Global Markets 

Analysis Report

A MONTHLY PUBLICATION OF GINNIE MAE’S 

OFFICE OF CAPITAL MARKETS

PREPARED FOR GINNIE MAE 

BY STATE STREET GLOBAL ADVISORS 

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

Barclays US Aggregate and Global Indices 5

Global 10-year treasury yields 6

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

Ginnie Mae yield spreads- Intermediate Credit 10

MBS yield per duration 11

Total return and Sharpe Ratios 12 

State of the US Housing Market

Serious delinquency rates 13

National HPI, HPI by state 13-14 

Ginnie Mae Agency issuance and Agency outstanding by state 15

Size and value of the US Residential housing and mortgage markets 16

Outstanding Agency MBS 17

OutstandingGinnie Mae MBS volume by vintage and coupon over time 18

Characteristics of Ginnie Mae loansin forbearance 19-21

Origination volume over time 22

US Agency Market, Originations

Agency Gross and Net Issuance 23-25 

CONTENTS

Purchase versus refi: Refi Issuance Breakdown 26 

Credit Box

First time homebuyer share—purchase only loans 27-28

Credit box at a glance (FICO, LTV, DTI) 29-31

Historical credit box (FICO, LTV,DTI) 32-33

CumulativeDefault Rates: FHA and VA 34

High LTV credit box 35-36

Ginnie Mae Nonbank Originators

Nonbank originatorshare (All, Purchase, Refi) 37-38

Bank vs. nonbank originators historical credit box, Ginnie Mae vs. GSE (FICO, LTV, DTI) 39-42

Holders of Ginnie Mae Mortgage Servicing Rights 

Top Holders of Ginnie Mae MSR 43-44

Non-bank Holders of Ginnie Mae MSR 44

Prepayments 

Aggregate 45

Select coupon/origination year cohorts 46-48

Other Ginnie Mae Programs

HMBS and Multifamily 49

Market Conditions-Agency MBS

Average daily trading volume and turnover by sector 50

MBS Ownership

Ownership breakdown of total agency debt and commercial bank ownership of MBS 51

Bank and Thrift Residential MBS Holdings 52

Foreign ownership of MBS 53-54

Fed Ownership of MBS 55
HIGHLIGHTS

Low prices, rising home prices, and tight credit all limit access to homeownership

House prices have been appreciating rapidly for the last several years given the continued shortage of homes

available for sale. Despite the severe economic shock triggered by the pandemic a year ago, house price growth 

escalated over the course of 2020, driven in large part by the sharp decline in mortgage rates. As a result, the 

months supply of available homes on the market reached a record low, standing at 2 months as of February 2021

(Figure 1).

Figure 1: Months of Supply

Source: National Association of Realtors. Data as of February 2021.

While rising house prices allow existing homeowners to build wealth, they severely limit affordability for future 

buyers, who are disproportionally younger households and people of color. As Figure 2 shows, cumulative home 

price growth since January 2014 has been strongest for the lowest priced homes. Prices for homes valued in the 

bottom quintile (blue line) are up 72.1 percent since Jan 2014 compared to 35.6 percentfor the top quintile 

homes (pink line). The pattern of lower priced homes appreciating at a much faster rate than higher priced homes

persisted even during the pandemic.

Figure 2: Cumulative House Price Growth by Price Tier since January 2014

Sources: Black Knight and Urban Institute. Data as of February 2021.

Months ofsupply

14

12

10

8

6

4

2

0

19992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021 2.0

80%

70%

60%

50%

40%

30%

20%

10%

0%

Lowest quintile Second quintile Third quintile Fourth quintile Highest quintile
HIGHLIGHTS

While the dwindling available supply of homes is the main driver of lack of affordability, the structural problem

of tight credit post-2008 has kept many responsible households, disproportionately households of color, from

being able to qualify for mortgages. Credit standards were tight even before the pandemic began and have 

tightened even more since. The Urban Institute’s housing credit availability index (HCAI), which measures the 

amount of risk the mortgage marketis taking at a given point, stood at just under 5.0 percent in the third

quarter of 2020. This is down from 5.1 percent in Q2 2020 and less than half of the 12 percent range prior to 

the excesses of the housing bubble.

