, 

a 40 bp increase from month-end August.

The yield for Ginnie Mae II’s, hedged in Euros stood at 4.61% at month-end September, a 53

bp increase from month-end August.

Figure 10. Ginnie Mae II Hedged, 1 yr. EUR

Figure 9. Ginnie Mae II Hedged, 1 yr. JPY

Source: Bloomberg. Notes: Data as of September 2023. The Ginnie Mae II Hedged Yields are calculated by taking the Ginnie Mae II Yield and

subtracting the 1yr hedge cost for JPY and EUR.

0.72%

-1.00%

-0.50%

0.00%

0.50%

1.00%

1.50%

2.00%

4.61%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 9

3.3 Ginnie Mae Yield Spreads – Intermediate Credit

The GNMA II 30-year OAS increased 11 bps MoM, to 0.57%, as of month-end September. The U.S.

Intermediate credit OAS increased 6 bps MoM, to 1.01%, as of month-end September. The yield

differential between U.S. Intermediate Credit and GNMA II 30-year OAS decreased by 5 bps to 0.44% 

at month-end September.

Figure 11. U.S. GNMA II 30yr MBS OAS versus U.S. Intermediate Credit OAS

Figure 12. Spread between U.S. Intermediate Credit and U.S. GNMA II 30yr MBS OAS

Source: Bloomberg. Note: Data as of September 2023.

0.57%

1.01%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

% Yield

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

0.44%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

% Yield
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Product Performance Comparisons

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 10

3.4 Global Treasury Yield Per Duration

GNMA MBS continued to offer a higher yield in comparison to other government fixed income

securities of various tenors with similar or longer duration. Prepayment risk is a feature of MBS.

Figure 13. Yield vs. Duration

Security Duration Yield

U.S. 5y 4.40 4.72

U.S. 10y 7.99 4.73

JPY 5y 4.63 0.33

JPY 10y 9.22 0.80

GER 5y 4.64 2.81

GER 10y 8.51 2.92

ITA 5y 4.24 4.22

ITA 10y 7.69 4.86

UK 5y 4.12 4.61

UK 10y 7.81 4.58

GNMA II 2% 6.98 4.78

GNMA II 2.5% 7.02 4.87

GNMA II 3% 6.74 5.00

GNMA II 3.5% 6.26 5.15

GNMA II 4% 6.28 5.30

GNMA II 4.5% 6.26 5.45

GNMA II 5% 5.97 5.62

GNMA II 5.5% 5.65 5.81

GNMA II 6% 4.95 5.98

GNMA II 6.5% 4.59 6.27

Source: Bloomberg. Note: Yield and modified duration for GNMA II securities is based on median prepayment assumptions from surveyed

Bloomberg participants. All data is as of September 2023. Yields are in base currency of security and unhedged.

6.50

6.00

5.50

5.00

4.50

4.00

3.50

3.00

2.50

2.00

1.50

1.00

0.50

0.00

GNMA II 6.5%

GNMA II 6%

GNMA II 5.5%

GNMA II 5%

US 5y

GNMA II 4.5%

GNMA II 4%

GNMA II 3.5%

GNMA II 3%

GNMA II 2.5%

GNMA II 2%

US 10y

ITA 10y

UK 5y UK 10y

ITA 5y

GER 10y

GER 5y

JPY 10y

JPY 5y

3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0

Yield

Duration
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 11

4 PREPAYMENTS

4.1 Aggregate Prepayments (CPR) 

Ginnie Mae fixed rate aggregate prepayment speeds decreased in September 2023 by 1.5%. Likewise,

Fannie Mae and Freddie Mac CPRs decreased 0.9% and 1.1%, respectively. ARM prepayments

decreased for Freddie Mac, Fannie Mae, and Ginnie Mae.

Figure 14. Fixed Rate Aggregate 1-Month CPR

Figure 15. ARM Aggregate 1-Month CPR

Source: Recursion. Note: Data as of September 2023.

5.1

4.9

6.1

0

10

20

30

40

50

CPR (%)

Fannie Mae Freddie Mac Ginnie Mae

12.0

8.0

11.1

0

10

20

30

40

50

60

70

CPR (%)

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 12

4.2 Involuntary Prepayments (CDR)

Fixed rate involuntary prepayments (CDR) remained higher for Ginnie Mae than for the GSEs. The

spread in prepayment speeds between Ginnie Mae and GSE prepayments has converged significantly

since Ginnie Mae’s peak of 12.4 CDR in June 2020. ARM CDRs for Freddie Mac continued to remain

below Ginnie Mae as of month-end September 2023 after slightly overtaking Ginnie Mae in

September 2022.

Figure 17. ARM Aggregate CDR

Figure 16. Fixed Rate Aggregate CDR

Source: Recursion. Note: Data as of September 2023.

0.3

0.2

0.6

0

5

10

15

CDR (%)

Fannie Mae Freddie Mac Ginnie Mae

0.3

0.3

0.6

0

10

20

30

40

50

CDR (%)

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Prepayments

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 13

4.3 Voluntary Prepayment Rates (CRR)

Fixed rate voluntary prepayments continue to remain higher for Ginnie Mae relative to the GSEs. 

Fannie Mae and Freddie Mac saw a decrease of 0.9% and 1.0% in fixed rate aggregate CRR, 

respectively. Freddie Mac saw a 3.4% decrease and Fannie Mae saw a 1.1% decrease in ARM 

aggregate CRR. Ginnie Mae fixed rate aggregate CRR decreased by 1.2% and 3.0% in ARM aggregate 

CRR.

Figure 18. Fixed Rate Aggregate CRR

Figure 19. ARM Aggregate CRR

Source: Recursion. Note: Data as of September 2023.

4.9

4.7

5.5

0

10

20

30

40

CRR (%)

Fannie Mae Freddie Mac Ginnie Mae

11.7

10.9 

7.5

0

10

20

30

40

CRR (%)

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 14

5 SINGLE-FAMILY MBS PASS-THROUGH ISSUANCE

5.1 Gross Issuance of Agency MBS

Agency gross MBS issuance increased by approximately $2.1 billion in September. Fannie Mae and

Freddie Mac saw an increase of $0.3 and $3.2 billion, respectively, while Ginnie Mae saw a $1.4 billion

decrease in gross issuance as seen in Section 5.3.

Table 2. Agency Gross Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

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 $1,195.6

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

2020 $1,343.4 $1,064.1 $2,407.5 $775.4 $3,182.9

2021 $1,388.0 $1,245.1 $2,633.1 $840.9 $3,474.0

2022 $628.3 $551.6 $1,179.9 $512.3 $1,692.2

2023 YTD $247.4 $227.8 $475.2 $285.7 $760.9

Figure 20. Agency Gross Issuance

Source: Recursion. Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$227

$247

$286

$0.0

$500.0

$1,000.0

$1,500.0

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 15

Table 3. Ginnie Mae Gross Issuance Collateral Composition ($ in billions)

Issuance Year FHA VA Other Total

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 $327.0 $423.5 $24.9 $775.4

2021 $392.2 $422.1 $26.7 $840.9

2022 $275.8 $221.7 $14.8 $512.3

2023 YTD $170.1 $108.8 $6.1 $285.0

Figure 21. Ginnie Mae Gross Issuance

Source: Recursion. Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$109

$171

$6 $0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$300.0

$350.0

$400.0

$450.0

$ in Billions

FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 16

5.2 Net Issuance of Agency MBS

Agency Net Issuance as of month-end September was $174.2 billion for 2023 YTD, shown in Table 4. 

Since 2022, FHA net issuance has outpaced VA net issuance, as shown in Table 5 and Figure 23.

Table 4. Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

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 $165.7

2016 $60.5 $66.8 $127.4 $126.1 $253.5

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 $197.7 $95.7 $293.5

2020 $289.3 $343.5 $632.8 $19.9 $652.7

2021 $384.9 $498.0 $882.9 $2.7 $885.6

2022 $200.4 $161.5 $361.9 $177.4 $539.4

2023 YTD $38.9 $3.8 $42.6 $131.6 $174.2

Figure 22. Agency Net Issuance

Source: Recursion. Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$39

$4

$132

-$200.0

-$100.0

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 17

Table 5. Ginnie Mae Net Issuance Collateral Composition ($ in billions)

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 $131.2

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 -$52.5 $71.0 $1.3 $19.9

2021 -$64.2 $74.2 -$7.3 $2.7

2022 $98.5 $80.7 -$1.7 $177.4

2023 YTD $94.3 $38.6 -$1.3 $131.6

Figure 23. Ginnie Mae Net Issuance

Source: Recursion. Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$94

$39

-$1

-$100.0

-$50.0

$0.0

$50.0

$100.0

$150.0

$200.0

$250.0

$ in Billions

FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 18

5.3 Monthly Issuance Breakdown

Agency net issuance as of month-end September was approximately $31.2 billion, which represents

a $10.7 billion increase. Ginnie Mae net issuance was $18.6 billion as of month-end September, a

$1.4 billion increase from August 2023. Ginnie Mae’s $35.1 billion in gross issuance as of month-end 

September, seen in Table 6, was approximately $7.6 billion below the average monthly issuance in

2022.

Table 6. Agency Issuance ($ in billions) 

Agency Gross Issuance Amount (in $ Billions) Agency Net Issuance Amount (in $ Billions)

Month Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total Fannie 

Mae

Freddie 

Mac

Ginnie 

Mae

GSEs Total

Sep-20 $122.9 $102.1 $72.4 $225.0 $297.5 $16.5 $29.9 $1.0 $46.5 $47.5

Oct-20 $142.3 $124.8 $72.6 $267.1 $339.7 $28.9 $48.3 -$0.3 $77.2 $76.9

Nov-20 $152.4 $131.5 $72.6 $283.9 $356.5 $31.4 $48.4 -$4.5 $79.8 $75.3

Dec-20 $130.8 $126.7 $76.9 $257.5 $334.4 $22.8 $53.1 $1.7 $75.8 $77.5

Jan-21 $141.6 $117.3 $78.2 $258.9 $337.1 $25.9 $37.9 -$6.5 $63.8 $57.3

Feb-21 $118.8 $115.5 $72.3 $234.3 $306.6 $16.8 $44.3 -$0.9 $61.1 $60.2

Mar-21 $143.9 $118.9 $76.9 $262.8 $339.7 $37.6 $44.0 $1.0 $81.6 $82.6

Apr-21 $148.0 $142.3 $85.6 $290.3 $375.9 $26.2 $57.0 -$4.2 $83.3 $79.0

May-21 $132.3 $91.4 $71.7 $223.7 $295.4 $64.9 $38.8 -$3.1 $103.7 $100.6

Jun-21 $108.5 $91.2 $67.7 $199.7 $267.4 $34.0 $33.7 $2.6 $67.8 $70.4

Jul-21 $95.4 $84.6 $69.0 $180.0 $249.0 $27.6 $31.9 -$1.4 $59.5 $58.0

Aug-21 $104.8 $109.3 $66.6 $214.1 $280.8 $27.5 $48.5 $1.4 $76.1 $77.4

Sep-21 $102.9 $105.3 $68.0 $208.3 $276.3 $26.4 $45.6 $3.1 $72.0 $75.1

Oct-21 $105.1 $102.7 $62.5 $207.8 $270.3 $34.6 $46.9 $1.9 $81.5 $83.4

Nov-21 $93.6 $81.1 $60.8 $174.7 $235.5 $29.5 $34.9 $3.1 $64.4 $67.6

Dec-21 $93.7 $85.4 $58.9 $179.1 $238.0 $33.8 $34.4 $5.7 $68.3 $73.9

Jan-22 $93.1 $85.9 $59.0 $179.0 $238.0 $45.6 $37.6 $14.0 $83.2 $97.3

Feb-22 $73.3 $64.6 $49.0 $137.9 $186.9 $27.8 $22.7 $9.7 $50.5 $60.2

Mar-22 $76.8 $62.9 $47.4 $139.7 $187.1 $22.6 $23.1 $6.9 $45.7 $52.6

Apr-22 $65.3 $53.5 $47.8 $118.8 $166.6 $19.5 $17.7 $13.2 $37.2 $50.4

May-22 $54.7 $43.7 $45.0 $98.4 $143.4 $13.6 $12.5 $15.5 $26.1 $41.6

Jun-22 $54.5 $42.0 $43.6 $96.5 $140.1 $14.8 $10.7 $16.0 $25.5 $41.5

Jul-22 $46.8 $40.3 $42.4 $87.1 $129.5 $12.1 $14.4 $18.0 $26.5 $44.5

Aug-22 $39.8 $46.3 $40.3 $86.1 $126.4 $4.8 $19.8 $16.2 $24.6 $40.8

Sep-22 $39.3 $38.2 $39.9 $77.5 $117.4 $7.6 $13.9 $18.3 $21.5 $39.8

Oct-22 $34.1 $26.1 $35.5 $60.2 $95.7 $5.8 $4.7 $17.3 $10.5 $27.8

Nov-22 $25.7 $22.7 $33.6 $48.4 $82.0 $0.3 $3.5 $18.3 $3.8 $22.1

Dec-22 $24.9 $25.5 $28.8 $50.4 $79.2 $0.2 $6.6 $14.0 $6.8 $20.8

Jan-23 $25.7 $22.4 $27.1 $48.1 $75.2 $3.4 $5.3 $14.1 $8.7 $22.8

Feb-23 $18.9 $16.5 $22.7 $35.4 $58.1 -$4.4 -$1.4 $8.6 -$5.8 $2.8

Mar-23 $23.6 $19.2 $26.2 $42.8 $69.0 -$4.4 -$2.4 $8.7 -$6.8 $1.9

Apr-23 $27.7 $21.0 $31.6 $48.7 $80.3 $1.4 $0.6 $15.0 $2.0 $17.0

May-23 $30.4 $29.0 $32.6 $59.4 $92.0 $0.6 $6.0 $13.5 $6.6 $20.1

Jun-23 $33.5 $32.9 $37.5 $66.4 $103.9 $3.1 $9.3 $17.8 $12.4 $30.2

Jul-23 $31.7 $27.9 $36.3 $59.6 $95.9 $3.6 $5.9 $18.0 $9.5 $27.5

Aug-23 $27.8 $27.9 $36.5 $55.7 $92.2 -$1.5 $4.8 $17.2 $3.3 $20.5

Sep-23 $28.1 $31.1 $35.1 $59.2 $94.3 $1.9 $10.7 $18.6 $12.6 $31.2

Sources: Beginning May 2021, data for Gross and Net Issuance was sourced from Fannie Mae, Freddie Mac, and Ginnie Mae loan level disclosure

files. Net issuance is defined here as the difference between prior period UPB and current period UPB. Data as of September 2023. Beginning with

the October 2021 GMAR, the Fannie Mae and Freddie Mac net issuance data have been updated to reflect the current UPB of the portfolios. July

2021 through September 2023 GMAR net issuance data reflect the UPB at security issuance for Fannie Mae and Freddie Mac. Note: Numbers are 

rounded to the nearest hundred million.
GLOBAL MARKETS ANALYSIS REPORT

Single-Family MBS Pass-Through Issuance

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 19

5.4 Percent Refi at Issuance – Single-Family

Refinance activity increased by approximately 2.4% for Ginnie Mae as of month-end September 2023.

VA’s refinance volume increased approximately 2.7%. FHA’s refinance share increased by 

approximately 2.2%. In the conventional conforming mortgage market space, Fannie Mae saw an

increase of 0.7% and Freddie Mac saw an increase of 0.9%.

Freddie Mac’s refinance percentage increased to 11.1% in September, up from 10.2% in August.

Fannie Mae’s refinance percentage increased to 13.0% in September, up from 12.3% in August.

Ginnie Mae’s refinance percentage increased to 17.6% in September, up from 15.3% in August.

FHA’s refinance percentage increased to 17.6% in September, up from 15.4% in August.

VA’s refinance percentage increased to 18.5% in September, up from 15.7% in August.

Figure 24. Percent Refinance at Issuance – Single-Family

Source: Recursion. Note: Data as of September 2023.

13.0%

17.6%

18.5%

11.1%

17.6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Freddie Fannie Ginnie FHA VA
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 20

6 AGENCY SINGLE-FAMILY MBS OUTSTANDING

6.1 Outstanding Single-Family Agency MBS

As of month-end September 2023, outstanding Single-Family MBS in the agency market totaled

$8.777 trillion: 40.8% Fannie Mae, 33.4% Freddie Mac, and 25.8% Ginnie Mae MBS. Over the past

twelve months, Fannie Mae’s, Freddie Mac’s, and Ginnie Mae’s total outstanding MBS increased by

approximately 0.3%, 1.9%, and 8.7%, respectively. Fannie Mae outstanding MBS remains larger than

Freddie Mac’s and Ginnie Mae’s by approximately $644 billion and $1.3 trillion, respectively.

Ginnie Mae MBS collateral composition has changed dramatically over the past five years. In

September 2018, 59.9% of Ginnie Mae outstanding collateral was FHA and 34.0% was VA. As of

month-end September 2023, FHA collateral comprised 53.9% of Ginnie Mae MBS outstanding, and

VA collateral comprised 41.5% of Ginnie Mae MBS outstanding.

Figure 26. Composition of Outstanding Ginnie Mae Mortgage-Backed Securities

Figure 25. Outstanding Agency Mortgage-Backed Securities

Source: Recursion. Note: Data as of September 2023.

$3,578

$2,934

$2,265

$8,777

0

2,000

4,000

6,000

8,000

10,000

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae Total

$1,223

$940

$105

0

200

400

600

800

1000

1200

1400

$ in Billions

FHA VA OTHER
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 21

6.2 Origination Volume and Share Over Time

First lien origination volume increased in Q2 2023, with approximately $400 billion in originations,

which represents an approximate rise in issuance of 38% from Q1 2023. Ginnie Mae’s share of total

origination increased from 22.3% to 22.8% in Q2 2023, while portfolio origination increased from

31.1% to 32.1%.

Figure 27. First Lien Origination Volume

Figure 28. First Lien Origination Share

Source: Inside Mortgage Finance. Note: Data as of Q2 2023.

$0.17

$0.09

$0.01

$0.13

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$5.0

$ In Trillions

GSE securitization FHA/VA securitization PLS securitization Portfolio

43.1%

22.8%

2.0%

32.1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

GSE securitization FHA/VA securitization PLS securitization Portfolio
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 22

6.3 Agency Issuance and Agency Outstanding by State

Ginnie Mae MBS represent approximately 37% of new agency issuance over the past year, roughly

11% higher than Ginnie Mae’s 26% share of agency outstanding. The share of Ginnie Mae’s new

agency issuance varies across states, with the highest Ginnie Mae share being in Alaska (59%) and

the lowest in the District of Columbia (23%). The highest Ginnie Mae outstanding share is in

Mississippi (49%) and the lowest in the District of Columbia (14%).

Table 7. Agency Issuance Breakdown by State

Agency Issuance (past 1 year) Agency Outstanding (past 1 year)

National

GNMA 

Share by 

UPB

GNMA Loan 

Count

GNMA Avg. Loan 

Size (000)

GSE Avg.

Loan Size 

(000)

GNMA Share 

by UPB

GNMA

Loan Count

GNMA Avg. 

Loan Size (000)

GSE Avg.

Loan Size (000)