Figure 3: Housing Credit Availability Index (HCAI)

Sources: eMBS, CoreLogic, HMDA, IMF, and Urban Institute. Note: Default is defined as 90 days or more delinquent at any point.

Last updated January 2021.

Despite these challenges of housing affordability and access to credit, Ginnie Mae, along with FHA, VA and

USDA, has successfully enabled homeownership for low- and moderate-income households. In fact, as page 17

shows, the Ginnie Mae market has grown substantially in terms of its mortgage-backed securities outstanding,

which currently total over $2 trillion. Additionally, in 2020, both FHA and VA reached new purchase lending

records at $187 billion and $131.5 billion respectively. As page 23 shows, this trend has continued to persist so 

far 2021.

Disclosures:

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

unless otherwise noted. The information provided does not constitute investment advice and it should not be 

relied on as such. All information has been obtained from sources believed to be reliable, but its accuracy is not

guaranteed. The views expressed in this material are the views of Urban Institute and Street Global Advisors as

of March 11th, 2021 and are subject to change based on market and other conditions. This document contains

certain statements that may be deemed forward-looking statements. Please note that any such statements are 

not guarantees of any future performance and actual results or developments may differ materially from those 

projected.

© 2021 State Street Corporation. All Rights Reserved.

Information Classification: General

United States: State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641.

Tracking Code: 3489613.3.1.AM.INST

Expiration Date: 4/30/2022

Highlights this month:

• In Q4 2020, mortgage debt outstanding increased slightly to $11.7 trillion, and total household equity

increased to $22.4 trillion (Page 16).

• The largest holders of agency debt in Q4 2020 include the Federal Reserve (21 percent), commercial banks

(24 percent), foreign investors (12 percent), and money market & pension funds (10 percent) (Page 51).

18

16

14

12

10

8

6

4

2

0

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Percent

Total default risk

Borrower risk

Product
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

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

than either the US Treasury share (37 percent) or the US Credit share (31 percent). Fannie Mae 30-year MBS

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

Mae 30-year MBS comprise 7 and 6 percent of the market, respectively. Mortgages with terms of 15 and 20 years

comprise the remaining balance (4 percent) of the Barclays US Aggregate Index. US securities are the single largest

contributor to the Barclays Global Aggregate, accounting for 36 percent of the global total. US MBS comprises 10

percent of the global aggregate.

Barclays US

Aggregate Index

7%

10%

6%

2%

4%

31%

37%

2%

Treasury

Agency

Credit

GNMA MBS 30y

FNMA MBS 30y

FHLMC MBS 30y

15y and 20y MBS

ABS & CMBS

1% 2%

10%

25%

9%

53%

Global Treasury

Global Agency

Global Credit

US MBS

ABS & CMBS

Collateralised

(Pfandbrief)

0.04%

1%

21%

2% 0%

30%

2%

3% 1%

36%

Australia

Canada

Middle East

United States

Europe

Asia & Pacific Rim

Latin America

Africa

Supranational

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2021.

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

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

Others

Sources: Bloomberg and State Street Global Advisors.

Note: Data as of March 2021.

Sources: Bloomberg and State Street Global Advisors

Note: Data as of March 2021.
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Yield (%) 5.0

4.0

3.0

2.0

1.0

0.0

-1.0

-2.0

Global 10-year Treasury Yields

Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21

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

5.0

4.0

3.0

2.0

1.0

0.0

-1.0

-2.0

10yr US Treasury hedged yield, JPY

3.0

2.5

2.0

1.5

1.0

0.5

0.0

-0.5

-1.0

-1.5

-2.0

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

10y US hedged yield, JPY (left)

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

2

5.0

4.0

3.0

.0

1.0

0.0

-1.0

-2.0

10yr US Treasury hedged yield, EUR

2.0

1.5

1.0

0.5

0.0

-0.5

-1.0

-1.5

-2.0

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

10y US hedged yield, EUR (left)