37% 1,594,353 294.67 301.17 26% 11,027,379 209.07 211.55

AK 59% 4,660 351.76 309.02 48% 37,645 263.68 220.30

AL 51% 38,098 233.16 246.68 41% 244,113 161.65 178.54

AR 47% 20,037 200.34 231.78 40% 139,752 135.94 162.24

AZ 37% 47,577 334.34 338.96 25% 285,981 227.95 228.08

CA 32% 93,428 464.43 461.74 17% 705,372 333.59 319.62

CO 35% 34,086 416.60 407.29 24% 219,582 299.48 279.35

CT 34% 13,413 277.24 289.03 26% 107,963 204.21 209.10

DC 23% 1,135 513.34 428.76 14% 9,215 389.40 348.25

DE 38% 7,173 282.84 308.75 32% 53,362 207.25 212.35

FL 40% 149,081 316.32 313.77 33% 884,841 220.03 214.95

GA 44% 85,767 274.19 305.19 34% 513,676 186.77 209.37

HI 47% 3,826 626.00 514.65 32% 34,144 472.62 357.24

IA 33% 11,875 190.96 202.08 23% 84,439 137.06 148.42

ID 33% 9,185 341.31 331.72 24% 65,216 225.82 224.68

IL 30% 50,888 218.21 250.72 22% 376,120 162.27 179.55

IN 38% 42,850 201.32 221.45 31% 285,646 138.02 152.31

KS 38% 13,837 203.37 229.02 30% 97,770 143.27 164.50

KY 46% 25,842 206.59 223.23 35% 169,337 147.15 156.49

LA 51% 28,676 210.89 240.83 41% 207,191 159.69 177.39

MA 30% 15,418 393.20 385.47 17% 116,704 289.24 267.93

MD 44% 37,790 349.97 340.61 34% 298,642 267.74 249.42

ME 35% 5,279 260.46 281.82 26% 38,531 181.23 192.69

MI 28% 39,042 194.27 221.60 21% 281,041 136.44 157.14

MN 24% 18,811 260.37 284.75 18% 161,290 185.04 198.79

MO 38% 35,788 207.61 228.36 29% 249,077 145.49 162.84

MS 58% 18,398 209.85 225.39 49% 125,711 147.24 161.72

MT 32% 4,245 325.20 324.49 24% 32,719 214.16 217.80

NC 38% 68,149 268.96 300.46 30% 425,637 182.18 204.33

ND 36% 2,266 250.56 244.31 25% 17,233 194.97 183.42

NE 36% 8,679 232.14 232.77 27% 65,696 153.48 161.66

NH 30% 4,945 332.20 323.49 23% 38,779 230.34 215.97

NJ 31% 31,530 336.74 352.02 22% 237,003 244.70 254.69

NM 47% 13,273 253.99 266.71 39% 97,275 171.04 179.54

NV 41% 21,203 358.63 344.96 31% 138,114 254.91 237.33

NY 27% 35,057 305.16 344.18 20% 311,884 213.14 248.78

OH 36% 59,511 194.35 209.28 30% 432,166 133.30 149.96

OK 47% 26,617 212.21 231.83 42% 192,432 144.80 163.72

OR 28% 14,760 365.17 373.62 20% 113,157 259.11 254.45

PA 30% 47,582 210.66 255.85 26% 395,131 150.88 182.64

RI 45% 5,026 345.83 316.19 31% 36,632 239.38 213.19

SC 44% 41,787 266.11 271.80 35% 243,777 189.09 193.99

SD 40% 4,162 253.94 252.53 30% 29,693 177.02 177.74

TN 39% 44,657 273.43 294.22 32% 276,494 182.66 206.90

TX 37% 171,283 286.10 318.21 32% 1,134,947 189.64 216.22

UT 30% 15,226 396.38 398.36 19% 98,951 270.25 265.70

VA 48% 60,687 341.75 336.25 37% 455,098 260.33 250.29

VI 29% 101 409.45 439.79 24% 802 260.23 306.71

VT 25% 1,488 252.05 275.62 19% 12,301 182.74 181.23

WA 32% 30,985 414.02 421.72 22% 236,507 290.86 290.77

WI 28% 16,896 220.64 236.02 18% 125,880 159.29 163.10

WV 54% 8,777 201.60 198.05 45% 61,389 146.56 145.35

WY 44% 3,501 276.59 275.68 35% 25,321 208.54 201.87

Source: Recursion. Note: Outstanding balance based on loan balance as of September 2023. Ginnie Mae issuance based on the last 12 months,

from August 2022 to September 2023. Values above are based on loan level disclosure data, thus excluding loan balances for first 6 months that 

loans are in a pool. This accounts for the difference in share of outstanding MBS represented above & in Outstanding Single-Family Agency MBS.
GLOBAL MARKETS ANALYSIS REPORT

Agency Single-Family MBS Outstanding

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 23

6.4 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time

As of month-end September 2023, the weighted average coupon (WAC) on outstanding Ginnie Mae

MBS increased slightly from 3.36% in August 2023 to 3.40% as seen in Figure 29. Figure 30 illustrates

that loans originated since 2019 account for approximately 81% of Ginnie Mae MBS collateral

outstanding.

Figure 29. Outstanding Ginnie Mae MBS Balance, by Coupon

Figure 30. Outstanding Ginnie Mae MBS Balance, by Vintage

Source: Recursion. Note: September 2023 data points reflect the current composition of balances by coupon and vintage; factor data is not

applied to prior date balance compositions. Average coupon is weighted by remaining principal balance.

2.7

2.9

3.1

3.3

3.5

3.7

3.9

4.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Avg Coupon %

<3 >=3 and <3.5 >=3.5 and <4 >=4 Average Coupon %

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Pre 2008 2008-2013 2014-2018 2019-2023
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 24

7 AGENCY REMIC SECURITIES

7.1 Monthly REMIC Demand for Ginnie Mae MBS

As of month-end September 2023, $8.1 billion of Ginnie Mae MBS were securitized into Real Estate

Mortgage Investment Conduits (REMICs) as underlying collateral. This represents an 1.87% increase

YoY from $8.0 billion in September 2022, and a 25.24% MoM decrease from $10.8 billion in August

2023. Of that, approximately $661.2 million were multifamily MBS having coupons over 2.51%. $7.45

billion were Single-Family MBS having coupons over 4.01%.

Table 8. September 2023 REMIC Collateral Coupon Distribution

Figure 31. Ginnie Mae Single-Family and Multifamily MBS Securitized into REMICs

Net Coupon (%) Approx. Ginnie Mae MBS amount securitized into REMIC Deals 

($MM)2F

1

% Breakdown of REMIC 

Collateral by coupon Multifamily

2.51-3.00 115.0 17.4 %

3.01-3.50 0.0 0.0%

3.51-4.00 166.2 25.1%

4.01-4.50 113.3 17.1%

4.51-5.00 191.2 29.0%

>5.01 75.4 11%

Subtotal 661.2 100.0%

Single-Family

4.01-4.50 24.6 0.3%

4.51-5.00 32.1 0.4%

5.01-5.50 42.0 0.6%

5.51-6.00 834.7 11.2%

6.01-6.50 4,984.0 66.9%

6.51-7.00 1,372.3 18.4%

>7.00 156.3 2.1%

Subtotal 7,445.9 100.0%

Grand Total 8,107.1 100.0%

Source: Ginnie Mae Disclosure Files

1

Totals may not sum due to rounding.

$8.0 $5.9 $3.4

$7.5 $6.4

$11.7

$7.5 $5.6

$9.9 $7.4 $4.9

$10.8 $8.1

$0

$5

$10

$15

$20

$25
GLOBAL MARKETS ANALYSIS REPORT

Agency REMIC Securities

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 25

7.2 REMIC Market Snapshot

 In September 2023, Ginnie Mae, Freddie Mac, and Fannie Mae saw increases in their SingleFamily REMIC issuance collateral coupon of 30 bps, 21 bps, and 48 bps, respectively.

 In September 2023, Freddie Mac saw a 95 bps increase in their multifamily REMIC issuance

collateral coupon, the highest collateral coupon, 5.17%, since February 2023. Ginnie Mae saw

a 10-basis point decrease in their multifamily REMIC issuance collateral coupon.

 In September 2023, Ginnie Mae issued 16 deals, across SF and MF, a decrease of 3 deals MoM.

Freddie Mac issued 19 deals, across SF and MF, an increase of 3 deals MoM.

 In September 2023, Fannie Mae did not issue a multifamily deal, their seventh time doing so

since August 2022. Fannie Mae’s total REMIC issuance was $1.65 billion in September, up

slightly from $1.03 billion in August.

Figure 32. September 2023 REMIC Issuance by Agency2

Table 9. Monthly REMIC Issuance by Agency

SF REMIC 

Issuance 

Volume ($B)

% of SF REMIC 

Issuance 

Volume

Number of SF 

REMIC 

Transactions

MF REMIC 

Issuance 

Volume ($B)

% of MF REMIC 

Issuance 

Volume

Number of MF 

REMIC 

Transactions

Ginnie Mae 8.28 53.5% 10 0.66 15.2% 6

Freddie Mac 5.55 35.8% 12 3.68 84.8% 7

Fannie Mae 1.65 10.7% 9 0.00 0.0% 0

Total 3 $15.48 100% 31 $4.34 100% 13

Source: Ginnie Mae Disclosure Files

2 The REMIC Market Snapshot is inclusive of Re-REMIC deals which are not included in the “Monthly REMIC Demand for Ginnie Mae MBS” above.

3 Totals may not sum due to rounding.

0.7

3.7

0.0

5.5 8.3

1.7

Ginnie Mae Freddie Mac Fannie Mae

Outer: Single Family 

Inner: Multifamily
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 26

8 MBS OWNERSHIP

As of Q2 2023, the largest holders of agency debt (agency MBS + agency notes and bonds) included

commercial banks (21%), the Federal Reserve (20%), and foreign investors (12%). The Federal

Reserve’s share remained stable at 20% in the second quarter of 2023 as compared to the first

quarter of 2023. Out of the approximately $2.6 trillion in holdings as of the end of September 2023,

roughly $1.94 trillion was held by the top 25 domestic banks per Table 10 below. 

Figure 33. Who Owns Total Agency Debt?

Source: Federal Reserve Flow of Funds. Note: The “other” category includes primarily life insurance companies, state and local governments,

households and nonprofits. Data as of Q2 2023.

8.1 Commercial Bank Holdings of Agency MBS

Table 10. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions)

Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23

Largest 25 

Domestic Banks 2,054.5 1,961.4 1,952.3 1,953.4 1,947.1 1,961.3 1,955.1 1,944.4 1,940.1

Small Domestic 

Banks 663.5 764.0 700.9 627.8 628.4 618.2 610.5 602.0 587.2

Foreign Related 

Banks 30.0 27.0 28.4 26.8 24.0 26.2 24.3 23.2 25.9

Total, 

Seasonally 

Adjusted

2,748.0 2,752.4 2,681.6 2,608.0 2,599.5 2,605.7 2,589.9 2,569.6 2,553.2

Source: Federal Reserve Bank. Note: Small domestic banks include all domestically chartered commercial banks not included in the top 25. Data 

as of September 2023.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100% Fed

Commercial Banks

Dealers

GSEs

REITs

Mutual Funds

Money Market Funds

& Pension Funds

Credit Unions

Foreign Investment

Other
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 27

8.2 Bank and Thrift Residential MBS Holdings

In Q2 2023, MBS holdings at banks and thrifts continued to decrease. The decrease was driven by

GSE pass-throughs, agency CMO holdings, and Private CMO holdings, with GSE pass-throughs seeing

the largest decrease. Ginnie Mae pass-throughs saw a decrease of 0.7%, showing the smallest

percentage decrease of all banks and thrifts, quarter over quarter (QoQ). Total bank and thrift MBS

holdings decreased by approximately 13.1% from Q2 2022 and 3.2% from Q1 2023. Out of the $2.28

trillion in MBS holdings at banks and thrifts as of Q2 2023, $1.39 trillion were GSE pass-throughs and

$383 billion were Ginnie Mae pass-throughs.