Yield(%)

After experiencing COVID-19 related volatility in March and April of 2020, government bond yields across the 

globe gradually stabilized and have started trending up meaningfully in 2021. Yields on the 10-year treasury 

increased by 34 bps to 1.74 percentin March 2021, remaining the highest of the developed world. The yield on 

the Italian 10-year note, which was higher than the 10-year sovereign debt of the US, Japan, and Europe for

much of 2020, decreased by 9 bps to 0.67 percent. The yield on the UK 10-year bond rose slightly by 3 bps to 

0.85 percent, while the Japanese 10-year government bond decreased by 7 bps to 0.10 percent in March. The 

German 10-year yield decreased slightly by 3 bps to negative 0.29 percent in March. At the end of March 2021,

the hedged yield differential between the 10-year Treasury and the 10-year JGB stood at 129 bps, a widening of

46 bps from the previous month. The hedged yield differential between the 10-year Treasury and the 10-year 

Bund stood at 125 bps, an expansion of 41 bps since the end of February 2021.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2021. Yield(%)

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

Sources: Bloomberg and State Street Global Advisors.

Note: Data as of March 2021.

Sources: Bloomberg and State Street Global Advisors

Note: Data as of March 2021.
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

G2SF CC yield & nominal spread, USD

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

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

5.0

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

GNSF CC yield & nominal spread, USD

2.0

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

GNSF CC yield, USD (left)

Yield(%) Yield(%)

Nominal yields were up in March 2021, with GNMA II yields rising 11 bps to 1.87 percent and GNMA I yields

up 10 bps to 2.01 percent. At the end of March, current coupon Ginnie Mae securities outyield their Treasury

counterparts (relative to the average of 5- and 10-year Treasury yields) by 53 bps on the G2SF and 67 bps on 

the GNSF, a tightening of 16 and 17 bps on the G2SF and GNSF, respectively, since last month.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2021.

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

Yield(%)

Yield(%)

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2021.
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

2.0

G2SF CC yield & nominal spread, JPY

1.5

1.0

0.5

0.0

-0.5

-1.

Ma 0 r-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

2.5

2.0

1.5

1.0

0.5

0.0

-0.5

-1.0

G2SF CC yield, JPY (left)

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

blend at the end of March 2021. More precisely, hedged into Japanese yen, the G2SF and GNSF have a 151 and

165 bp yield, respectively, versus the JGB 5/10 blend. This represents a 22 bp widening for G2SF and a 21 bp

widening for GNSF since the end of February 2021.

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

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2021.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2021.

5.0

4.0

3.0

2.0

1.0

0.0

-1.0

GNSF CC yield & nominal spread, JPY

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

-0.5

-1.0

Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

GNSF CC yield, JPY (left)

Yield(%) Yield(%)

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

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

Income and Ginnie Mae MBS

G2SF CC yield & nominal spread, EUR

1.5

1.0

0.5

0.0

-0.5

-1.0

Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21

1.8

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

-0.2

-0.4

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

6.0

5.0

4.0

3.0

2.0

1.0

0.0

-1.0

GNSF CC yield & nominal spread, EUR 3.0

2.5

2.0

1.5

1.0

0.5

0.0

-0.5

Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

GNSF CC yield, EUR (left)

Yield(%) Yield(%)

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

Blend. The figures below show that at the end of March 2021, the current coupon G2SF and GNSF hedged into 

euros have a 155 and 169 bp higher yield than the average of the German 5/10, respectively. This represents a

20 and 19 bp expansion for the G2SF and GNSF, respectively, since the end of February 2021.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2021.

Yield(%) Yield(%)

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

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2021.
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

350

300

250

200

150

100

50

0

Jan-17 Jun-17 Nov-17 Apr-18 Sep-18 Feb-19 Jul-19 Dec-19 May-20 Oct-20 Mar-21

Sources: State Street GlobalAdvisors. Note: Data as of March2021.