Table 11. Bank and Thrift Residential MBS Holdings

All Banks & Thrifts ($ in billions) All MBS ($ in billions)

Year Total GSE PT GNMA PT Private 

MBS

Agency 

CMO

Private 

CMO Banks Thrifts

2001 $730.84 $270.59 $109.53 $37.62 $236.91 $76.18 $606.91 $203.37

2002 $832.50 $376.11 $101.46 $20.08 $244.98 $89.88 $702.44 $209.66

2003 $899.89 $461.72 $75.11 $19.40 $236.81 $106.86 $775.66 $206.45

2004 $1,011.01 $572.40 $49.33 $20.55 $208.18 $160.55 $879.75 $234.31

2005 $1,033.77 $566.81 $35.92 $29.09 $190.70 $211.25 $897.06 $242.69

2006 $1,124.46 $628.52 $31.13 $42.32 $179.21 $243.28 $983.49 $223.42

2007 $1,149.10 $559.75 $31.58 $26.26 $174.27 $357.24 $971.42 $264.59

2008 $1,218.77 $638.78 $100.36 $12.93 $207.66 $259.04 $1,088.00 $211.73

2009 $1,275.52 $629.19 $155.00 $7.53 $271.17 $212.64 $1,161.67 $184.07

2010 $1,433.38 $600.80 $163.13 $7.34 $397.30 $181.61 $1,233.28 $200.09

2011 $1,566.88 $627.37 $214.81 $3.28 $478.82 $167.70 $1,359.24 $207.64

2012 $1,578.86 $707.87 $242.54 $17.16 $469.27 $138.67 $1,430.63 $148.22

2013 $1,506.60 $705.97 $231.93 $26.11 $432.60 $114.15 $1,363.65 $142.94

2014 $1,539.32 $733.71 $230.45 $20.33 $449.90 $104.94 $1,409.84 $129.48

2015 $1,643.56 $823.10 $292.30 $11.14 $445.39 $71.63 $1,512.67 $130.89

2016 $1,736.93 $930.67 $323.46 $7.40 $419.80 $55.60 $1,576.07 $160.86

2017 $1,844.15 $1,010.83 $367.70 $4.63 $413.97 $47.01 $1,672.93 $171.22

2018 $1,814.97 $980.56 $380.43 $2.69 $416.59 $34.69 $1,634.99 $179.98

1Q19 $1,844.99 $1,001.61 $383.49 $3.06 $422.18 $34.65 $1,673.40 $171.59

2Q19 $1,907.13 $1,037.93 $407.97 $2.90 $421.56 $36.76 $1,727.65 $179.47

3Q19 $1,975.78 $1,079.82 $427.10 $4.74 $428.69 $35.44 $1,786.74 $189.04

2019 $1,985.38 $1,089.41 $426.85 $4.62 $428.99 $35.52 $1,796.29 $189.09

1Q20 $2,107.66 $1,173.36 $448.34 $4.65 $443.73 $37.57 $1,907.02 $200.64

2Q20 $2,195.19 $1,228.87 $441.06 $5.00 $478.11 $42.14 $1,946.36 $248.83

3Q20 $2,310.42 $1,349.48 $415.24 $4.43 $499.50 $41.78 $2,040.61 $269.81

4Q20 $2,520.90 $1,537.54 $390.66 $3.94 $548.65 $40.10 $2,210.22 $310.68

1Q21 $2,690.92 $1,713.78 $374.63 $4.88 $555.35 $42.28 $2,350.94 $339.98

2Q21 $2,781.91 $1,825.80 $352.77 $4.77 $555.45 $43.12 $2,431.76 $350.15

3Q21 $2,858.59 $1,886.78 $353.12 $4.24 $565.51 $48.95 $2,487.32 $371.27

4Q21 $2,906.04 $1,915.48 $352.71 $4.45 $577.98 $55.42 $2,529.78 $376.26

1Q22 $2,799.22 $1,817.72 $368.43 $4.04 $548.60 $60.43 $2,476.12 $323.10

2Q22 $2,623.79 $1,665.94 $369.20 $3.81 $523.01 $61.83 $2,321.17 $302.62

3Q22 $2,431.57 $1,520.24 $352.02 $3.29 $496.72 $59.30 $2,156.16 $275.41

4Q22 $2,423.87 $1,505.65 $371.91 $3.96 $481.69 $60.65 $2,154.46 $269.41

1Q23 $2,356.93 $1,441.18 $386.32 $4.12 $465.24 $60.08 $2,088.27 $268.65

2Q23 $2,280.38 $1,389.37 $383.52 $3.03 $446.19 $58.27 $2,022.46 $257.92

Change:

1Q23-2Q23 -3.2% -3.6% -0.7% -26.5% -4.1% -3.0% -3.2% -4.0%

2Q22-2Q23 -13.1% -16.6% 3.9% -20.5% -14.7% -5.7% -12.9% -14.8%

Source: Inside Mortgage Finance. Notes: Data as of Q2 2023.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 28

Table 12. Top 20 Bank and Thrift Residential MBS Investors ($ in millions)

Rank Institution Total GSE PT GNMA PT Agency CMO Non-Agency Share

1 BANK OF AMERICA CORPORATION $425,886.0 $358,807.0 $60,878.0 $6,054.0 $147.0 18.7%

2 WELLS FARGO & COMPANY $238,211.0 $154,323.0 $81,335.0 $2,491.0 $62.0 10.4%

3 JPMORGAN CHASE & CO. $161,413.0 $68,554.0 $79,707.0 $517.0 $12,635.0 7.1%

4 CHARLES SCHWAB $156,171.0 $88,295.0 $5,622.0 $62,254.0 $0.0 6.8%

5 Truist Bank $102,173.0 $51,563.0 $11,661.0 $35,921.0 $3,028.0 4.5%

6 U.S. BANCORP $98,929.9 $64,621.7 $23,225.0 $11,083.2 $0.1 4.3%

7 CITIGROUP INC. $82,573.0 $2,231.0 $679.0 3.6%

8 PNC Bank, National Association $69,861.0 $59,357.1 $4,037.6 $5,451.7 $1,014.5 3.1%

$68,947.0 $10,716.0

9 CAPITAL ONE FINANCIAL 

CORPORATION $63,138.3 $30,002.4 $14,901.6 $17,900.2 $334.1 2.8%

10 MORGAN STANLEY $50,757.0 $32,486.0 $7,190.0 $11,081.0 $0.0 2.2%

11 BANK OF NEW YORK MELLON CORP $39,946.0 $28,321.0 $1,578.0 $8,152.0 $1,895.0 1.8%

12 USAA Federal Savings Bank $38,196.0 $32,268.0 $1,886.0 $4,042.0 $0.0 1.7%

13 State Street Bank and Trust Company $35,556.7 $13,705.0 $6,956.0 $13,345.7 $1,550.0 1.6%

14 BMO Harris Bank National Association $30,642.6 $4,179.4 $6,247.3 $20,215.9 $0.0 1.3%

15 The Huntington National Bank $28,073.2 $11,158.7 $9,193.6 $7,598.1 $122.8 1.2%

16 TD Bank USA/TD Bank NA $26,928.8 $1,079.3 $75.9 $25,737.0 $36.6 1.2%

17 KeyBank National Association $24,634.7 $3,723.2 $182.9 $20,728.6 $0.0 1.1%

18 HSBC Bank USA, National Association $23,944.3 $4,209.0 $14,418.1 $5,316.6 $0.7 1.1%

19 Citizens Bank, National Association $23,183.4 $12,233.4 $5,315.4 $5,634.6 $0.0 1.0%

20 Ally Bank $19,630.0 $12,338.0 $1,801.0 $1,576.0 $3,915.0 0.9%

Total Top 20 $1,739,848.9 $1,100,171.1 $346,927.3 $267,330.7 $25,419.8 76.3%

Source: Inside Mortgage Finance. Notes: Data as of Q2 2023.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 29

8.3 SOMA Holdings

FOMC and Economic Highlights:

Federal Open Market Committee Meeting 9/20/2023 Press Release: 

 “The Committee decided to maintain the target range for the federal funds rate at 5-1/4 to

5-1/2 percent.”

 “The Committee is strongly committed to returning inflation to its 2% objective.”

 “The Committee will continue reducing its holdings of Treasury securities and agency debt

and agency mortgage-backed securities, as described in its previously announced plans.”

 Federal Reserve Chair, Jerome Powell, indicated that the consensus of the committee is to

increase rates once more this year. The final 2023 FOMC meetings are scheduled for

November 1st and December 13th.

 Inflation rose slightly to 3.7% in August, per the September 13th CPI report.

SOMA Portfolio Highlights (Aug 30, 2023 vs. Sep 27, 2023)

 SOMA holdings of domestic securities totaled $7.3 trillion on Sep 27 (a decrease of $68.7

billion or -0.93% from Aug 30).

 $49.6 billion (72% of the total decrease) was in U.S. Treasury holdings and $19.1 billion (28%

of the total decrease) was in Agency MBS.

 Agency MBS comprise about 34% of the total SOMA portfolio. The $19.1 billion decrease

was comprised of a $7.8 billion decrease in Fannie Mae holdings, a $6.8 billion decrease in

Freddie Mac holdings, and a $4.5 billion decrease in Ginnie Mae holdings.

 Over 99% of SOMA Agency MBS holdings have coupons of 4.5% or lower with an average

WAC of 2.508%.

 The redemption cap for SOMA’s Agency MBS holdings is set at $35 billion per month. The 

reduction of $19.1 billion in Agency MBS represents 55% of the liquidation cap.

Table 13: SOMA Holdings as of Aug 30, 2023, and Sep 27, 2023 ($ Billions)

Holdings by Security 

Type

August 30, 2023 September 27, 2023 Month-Over-Month

SOMA Holdings % Share SOMA Holdings % Share $ Change % Change

U.S. Treasuries $4,897 66.19% $4,847.4 66.14% -$49.6 -1.01%

Federal Agency Debt $2.3 0.03% $2.3 0.03% $0.0 0.00%

Agency MBS $2,490.5 33.66% $2,471.4 33.72% -$19.1 -0.77%

Agency Commercial MBS $8.4 0.11% $8.3 0.11% $0.0 -0.54%4

Total SOMA Holdings $7,398.2 100.0% $7,329.5 100.0% -$61.3 -0.93%

Table 14: SOMA Agency MBS Liquidations from Aug 30, 2023, to Sep 30, 2023 ($ Billions)

MBS Holdings as of 8.30.23 MBS Holdings 9.27.23 Liquidated Amount Liquidation Cap % of Liquidation Cap

Total $2,490.5 $2,471.4 $19.1 $35.0 55%

Source: New York FED SOMA Holdings https://www.newyorkfed.org/markets/soma-holdings. Notes: The liquidation cap is per calendar month.

Our analysis here instead covers a four-week period to maintain consistency with other analyses in this report.

4 Table 13 illustrates figures in $ billions, any change less than $50 million will be expressed as a “$0.0” change in the “$ Change” column.
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 30

8.4 Foreign Ownership of MBS

For the month of July 2023, foreign ownership of MBS represented $1.248 trillion in agency MBS, up

approximately $74 billion from July 2022. Total foreign ownership of Agency MBS represents roughly

14% of total Agency MBS outstanding. Total foreign ownership excluding Fed Holdings and CMO’s

represents roughly 23% of total Agency MBS available.

Figure 34. Agency MBS Owned by Foreign Entities Ex-Fed Holdings and CMO’s (USD Billions)

Figure 35. Agency MBS Owned by Foreign Entities (USD Billions)

Sources: TIC and Recursion, as of July 2023.

10%

15%

20%

25%

30%

35%

-

400

600

800

1,000

1,200

1,400

Agency MBS Held by Foreign Entities in $B

% of SF Agency MBS Outstanding

% of SF Agency MBS Outstanding without Fed

% of SF Agency MBS Outstanding without Fed & CMO

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

200

400

600

800

1,000

1,200

1,400

Agency MBS Held by Foreign Entities in $B % of Agency MBS Outstanding
GLOBAL MARKETS ANALYSIS REPORT

MBS Ownership

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 31

8.5 Foreign Ownership of Agency Debt and Agency MBS

The largest holders of agency MBS were China, Japan, and Taiwan. As of June 2023, these three

owned 58% of all foreign owned U.S. MBS. Between June 2022 and June 2023, China and Japan

increased their agency MBS holdings while Taiwan’s holdings decreased. China’s holdings increased

by $25.6 billion, Japan’s holdings increased by $21.9 billion, and Taiwan’s holdings decreased by $14.4

billion.

Table 15. All Agency Debt

Country Level of Holdings ($ Millions) Change in Holdings ($ Millions)

9/1/2022 12/1/2022 3/1/2023 6/1/2023 Q3 2022 Q4 2022 Q1 2023 Q2 2023

China 241,523 251,592 263,892 269,980 -2,866 10,069 12,300 6,088

Japan 232,769 278,069 287,051 253,357 1,332 45,300 8,982 -33,694

Taiwan 209,453 210,309 212,533 208,226 -13,217 856 2,224 -4,307

Canada 89,313 97,234 105,527 105,330 12,922 7,921 8,293 -197

United Kingdom 56,348 61,393 41,101 55,682 -9,881 5,045 -20,292 14,581

Luxembourg 38,559 47,240 51,202 40,971 -4,281 8,681 3,962 -10,231

Ireland 17,692 22,478 25,099 36,766 -2,512 4,786 2,621 11,667

South Korea 35,643 36,237 38,131 36,737 -2,320 594 1,894 -1,394

Cayman Islands 35,081 30,941 29,485 30,398 100 -4,140 -1,456 913

Bermuda 18,681 19,008 19,418 21,930 -791 327 410 2,512

Other 188,623 226,067 199,801 206,671 -7,888 37,444 -26,266 6,870

Total 1,163,685 1,280,568 1,273,240 1,266,048 -29,402 116,883 -7,328 -7,192

Table 16. Agency MBS

Country Level of Holdings ($ Millions)

6/1/2022 6/1/2023 YoY Change in Holdings ($ Millions)

China 244,389 269,980 25,591

Japan 231,437 253,357 21,920

Taiwan 222,670 208,226 -14,444

Canada 76,391 105,330 28,939

United Kingdom 66,229 55,682 -10,547

South Korea 37,963

Luxembourg

36,737

42,840

-1,226

40,971 -1,869

Cayman Islands 34,981 30,398 -4,583

Ireland 20,204 36,766 16,562

Bermuda 19,472 21,930 2,458

Other 196,511 206,671 10,160

Total 1,193,087 1,266,048 72,961

Source: Treasury International Capital (TIC). Note: Level of agency debt Holdings by month data as of Q2 2023. Agency MBS as of June 2023.

Table 16 includes the top 10 holders of agency debt listed as of June 2023.
GLOBAL MARKETS ANALYSIS REPORT

Fixed Income Liquidity Indicators

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 32

9 FIXED INCOME LIQUIDITY INDICATORS

The agency MBS average daily trading volume YTD as of month-end September 2023 was $250 billion, 

which was up from a monthly average of $241 billion for calendar year 2022. As of month-end

September 2023, agency MBS average daily trading volume increased $15 billion MoM. See footnote

below for update on “Average Daily Turnover by Sector” data.

Figure 36. Average Daily Trading Volume by Sector

Figure 37. Average Daily Turnover by Sector

Source: SIFMA. Note: Data as of September 2023 for Average Daily Trading Volume by Sector and as of December 2021 for agency MBS in Average

Daily Turnover by Sector. The MBS outstanding database for Turnover by Sector is under maintenance and is not updated in this report.

$250

$747

$40

$0

$100

$200

$300

$400

$500

$600

$700

$800

$ Billions

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

2.70%

2.96%

0.37% 0%

2%

4%

6%

8%

10%

12%

14%

Agency MBS Turnover Treasury Turnover Corporates Turnover
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 33

PRIMARY MORTGAGE MARKET

10 AGENCY CREDIT BREAKDOWN

Tables 17, 18, and 19 below outline the population distributions of FICOs, DTIs, and LTVs between

the agencies and between FHA, VA, and other Ginnie Mae loan sources as of month-end September

2023. The distribution statistics capture some key differences in the populations served by the

agencies.

10.1 Credit Scores

Table 17. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 240,249 653 696 746 781 799 735

Fannie 71,875 701 733 766 790 802 758

Freddie 85,392 692 726 762 788 802 754

Ginnie 82,982 627 652 690 739 780 696

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 53,636 624 657 703 755 788 704

Fannie 15,602 667 702 743 778 799 737

Freddie 14,795 663 695 735 773 796 732

Ginnie 23,239 599 629 659 695 736 663

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 293,885 646 686 739 778 798 729

Fannie 87,477 692 727 763 788 802 754

Freddie 100,187 686 721 759 787 801 750

Ginnie 106,221 621 647 682 731 774 689

Purchase FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 82,982 627 652 690 739 780 696

FHA 53,748 623 647 677 717 755 683

VA 26,273 638 673 730 776 798 723

Other 2,961 634 661 700 737 764 699

Refi FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

.

All 23,239 599 629 659 695 736 663

FHA 16,230 593 624 653 685 719 654

VA 6,986 616 643 678 722 763 683

Other 23 669 701 734 750 786 728

All FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 106,221 621 647 682 731 774 689

FHA 69,978 616 641 671 709 749 676

VA 33,259 632 664 717 769 795 715

Other 2,984 634 661 701 737 764 699

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files. Note: All averages are rounded to the nearest whole number
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 34

Figure 38. FICO Distributions by Agency

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

0.0%

2.4%

13.0%

28.2%

45.5%

10.9%

0.1%

2.1%

10.3%

27.5%

48.3%

11.6%

2.1%

17.2%

24.1%

22.8%

26.5%

6.6%

5.1%

28.4%

36.6%

19.1%

8.1%

0.8%

550 - 600

600 - 650

650 - 700

700 - 750

750 - 800

800 - 850

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 35

10.2 Loan-to-Value (LTV)

Table 18. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 240,514 60 80 90 97 99 85

Fannie 71,959 55 75 80 95 97 80

Freddie 85,423 53 73 80 95 95 79

Ginnie 83,132 90 97 98 100 100 96

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 53,896 33 51 68 80 85 64

Fannie 15,604 27 40 57 69 76 54

Freddie 14,796 28 42 59 70 79 56

Ginnie 23,496 55 69 80 81 93 76

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 294,410 52 73 85 97 98 81

Fannie 87,563 44 64 80 90 95 75

Freddie 100,219 46 66 80 91 95 75

Ginnie 106,628 74 88 98 99 100 92

Purchase LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 83,132 90 97 98 100 100 96

FHA 53,843 92 97 98 98 98 96

VA 26,316 83 99 100 100 102 96

Other 2,973 94 99 101 101 101 98

Refi LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 23,496 55 69 80 81 93 76

FHA 16,373 52 66 77 81 81 72

VA 7,100 64 78 89 96 100 85

Other 23 62 74 80 95 98 81

All LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 106,628 74 88 98 99 100 92

FHA 70,216 73 81 98 98 98 90

VA 33,416 77 90 100 100 102 94

Other 2,996 93 99 101 101 101 98

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files. Note: All averages are rounded to the nearest whole number.
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 36

Figure 39. Loan-to Value by Agency

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

21.3%

40.9%

31.0%

6.7%

22.7%

40.7%

27.5%

9.0%

4.2%

10.5%

22.7%

62.6%

4.3%

12.2%

19.0%

64.6%

0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00%

0 - 60%

60 - 80%

80 - 95%

95 - 100%

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 37

10.3 Debt-to-Income (DTI)

Table 19. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 240,163 26 34 42 48 50 40

Fannie 71,959 24 31 39 45 48 37

Freddie 85,423 25 32 40 46 49 38

Ginnie 82,781 32 39 46 51 55 45

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 52,915 25 33 41 47 50 39

Fannie 15,604 22 29 37 43 46 36

Freddie 14,796 24 32 40 46 49 38

Ginnie 22,515 29 36 44 50 55 42

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 293,078 26 34 41 47 50 40

Fannie 87,563 24 31 39 45 48 37

Freddie 100,219 24 32 40 46 49 38

Ginnie 105,296 31 38 45 51 55 44

Purchase DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 82,781 32 39 46 51 55 45

FHA 53,819 34 40 46 52 55 45

VA 25,990 31 38 45 52 56 44

Other 2,972 27 31 36 40 42 35

Refi DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 22,515 29 36 44 50 55 42

FHA 16,145 29 36 44 50 55 43

VA 6,347 28 35 43 49 54 42

Other 23 28 33 37 40 41 35

All DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 105,296 31 38 45 51 55 44

FHA 69,964 33 39 46 51 55 45

VA 32,337 30 37 45 51 56 44

Other 2,995 27 31 36 40 42 35

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files. Note: All averages are rounded to the nearest whole number.
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 38

Figure 40. Debt-to Income by Agency

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

34.9%

33.6%

31.4%

38.7%

35.9%

25.4%

19.1%

27.9%

53.1%

14.4%

27.4%

58.2%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

0 - 35%

35 - 44%

> 44%

FHA VA Fannie Mae Freddie Mac
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 39

10.4 High LTV Loans: Ginnie Mae vs. GSEs

Comparing the three-month range of July 2022 – September 2022 to the three-month range of July

2023 – September 2023, the share of high-LTV agency loans with:

 FICO scores above 750 increased by approximately 1.5%.

 DTIs below 35% decreased by approximately 3.5%.

YoY, the share of high-LTV loans increased in the Ginnie Mae guarantee portfolio by approximately

2.7% and in the GSE guarantee portfolios by approximately 1.2%. Still, Ginnie Mae maintains its key

role of expanding credit access to low-to-moderate income borrowers as it continues to dominate

high-LTV lending, with 70.87% of its issuances between July 2023 – September 2023 having LTVs of

95 or above, compared to 23.08% for the GSEs.

Table 20. Share of Loans with LTV > 95

Ginnie Mae GSE All

Jul 2022 - Sep 2022 68.21% 21.87% 37.09%

Jul 2023 - Sep 2023 70.87% 23.08% 41.34%

Table 21. Agency Market Share by DTI and FICO for Loans with LTV > 95 (July 2022-September 2022)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 2.14% 3.60% 5.07% 8.21% 0.04% 19.05%

35-45 5.74% 9.07% 10.77% 11.94% 0.04% 37.56%

≥45 7.50% 12.64% 11.38% 10.26% 0.05% 41.83%

NA 0.35% 0.27% 0.19% 0.20% 0.54% 1.55%

All 15.73% 25.58% 27.41% 30.61% 0.67% 100.00%

Table 22. Agency Market Share by DTI and FICO for Loans with LTV > 95 (July 2023-September 2023)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 1.74% 2.75% 4.03% 7.01% 0.05% 15.58%

35-45 5.21% 7.95% 9.93% 12.16% 0.04% 35.29%

≥45 7.77% 13.40% 13.87% 12.76% 0.11% 47.92%

NA 0.26% 0.23% 0.15% 0.21% 0.36% 1.21%

All 14.99% 24.33% 27.98% 32.14% 0.56% 100.00%

Sources: Recursion and Ginnie Mae. Data as of September 2023.
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 40

10.5 Serious Delinquency Rates

Serious delinquency rates for Single-Family GSE, VA, and FHA loans all fell in Q2 2023. From Q1 2023

to Q2 2023, Fannie and Freddie serious delinquencies decreased by 4 bps and 6 bps, respectively.