450

400

350

300

250

200

150

100

50

0

-50

Jan-17 Jun-17 Nov-17 Apr-18 Sep-18 Feb-19 Jul-19 Dec-19 May-20 Oct-20 Mar-21

U.S. Intermediate Credit - OAS

The spread between US Intermediate Credit and GNMA II 30 year OAS skyrocketed in February 2020 in response 

to the COVID-19 panic. This was followed by substantial tightening over the remainder of 2020 and into March of

2021. The OAS on intermediate credit fully recovered from its enormous widening in early 2020, while the Ginnie

Mae II 30-year fell to multi-year lows. The spread between the two remains much elevated, ending March 2021 at

65 bps, higher than the 21 bps in January 2020, but similar to levels in mid 2019.

G2 30 MBS versus Intermediate Credit

US GNMA 30yr II - OAS

Sources: State Street GlobalAdvisors. Note: Data as of March2021.

Spread between Intermediate credit and 30-year GNMA MBS OAS
Relative Attractiveness of US Fixed

Income and Ginnie Mae MBS

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

The only asset classes with significantly more yield are the US and Pan-Euro high yield and creditindices.

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

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

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

Data as of March 2021.

Security Duration Yield

US 5y 4.9 0.94

US 10y 9.3 1.74

GNMA II 3.0% 4.4 1.75

GNMA II 3.5% 3.2 1.67

JPY 5y 4.7 -0.10

JPY 10y 9.6 0.09

GER 5y 5.1 -0.63

GER 10y 9.9 -0.29

ITA 5y 4.8 0.01

ITA 10y 9.5 0.67

US credit 8.1 2.19

US credit >= A 7.9 1.86

US HY 3.7 4.23

Pan-Euro Corp 5.8 0.60

Pan-Euro HY 3.5 3.22

Yiel

d

5.00

4.00

3.00

2.00

1.00

0.00

-1.00

Yield versus duration

US HY

Pan-Euro HY

US Credit

G2 3.5% G2 3.0%

US 5y

US Credit>=A

US 10y

ITA 5y

JPY 5y

GER 5y

Pan-Euro 

Corp

ITA 10y

GER 10y

JPY 10y

0.0 2.0 4.0 6.0 8.0 10.0 12.0

Duration
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Source: State Street

*A s 2% on max r

Average Return (Per Month)

Time Period US MBS

Ginnie Mae

US Treasury US Credit Corp

Pan Euro 

Credit Corp

US High Yield* Pan Euro

High Yield*

1 year -0.03 -0.37 0.72 0.77 1.80 1.72

3 year 0.30 0.34 0.52 0.26 0.59 0.38

5 year 0.18 0.19 0.41 0.21 0.67 0.42

10 year 0.23 0.24 0.42 0.37 0.55 0.55

* ssume 2 capitalization m per issue

Source: ta treet

*Assumes 2% capitalization max p

Average Excess Return (Per Month)

Time Period US MBS

Ginnie Mae

US Treasury US Credit Corp

Pan Euro 

Credit Corp

US High Yield* Pan Euro

High Yield*

1 year -0.04 -0.38 0.72 0.82 1.80 1.78

3 year 0.19 0.24 0.42 0.31 0.48 0.43

5 year 0.09 0.10 0.32 0.27 0.58 0.48

10 year 0.18 0.20 0.37 0.40 0.50 0.58

 S te S

er issuer

Source: State Street

*A sumes 2% on max

Standard Deviation

Time Period US MBS

Ginnie Mae

US Treasury US Credit Corp

Pan Euro 

Credit Corp

US High Yield* Pan Euro

High Yield*

1 year 0.29 0.90 2.25 1.38 2.02 1.88

3 year 0.60 1.29 2.04 1.65 2.69 2.90

5 year 0.59 1.16 1.71 1.38 2.19 2.32

10 year 0.64 1.07 1.50 1.36 2.03 2.03

* s um 2 capitalization per issuer

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

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

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

highest among all asset classes for the 3-year horizon and is higher than any of the other US indices (10-year 

Treasury, US Corporate Credit, US High Yield) in a 10-year horizon.