Ginnie Mae collateral’s serious delinquency rates decreased more than the GSE rate, with VA

decreasing 11 bps and FHA decreasing 35 bps. This overall decline in serious delinquency rates is 

consistent with the decrease in the number of loans in forbearance captured in Section 11.

Figure 41. Serious Delinquency Rates: Single-Family Loans

Sources: Fannie Mae and Freddie Mac Monthly Summary Reports. MBA Delinquency Survey

Note: Serious delinquency is defined as 90 days or more past due or in the foreclosure process. Data as of Q2 2023.

3.61%

0.56%

0.55%

2.15%

0%

2%

4%

6%

8%

10%

12%

4Q063Q072Q081Q094Q093Q102Q111Q124Q123Q132Q141Q154Q153Q162Q171Q184Q183Q192Q201Q214Q213Q222Q23

Serious Delinquency Rates

FHA Fannie Mae Freddie Mac VA
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 41

10.6 Credit Box

The first-time homebuyer share for agency purchase loans was 54.4% as of month-end September

2023, an increase from 54.2% in August 2023 and up from 52% in September 2022. Freddie Mac and

Fannie Mae’s first-time homebuyer shares, 45.8% and 49.1% respectively, as of month-end

September 2023, have increased 6.5% and 4.6% respectively, YoY. Ginnie Mae’sfirst-time homebuyer

share decreased 0.4% YoY. Table 23 shows that based on mortgages originated as of month-end

September 2023, the average GSE first-time homebuyer was more likely to have a higher credit score

and lower LTV. Ginnie Mae’s first-time homebuyers were more likely to have lower loan amounts and 

lower mortgage rates, while having higher DTI’s.

Figure 42. First-Time Homebuyer Share: Purchase Only Loans

Table 23. Agency First-Time Homebuyer Share Summary

Fannie Mae Freddie Mac Ginnie Mae All

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

Loan Amount $ 335,936 345,498 317,502 327,143 309,492 363,823 319,038 342,232

Credit Score 752 763 746 760 691 708 724 748

LTV (%) 86 74 85 74 97 94 90 79

DTI (%) 37 37 38 38 44 46 41 40

Loan Rate (%) 6.7 6.8 6.7 6.8 6.6 6.5 6.7 6.7

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files as of September 2023

45.8%

49.1%

67.7%

54.4%

25%

35%

45%

55%

65%

75%

First-Time Homebuyer Share

Freddie Fannie Ginnie All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 42

In the Ginnie Mae purchase market, 75.4% of FHA loans, 50.2% of VA loans, and 84.2% of other loans

provided financing for first-time home buyers as of month-end September 2023. The share of firsttime home buyers in the Ginnie Mae purchase market increased MoM for FHA while decreasing for 

other loans. Table 24 shows that based on mortgages originated as of month-end September 2023;

the credit profile of the average VA first-time homebuyer differed from the average VA repeat buyer.

The average VA first-time homebuyer took out 16.9% smaller loans, had a 25.5-point lower credit

score, 5% higher LTV and had a 14 bp higher interest rate. FHA’s first-time homebuyers are much

more like their repeat buyers, with only 4.7% smaller loans, similar interest rates, and 2.3% higher 

LTVs. Because FHA provides one of few credit options for borrowers with lower credit scores, repeat

borrowers with weaker credit profiles are often limited to FHA financing; FHA’s repeat buyers have 

similar credit scores compared to their first-time home buyers. For VA and conventional borrowers 

alike, repeat buyers tend to have higher credit scores than first-time homebuyers.

Figure 43. First-time Homebuyer Share: Ginnie Mae Breakdown

Table 24. Ginnie Mae First-Time Homebuyer Share Breakdown Summary

FHA VA Other Total 

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

Loan 

Amount $ $306,546 $321,577 $342,684 $412,575 $182,119 $197,181 $309,492 $363,823

Credit Score 684 681 710 736 699 703 691 708

LTV (%) 97% 94% 99% 94% 98% 98% 97% 94%

DTI (%) 45% 46% 44% 45% 35% 35% 44% 46%

Loan Rate 

(%) 6.6% 6.6% 6.5% 6.4% 6.6% 6.5% 6.6% 6.5%

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files as of September 2023

Note: Loan Rate % rounded to nearest tenth of a percent

75.4%

50.2%

84.2%

67.7%

40%

50%

60%

70%

80%

90%

First-time Homebuyer Share

FHA VA Other All
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 43

10.7 Credit Box: Historical

The median FICO score for all agency loans originated as of month-end September 2023 was 737,

which represents a 5-point increase YoY. Ginnie Mae median FICO scores increased 6 points YoY to

678 as of month end September 2023. As of month-end September 2023, average FICO scores for 

refinances increased for Fannie Mae and Freddie Mac borrowers by 8 and 19 points YoY, respectively.

Figure 44. FICO Scores for All Loans

Figure 45. FICO Scores for Purchase Loans Figure 46. FICO Scores for Refinance Loans

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files

759

763

678

737

660

680

700

720

740

760

780

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

660

680

700

720

740

760

780

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

640

660

680

700

720

740

760

780

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Credit Breakdown

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 44

In September 2023, the median LTV for Ginnie Mae loans was 98.2% compared to 80% for Fannie

Mae and Freddie Mac, owing primarily to the lower down-payment requirements for government

loan programs. Ginnie Mae, Fannie Mae, and Freddie Mac all saw their LTV ratios remain flat YoY

from September 2022 to September 2023. In September 2023, median DTIs for Ginnie Mae, Freddie

Mac, and Fannie Mae were 45.1%, 40.0%, and 39.0% respectively. In September 2022, median DTIs

for Ginnie Mae, Freddie Mac, and Fannie Mae were 44.4%, 39.0%, and 39.0% respectively.

Figure 48. DTI Ratio for All Loans

Figure 47. LTV Ratio for All Loans

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

80.0

98.2

86.0

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Loan-to-Value Ratio (%)

Freddie Median Fannie Median Ginnie Median All Median

40.0

39.0

45.1

41.6

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

Freddie Median Fannie Median Ginnie Median All Median
GLOBAL MARKETS ANALYSIS REPORT

Forbearance Trends

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 45

11 FORBEARANCE TRENDS

At the end of September 2023, 47,339 Ginnie Mae loans were in forbearance. The number of loans

in forbearance removed from MBS pools in September was 192 while 47,147 loans in forbearance

remain in pools. The number of loans in forbearance and loans in forbearance that remained in pools

decreased MoM. The median current principal balance for Ginnie Mae, FHA, and VA was higher for 

loans in forbearance originated by nonbanks than banks in all subsets.

Tables 25-27. Forbearance Snapshot

All Loans in Forbearance – September 2023

FICO 

Score*

Note 

Rate*

Current Principal 

Balance Median

First Time Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 653 3.9 $204,609 73.8 75.2 47,339

Bank 671 4.0 $137,892 83.5 86.1 7,331

Nonbank 652 3.9 $217,529 72.7 74.1 39,984

FHA 650 4.0 $196,555 77.6 77.6 36,468

Bank 670 4.1 $135,119 86.4 88.0 6,270

Nonbank 648 4.0 $210,108 76.4 76.4 30,178

VA 662 3.7 $270,826 58.6 65.0 8,352

Bank 673 3.6 $181,989 59.0 70.2 708

Nonbank 662 3.7 $279,683 58.5 64.8 7,642

Loans in Forbearance and Removed from Pools – September 2023

FICO 

Score*

Note 

Rate*

Current Principal 

Balance Median

First Time Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 658 3.7 $191,841 61.9 63.3 192

Bank 700 4.2 $93,687 65.8 68.2 43

Nonbank 652 3.7 $201,271 61.3 62.6 149

FHA 645 4.0 $159,627 58.5 62.4 131

Bank 696 4.4 $80,666 48.7 71.8 28

Nonbank 639 3.9 $188,784 60.1 61.3 103

VA 679 3.3 $243,973 63.4 61.2 49

Bank 705 3.8 $233,825 100.0 60.3 10

Nonbank 675 3.2 $247,601 57.4 61.3 39

Loans in Forbearance that Remain in Pools – September 2023

FICO 

Score*

Note 

Rate*

Current Principal 

Balance Median

First Time Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 653 3.9 $204,705 73.8 75.2 47,147

Bank 671 4.0 $138,117 83.5 86.2 7,288

Nonbank 652 3.9 $217,655 72.7 74.2 39,835

FHA 650 4.0 $196,625 77.7 77.7 36,337

Bank 670 4.1 $135,299 86.5 88.0 6,242

Nonbank 648 4.0 $210,179 76.5 76.5 30,075

VA 662 3.7 $270,882 58.5 65.1 8,303

Bank 672 3.6 $181,200 58.3 70.4 698

Nonbank 662 3.7 $279,885 58.5 64.8 7,603

Sources: Ginnie Mae loan level MBS disclosure and forbearance file and Ginnie Mae Issuer Operational Performance Profile (IOPP) -Peer Group

Listings. Notes: Data as of September 2023; *Averages weighted by remaining principal balance of the loans.
GLOBAL MARKETS ANALYSIS REPORT

Holders of Ginnie Mae Mortgage Servicing Rights

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 46

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

The 30 largest owners of mortgage servicing rights (MSR) by UPB for loans collateralizing Ginnie Mae

MBS is shown in Table 28. The top 30 firms collectively own 87.34% of Ginnie Mae MSRs (see

Cumulative Share). Twenty-two of these top 30 are non-depository institutions, the remaining eight

are depository institutions. As of September 2023, over half (53.91%) of the Ginnie Mae MSRs are

owned by the top six firms.

Table 28. Top 30 Holders of Ginnie Mae Mortgage Servicing Rights (MSRs), by UPB

MSR Holder Current Rank Year 

prior

Change UPB ($ millions) Share Cumulative 

Share

CPR CDR 

LAKEVIEW LOAN SERVIC 1 3 $ 304,319,539,668 13.4% 13.42% 6.03% 0.71%

DBA FREEDOM HOME MOR 2 1 $ 291,201,480,507 12.8% 26.26% 6.86% 0.70%

PENNYMAC LOAN SERVIC 3 2 $ 263,859,411,506 11.6% 37.89% 6.04% 0.66%

NATIONSTAR MORTGAGE, 4 4 $ 127,617,751,015 5.6% 43.52% 6.93% 0.80%

NEWREZ LLC 5 8 $ 125,862,240,433 5.5% 49.07% 5.75% 0.54%

ROCKET MORTGAGE, LLC 6 6 $ 109,973,350,811 4.8% 53.91% 7.57% 0.33%

CARRINGTON MORTGAGE 7 7 $ 107,102,610,767 4.7% 58.64% 6.07% 0.52%

WELLS FARGO BANK, NA 8 5 $ 101,794,042,300 4.5% 63.12% 6.62% 0.38%

PLANET HOME LENDING, 9 12 $ 63,598,906,077 2.8% 65.93% 5.17% 0.24%

U. S. BANK, NA 10 11 $ 55,440,953,569 2.4% 68.37% 5.33% 0.46%

UNITED WHOLESALE MOR 11 10 $ 49,791,646,432 2.2% 70.57% 4.61% 1.23%

LOANDEPOT.COM,LLC 12 14 $ 39,291,937,754 1.7% 72.30% 5.92% 0.52%

NAVY FEDERAL CREDIT 13 15 $ 29,229,618,738 1.3% 73.59% 6.24% 0.33%

M&T BANK 14 NR $ 27,715,222,316 1.2% 74.81% 5.33% 0.60%

MORTGAGE RESEARCH CE 15 13 $ 27,404,688,728 1.2% 76.02% 6.99% 0.66%

GUILD MORTGAGE COMPA 16 17 $ 23,798,369,965 1.0% 77.07% 5.34% 0.40%

THE MONEY SOURCE INC 17 18 $ 22,072,698,062 1.0% 78.04% 6.67% 1.15%

CROSSCOUNTRY MORTGAG 18 20 $ 20,832,680,958 0.9% 78.96% 6.63% 1.04%

TRUIST BANK 19 19 $ 20,230,481,927 0.9% 79.85% 6.21% 0.86%

MOVEMENT MORTGAGE,LL 20 23 $ 19,765,245,736 0.9% 80.72% 5.69% 0.48%

NEW AMERICAN FUNDING 21 21 $ 19,655,238,926 0.9% 81.59% 6.67% 1.15%

CMG MORTGAGE, INC. 22 24 $ 19,065,355,856 0.8% 82.43% 5.21% 0.85%

PHH MORTGAGE CORPORA 23 29 $ 16,626,521,037 0.7% 83.16% 4.91% 0.55%

IDAHO HOUSING AND FI 24 26 $ 16,224,929,933 0.7% 83.88% 3.89% 0.53%

AMERIHOME MORTGAGE C 25 16 $ 15,754,684,859 0.7% 84.57% 3.52% 0.43%

CITIZENS BANK N.A. 26 27 $ 14,028,797,856 0.6% 85.19% 5.76% 0.29%

FLAGSTAR BANK, N.A. 27 NR $ 13,875,638,225 0.6% 85.80% 5.56% 0.22%

VILLAGE CAPITAL & IN 28 22 $ 12,293,406,718 0.5% 86.35% 9.57% 0.86%

MIDFIRST BANK 29 28 $ 12,195,204,589 0.5% 86.88% 12.71% 6.77%

SUN WEST MORTGAGE CO 30 NR $ 10,310,153,277 0.5% 87.34% 6.05% 0.38%

Sources: Deloitte, Recursion. Notes: Data as of September 2023.
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originators

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 47

13 AGENCY NONBANK ORIGINATOR

Total agency nonbank origination share decreased as of month-end September 2023 by 

approximately 2.2%. The decrease in nonbank origination share was driven by a decrease in both 

Freddie Mac and Fannie Mae nonbank origination share, down 3.2% and 3.1%, respectively. The 

Ginnie Mae nonbank share rose to 90.5% as of September 2023 and has remained consistently higher 

than the GSEs, largely driven by origination share of refinance mortgage loans.

Figure 49. Agency Nonbank Originator Share (All, Purchase, Refi)

Source: Recursion. Notes: Data as of September 2023.

80.9%

71.8%

79.1%

90.5%

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

Figure 50. Nonbank Origination Share:

Purchase Loans

Figure 51. Nonbank Origination Share:

Refi Loans

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie

30%

40%

50%

60%

70%

80%

90%

100%

All Fannie Freddie Ginnie
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 48

Ginnie Mae’s total nonbank originator share remained relatively stable as of month-end September 

2023. Ginnie Mae continues to have a high proportion of nonbank originations, with a rate of 90.5% 

in September 2023. The percentage of Ginnie Mae’s Other nonbank refinanced loans decreased to 

90.3% in September 2023.

Figure 52. Ginnie Mae Nonbank Originator Share (All, Purchase, Refi)

Source: Recursion. Notes: Data as of September 2023.

90.3%

90.5%

91.4%

88.9%

40%

50%

60%

70%

80%

90%

100%

VA Other All FHA

Figure 53. Ginnie Mae Nonbank Share: 

Purchase Loans

Figure 54. Ginnie Mae Nonbank Share: 

Refi Loans

40%

50%

60%

70%

80%

90%

100%

All FHA VA Other

20%

30%

40%

50%

60%

70%

80%

90%

100%

110%

All FHA VA Other
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 49

14.1 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE

14.1.1 (FICO, LTV, DTI)

The mortgage loan originations of nonbanks continued to have a consistently lower median FICO 

score than their bank counterparts across all agencies. The spread between nonbank and bank FICO 

scores increased by 3 points from August 2023 to September 2023. The agency median FICO score 

increased by 2 points to 737 in September 2023.

Figure 55. Agency FICO: Bank vs. Nonbank

Figure 56. GSE FICO: Bank vs. Nonbank Figure 57. Ginnie Mae FICO: Bank vs. Nonbank

Source: Recursion: Notes: Data as of September 2023.

737

754

731

700

710

720

730

740

750

760

770

780

All Median FICO Bank Median FICO Nonbank Median FICO

720

730

740

750

760

770

780

All Median FICO

Bank Median FICO

Nonbank Median FICO

660

670

680

690

700

710

720

All Median FICO

Bank Median FICO

Nonbank Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 50

The median LTV for all GSE originators remained the same as of month-end September 2023 at 80%. 

Ginnie Mae median bank and nonbank LTV remained flat at 98.19%. Ginnie Mae median DTI 

remained steady at 45.3% through September 2023 in nonbank originations.

Figure 58. GSE LTV: Bank vs. Nonbank Figure 59. Ginnie Mae LTV: Bank vs. Nonbank

Source: Recursion. Notes: Data as of September 2023.

Figure 60. GSE DTI: Bank vs. Nonbank Figure 61. Ginnie Mae DTI: Bank vs. Nonbank

68

70

72

74

76

78

80

82

All Median LTV

Bank Median LTV

Nonbank Median LTV

94

96

98

100

All Median LTV

Bank Median LTV

Nonbank Median LTV

30

32

34

36

38

40

42

44

All Median DTI

Bank Median DTI

Nonbank Median DTI

38

39

40

41

42

43

44

45

46

All Median DTI

Bank Median DTI

Nonbank Median DTI
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 51

660

670

680

690

700

710

720

All Median FICO

Bank Median FICO

Nonbank Median FICO

As of month-end September 2023, the median FICO score for Ginnie Mae bank and nonbank both 

decreased by 1 point to 689 and 677, respectively. The median FICO score for all Ginnie originations 

decreased 2 points to 678. The gap between banks and nonbanks is most apparent in “Other” lending 

(26-point spread).

Source: Recursion. Notes: Data as of September 2023.

Figure 63. Ginnie Mae FHA FICO Score:

Bank vs. Nonbank

Figure 62. Ginnie Mae FICO Score:

Bank vs. Nonbank

Figure 64. Ginnie Mae VA FICO Score:

Bank vs. Nonbank

Figure 65. Ginnie Mae Other FICO Score:

Bank vs. Nonbank

650

660

670

680

690

FHA All Median FICO

FHA Bank Median FICO

FHA Nonbank Median FICO

680

690

700

710

720

730

740

750

760

VA All Median FICO

VA Bank Median FICO

VA Nonbank Median FICO

670

680

690

700

710

720

Other All Median FICO

Other Bank Median FICO

Other Nonbank Median FICO
GLOBAL MARKETS ANALYSIS REPORT

Agency Nonbank Originations

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 52

Median DTI for Ginnie Mae nonbank originations has been consistently higher than the median DTI 

for Ginnie Mae bank originations. This is a trend evident for all Ginnie Mae-eligible loan types except 

for the “Other” category, where the spread between median bank and nonbank DTI is relatively small.

Figure 66. Ginnie Mae DTI: Bank vs. Nonbank Figure 67. Ginnie Mae FHA DTI: Bank vs. Nonbank

Figure 68. VA DTI: Bank vs. Nonbank Figure 69. Other DTI: Bank vs. Nonbank

Source: Recursion. Notes: Data as of September 2023.

38

39

40

41

42

43

44

45

46

All Median DTI

Bank Median DTI

Nonbank Median DTI

38

40

42

44

46

48

FHA Median DTI

FHA Bank Median DTI

FHA Nonbank Median DTI

32

34

36

38

40

42

44

46

48

VA Median DTI

VA Bank Median DTI

VA Nonbank Median DTI

34

35

36

37

38

Other Median DTI

Other Bank Median DTI

Other Nonbank Median DTI
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 53

15 ENVIRONMENTAL, SOCIAL, AND GOVERNANCE

Ginnie Mae Mortgage-Backed Securities are collateralized by loans that facilitate homeownership for

low-to-moderate income (LMI) borrowers, veterans, rural borrowers, and others that traditionally 

experience challenges in their efforts to achieve homeownership or obtain housing. Ginnie Mae is

enhancing their disclosures to provide insight into the extent that the securities they guarantee

support meaningful environmental and social goals. The timeline below captures the efforts Ginnie

Mae has taken to produce ESG disclosures in recent years.

15.1 Environmental, Social, and Governance: A Summary

Ginnie Mae’s guaranty of the securities provides a connection between the primary and secondary

mortgage markets that promote access to mortgage credit throughout the Nation for residential and

multifamily properties. The table below captures the outcomes Ginnie Mae has seen, both socially

and environmentally, through its guaranty program.

Table 29. ESG Metrics – MBS Portfolio (September 2023)

May 2021: LMI

“Social” Disclosures

(% of loans in LMI

Areas)

June 2021: Disclosures 

reveal that approximately 

$259 billion of Outstanding 

Ginnie Mae MBS 

categorized as LMI area 

loans as defined by HUD’s 

CDBG Program

November 2021: Green

“Environmental” Status

Disclosures Announced

identifies Green

properties within

Multifamily Pools.

March 2022: Full 

implementation 

of Green Status 

Field into 

Multifamily 

Disclosures

April 2022:

Introduction of

Affordable Status

Disclosure for

Multifamily

properties

February

2023: LowModerate 

Income

Borrower 

(LMIB) 

Disclosure 

Announced

September

2023: Social

Bond

Program

Introduced
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 54

15.2 Environmental

Table 30. UPB by ESG Status

ESG Status UPB %

Green/Affordable 1,058,035,882 0.7%

Green/Broadly Affordable 326,085,414 0.2%

Green/Market 46,584,658,679 31.1%

Green Total 47,968,779,975 32.1%

Affordable5

7,034,638,678 4.7%

Broadly Affordable2

26,625,173,528 17.8%

Affordable Total 35,043,933,502 23.4%

ESG Total 81,628,592,181 54.6%

Total 149,611,290,933 100.0%

Much of Ginnie Mae’s environmental impact is made through its Multifamily programs.

Approximately 32% of Ginnie Mae collateral are “Green”-certified, as defined by the multiple

organizations that sponsor and maintain green building certifications, including the U.S. Green

Building Council, Energy Star, Greenpoint, and the National Green Building Standard, just to name a

few. Additionally, over 23% of Ginnie Mae Multifamily collateral is “Affordable” or “Broadly

Affordable”. In total 54.6% of Ginnie Mae’s Multifamily collateral is considered ESG.