Sharpe Ratio

Time Period US MBS

Ginnie Mae

US Treasury US Credit Corp

Pan Euro 

Credit Corp

US High Yield Pan Euro

High Yield*

1 year -0.13 -0.42 0.32 0.59 0.89 0.95

3 year 0.32 0.18 0.20 0.19 0.18 0.15

5 year 0.16 0.09 0.19 0.20 0.27 0.21

10 year 0.28 0.18 0.25 0.30 0.24 0.28

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

Sources: Barclays Indices, Bloomberg and State Street Global Advisors. Note: Data as of March 2021.
Serious delinquency rates 12%

10%

8%

6%

4%

2%

0%

1Q074Q073Q082Q091Q104Q103Q112Q121Q134Q133Q142Q151Q164Q163Q172Q181Q194Q193Q20

10.76%

5.77%

3.20%

3.04%

Fannie Mae Freddie Mac FHA

State of the US Housing Market

Serious Delinquency Rates: Single-Family Loans

VA

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

Note: Serious delinquency is defined as 90 days ormore past due orin the foreclosure process.Data as of Q4 2020.

4Q20

National Year-Over-Year HPI Growth

Year-over-year growth rate

20%

15%

10%

5%

0%

-5%

-10%

-15%

Feb-02

Aug-02

Feb-03

Aug-03

Feb-04

Aug-0

4

Feb-05

Aug-05

Feb-06

Aug-06

Feb-07

Aug-07

Feb-08

Aug-08

Feb-09

Aug-09

Feb-10

Aug-1

0

Feb-11

Aug-11

Feb-12

Aug-12

Feb-13

Aug-13

Feb-14

Aug-1

4

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-2

0

Feb-21

Bottom price tier Middle price tier

Serious delinquency rates for single-family GSE loans fell slightly in Q4 2020 while FHA and VA serious delinquency

rates continued to rise but at a slower rate. The increase in delinquencies from Q2-Q4 2020 reflects the impact of

the pandemic on mortgage payments. The bottom chart shows nationwide house prices for the bottom, middle and

the top quintiles by price. House prices escalated significantly in the second half of 2020. Prices have risen most at

the lower end of the market where Ginnie Mae plays a major role. Prices at the lower end of the market rose by 12.6

percentfor 12 months ended February 2021, higher than the 11.6 percent for the top end of the market. Year-overyear price growth in February 2021 was higher than in January 2021 for all price tiers.

Top price tier

12.6%

12.1%

11.6%

Sources: Black Knight and Urban Institute. Note: Black Knight modified the methodology behind their HPI in February 2021,resulting in changes to

historic price estimates. Black Knight divides home prices in each region into quintiles; thisfigure showsthe performance of the bottom, middle and top

quintiles. Data as of February 2021.
State of the US Housing Market

Debt,

household 

ages,

833

Nationally, nominal home prices have increased by 73.4 percent since the trough, and now exceed their pre-crisis peak 

valuation on a nominal basis by 29.6 percent. The picture is very different across states, with most states well in excess of

the prior peak; two states remain below their 2007 peak, with Illinois, at 3.0 percent below peak level, the most underwater.

mortg

$9,

Sources: Black Knight and Urban Institute. Note: Black Knight modified the methodology behind theirHPI in February 2021,resulting in changes to historic price 

estimates. HPI data as of January 2021. Negative sign indicates thatstate is above earlier peak. Peak refersto the month when HPI reached the highest level for each 

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

the housing bust, ranging from01/2009 to 03/2012.Currentis 2/2021,the latest HPI data period.