Sources: Ginnie Mae Disclosures as of September 2023, https://www.hud.gov/program_offices/housing/mfh/green

15.3 Social 

With the introduction of Ginnie Mae’s new social disclosures, investors can now identify the number

of underlying loans made to LMI borrowers, the percentage of LMI loan count out of total loan count,

the unpaid principal balance (UPB) of LMI loans in the MBS, and the percentage of LMI UPB out of

total MBS UPB. The borrower household income and address data, received from the government’s 

insuring and guarantying agencies, is compared against the appropriate Federal Financial Institution’s

Examination Council (FFIEC) Area Median Income (AMI) database by loan origination year. If the

borrower income is less than 80 percent of its respective AMI income value, in the associated census 

tract, their mortgage will be flagged as an LMI loan. In September 2023, Ginnie Mae launched its 

Social Bond update to its Single-Family Forward MBS program and its Social Impact and Sustainability 

Framework. These enhancements highlight the structural aspects of Ginnie Mae’s mission and

program which drives broader access to mortgage financing, affordable homeownership, and rental

opportunities for historically underserved communities.

5 “Affordable” and “Broadly Affordable” removes “Green/Affordable” and “Green/Broadly Affordable” from the UPB total.

1.3% 0.4%

57.1%

8.6%

32.6%

Figure 70. Composition of Ginnie 

Mae Green Status and Affordable 

Multifamily Collateral

Green/Affordable

Green/Broadly Affordable

Green/Market

Affordable

Broadly Affordable
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 55

15.3.1 LOW-TO-MODERATE INCOME BORROWERS

Over $291 billion of Ginnie Mae Single-Family collateral and approximately 1.7 million of loans

outstanding have been issued too low to moderate income borrowers. Total ESG UPB increased by

approximately $26 billion over the past 12 months as of September 2023.

Figure 71. ESG Share of the Outstanding SF Portfolio

Source: Ginnie Mae Disclosures as of September 2023

The UPB of pools that are made up of 20% or more LMI loans make up over 9% of total pool UPB.

These pools have slightly higher LTV’s, marginally lower FICO scores, and substantially lower loan

sizes than pools made up of less than 20% LMI loans. The UPB of pools that are made up of less than

20% LMI loans make up roughly 90% of total UPB.

Table 31. Percent LMI by Pool Share

Metric LMI Pool Share 

>50%

LMI Pool Share 

20% - 50% LMI Share < 20% All Pools

Total UPB ($ billions) $8.0 $196.9 $2,017.8 $2,222.7

Average Original Loan Size $171,211 $189,158 $334,027 320,610

Credit Score (Median) 675 675 679 677

DTI (Median) 40% 40% 40% 40%

LTV (Median) 97% 96% 95% 96%

Interest Rate (WA) 4.69% 4.50% 3.77% 3.84%

Source: Ginnie Mae Disclosures as of September 2023

$255

$260

$265

$270

$275

$280

$285

$290

$295

12.00%

12.50%

13.00%

13.50%

14.00%

14.50%

15.00%

15.50%

16.00%

ESG UPB in Billions

Percent Share of Guarantee Portfolio

ESG UPB Pool UPB Share Loan Count Share
GLOBAL MARKETS ANALYSIS REPORT

Environmental, Social, Governance

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 56

15.3.2 PURCHASE AND REFINANCE ORIGINATION BY INCOME BRACKET

Over 18% of all purchase and refinance loan originations guaranteed by Ginnie Mae are to households

with income less than $50,000 compared to 10.7% of the Government Sponsored Entities (GSE’s)

Single-Family guarantee portfolio. Additionally, over 68% of these loan originations guaranteed by 

Ginnie Mae are to households with income less than $100,000 compared to 47.3% at the GSE’s.

Figure 72. Income Distribution of Homebuyers Served Under Ginnie Mae Program

Source: Home Mortgage Disclosure Act (HMDA) data as of 2022

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

<5

10-1520-2530-3540-4550-5560-6570-7580-8590-95

100-105110-115120-125130-135140-145150-155160-165170-175180-185190-195200-205210-215220-225230-235240-245

>250

% of Homebuyers

Income in Thousands

All Households Ginnie Mae Borrowers Conventional Loan Borrowers
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 57

U.S. HOUSING MARKET

16 HOUSING AFFORDABILITY

16.1 Housing Affordability – Home Price Appreciation

Home prices increased in all regions in Q2 2023. Notably, the East North Central, Middle Atlantic, and

New England regions all saw over a 2% increase QoQ. The East South Central and Mountain regions

saw the smallest QoQ increases, 0.7% and 1.07%, respectively. The East North Central has

appreciated more than any other region over the past four quarters appreciating by 5.40%.

Figure 73. Regional HPI Trend Analysis Q/Q

Figure 74. FHFA U.S. Census Subregions as defined by the U.S. Census Bureau

Source: HPI data from FHFA and is seasonally adjusted. U.S. Census Subregions as defined by the U.S. Census Bureau.

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2017 2018 2019 2020 2021 2022 2023

East North Central East South Central Middle Atlantic

Mountain New England Pacific

South Atlantic West North Central West South Central
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 58

16.2 Housing Affordability – Inflation, Wages, and the Price of Real Estate

As of month-end September 2023, inflation was 3.7%, unchanged from the month prior. Nationally, 

rents are up 0.4% YoY as of month-end September 2023. The MoM change in rents from August 2023 

to September 2023 decreased by 2.0%. Wage growth saw a decrease from 5.3% in August 2023 to

5.2% as of month-end September 2023. Month-end July 2023 reporting data shows YoY home price

appreciation increased by 1.0% from a 0.0% YoY change in June 2023.

Figure 75. Inflation | 12-Month Percent Change in CPI

Figure 76. Asset Price Appreciation vs. Wage Increases

Sources: Bureau of Labor Statistics – Consumer Price Index and Wage-Growth Data; Rent.com - Rental Price Appreciation; S&P/Case-Schiller U.S. 

National Home Price Index – Home Price Appreciation.

3.7%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

3.7%

5.2%

1.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

General Inflation Wage Growth Home Appreciation

Metric Statistic

General

Inflation 3.7%

Home Price

Appreciation 

(YoY)

1.0%

Rental Price

Appreciation

(Median

Rent Change 

YoY)

0.4%

Wage 

Growth 5.2%
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 59

Home affordability remains low, as the ratio of the average price of sold homes to median incomes 

is at a historically high level. Typically, this ratio has been around 5:1; the current 7:1 sales price to

median income ratio exceeds the ratio observed during the housing bubble (6.4:1). With declining

home price appreciation, and home prices even dropping in some regions in the country, this ratio

may drop back down to historically normal levels.

Figure 77. Average Price of Homes Sold to Median Income Ratio

Source: FRED Average Home Sales Data, FRED Median Income Data

6.41

7.00

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

Housing Bubble COVID-19 Pandemic
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 60

16.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

The Federal Reserve maintained the Federal Funds target range on September 20, 2023, at a range

of 5.25% and 5.50% per the FOMC.

6 As of October 12, 2023, the average 30-year and 15-year fixed

rate mortgage rates were 7.57% and 6.89%, respectively. The average 30-year fixed rate mortgage

rate increased 39 bps and the average 15-year fixed rate mortgage rate increased 38 bps MoM from 

September 14, 2023.

Figure 78. Average Fixed Rate Mortgage Rates

Sources: FRED data as of October 2023

6

https://www.federalreserve.gov/newsevents/pressreleases/monetary20230920a.htm

7.57

6.89

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

30-Year 15-Year
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 61

16.3 Housing Inventory

As of September 2023, there was 6.9 months of housing inventory on the market, a decrease of 0.8

monthsfrom 7.7 monthsin August 2023. As housing affordability continues to remain low (See above

Section 15.2) Single-Family home sales are unlikely to play a large role in the resolution of the housing

shortfall. Multifamily construction volume metrics, shown in Figure 80, increased in 2022; number of

starts increased by 15.0% and numbers of permits increased by 10.7% while number of completions

remained relatively stable.

Figure 80. Multifamily Construction Metrics: Permits, Starts, Completions

Figure 79. Single-Family Housing Inventory

Source: FRED. Figure 79: data as of September 2023. New Residential Construction, U.S. Census Bureau. Figure 80: data as of December 2022.

6.9

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

529

360

627

300

350

400

450

500

550

600

650

2015 2016 2017 2018 2019 2020 2021 2022

$ in thousands

Number of Starts Number of Completions Number of Permits
GLOBAL MARKETS ANALYSIS REPORT

U.S. Housing Market

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 62

16.4 Size and Value of the U.S. Housing Market

The total value of the Single-Family housing market increased to $44.4 trillion in Q2 2023. The total

value of the US housing market is up 133% from its trough in 2011. From Q2 2022 to Q2 2023

mortgage debt outstanding increased from $12.1 trillion to $12.8 trillion and household equity

increased from $31.1 trillion to $31.6 trillion. At $9.0 trillion in Q2 2023, agency Single-Family MBS

continues to account for a growing percentage of the total mortgage debt outstanding, up to 65% of

total mortgage debt from just 52% in 2011.

Figure 81. Value of the U.S. Housing Market

Figure 82. Size of the U.S. Residential Mortgage Market

Source: Federal Reserve Flow of Funds Data as of Q2 2023.

12.8

31.6

44.4

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

$ Trillions

Debt Household Equity Total Value

0.5

9.0

3.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0 $ Trillions

Private Label Securities Home Equity loans Agency MBS Unsecuritized first liens
GLOBAL MARKETS ANALYSIS REPORT

Disclosure

October 2023

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 63

17 DISCLOSURE

“The data provided in the Global Markets Analysis Report (hereinafter, the “report”) should be

considered as general information only and is current only as of its specified date, unless otherwise

noted. No information contained herein is, and should not be construed to be, investment advice.

Nor does any information contained herein constitute an offer to sell, or is a solicitation of an offer

to buy, securities.

The information contained herein is based upon information generally available to the public from

sources believed to be reliable as of the specified date. The accuracy of the information contained

herein is based on the corresponding accuracy of the issuer data as reported to the Government

National Mortgage Association (hereinafter, “Ginnie Mae”).

Therefore, if there is insufficient or inaccurate data to support calculations of any specific disclosure

information, Ginnie Mae disclaims any and all liability relating to that information, including, without

limitation, any express or implied representations or warranties for statements or errors contained

in, or omissions from, the report.

The forward-looking statements, and underlying assumptions, speak only as of the date of September

30, 2023. Ginnie Mae expressly disclaims any obligation or undertaking to update or revise any

forward-looking statement or underlying assumption contained in the report to reflect any change in

its expectations or any change in circumstances upon which such statement is based.

Past performance is not a guarantee of future results. Accordingly, there are no assurances given, nor 

representations or warranties made, that all estimated returns or projections will be realized, or that

actual returns or performance results will not materially differ from those estimated herein.”