HPI Changes

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

National 74.9% -25.3% 73.4% 11.6% 29.6%

Alabama 35.9% -15.4% 45.4% 10.7% 22.9%

Alaska 68.9% -3.0% 31.9% 7.9% 28.0%

Arizona 110.2% -47.9% 122.0% 17.5% 15.6%

Arkansas 41.5% -9.8% 35.7% 10.9% 22.5%

California 154.5% -43.3% 118.6% 12.4% 23.9%

Colorado 40.4% -12.9% 105.3% 12.5% 78.9%

Connecticut 92.1% -24.8% 31.0% 14.0% -1.6%

Delaware 93.9% -23.7% 45.7% 12.6% 11.2%

District of Columbia 174.5% -13.9% 64.4% 4.6% 41.5%

Florida 128.3% -46.9% 92.1% 10.7% 2.1%

Georgia 38.3% -31.5% 88.1% 13.0% 28.9%

Hawaii 163.0% -22.6% 63.9% 7.5% 26.8%

Idaho 71.7% -28.8% 139.4% 24.6% 70.3%

Illinois 61.6% -34.4% 47.9% 6.8% -3.0%

Indiana 21.6% -8.1% 52.1% 10.9% 39.7%

Iowa 28.4% -4.8% 35.4% 7.8% 29.0%

Kansas 34.5% -9.3% 59.9% 12.0% 45.0%

Kentucky 29.6% -7.7% 48.9% 11.8% 37.5%

Louisiana 48.6% -5.4% 30.1% 6.1% 23.1%

Maine 81.9% -12.4% 62.2% 14.6% 42.2%

Maryland 129.5% -28.8% 44.0% 12.7% 2.5%

Massachusetts 92.3% -22.7% 74.0% 11.1% 34.6%

Michigan 23.8% -39.4% 98.9% 11.4% 20.6%

Minnesota 66.6% -28.0% 71.4% 8.9% 23.4%

Mississippi 41.2% -13.8% 41.7% 9.2% 22.2%

Missouri 42.7% -15.5% 52.2% 10.4% 28.6%

Montana 83.1% -11.6% 76.0% 17.0% 55.6%

Nebraska 26.5% -6.8% 57.5% 10.0% 46.7%

Nevada 126.8% -59.0% 149.6% 11.1% 2.3%

New Hampshire 91.0% -23.3% 66.7% 16.7% 27.9%

New Jersey 117.8% -28.1% 45.0% 13.8% 4.3%

New Mexico 66.6% -16.4% 41.9% 11.7% 18.7%

New York 98.6% -15.3% 54.6% 9.1% 31.0%

North Carolina 40.6% -16.1% 57.8% 13.1% 32.3%

North Dakota 53.2% -3.8% 60.9% 6.3% 54.8%

Ohio 21.2% -18.6% 55.5% 12.4% 26.6%

Oklahoma 37.4% -2.7% 32.4% 9.1% 28.8%

Oregon 81.9% -28.3% 108.8% 14.3% 49.8%

Pennsylvania 70.0% -11.8% 39.9% 11.0% 23.4%

Rhode Island 130.3% -34.7% 76.4% 14.6% 15.2%

South Carolina 45.0% -19.6% 51.6% 10.5% 21.8%

South Dakota 45.2% -3.6% 59.9% 10.3% 54.2%

Tennessee 35.0% -11.9% 67.5% 13.4% 47.5%

Texas 33.6% -5.8% 66.1% 9.6% 56.4%

Utah 55.0% -22.2% 110.4% 17.4% 63.7%

Vermont 81.3% -9.2% 40.3% 17.9% 27.4%

Virginia 100.0% -23.0% 42.2% 9.9% 9.5%

Washington 84.8% -28.7% 123.6% 15.8% 59.4%

West Virginia 40.4% -5.8% 37.0% 13.2% 29.1%

Wisconsin 44.8% -16.4% 51.4% 11.2% 26.6%

Wyoming 77.9% -7.4% 46.4% 10.1% 35.5%
State of the US Housing Market

Debt,

household 

mortgages,

$9,833

h

m

Ginnie Mae MBS constitute 23.6 percent of outstanding agency issuance by loan balance and 24.7 percent of new

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

outstanding (by loan balance) as low as 10.5 percent in the District of Columbia and as high as 45.1 percent in 

Mississippi. In general, the Ginnie Mae share is higher in states with lower home prices.

State

National

GNMA Share

24.7%

Agency Issuance (past 1 year)

GNMA Loan GNMA Avg.

Count Loan Size (000)

2,879,847 256.6

GSE Avg. Loan 

Size (000)

282.1

GNMA Share

23.6%

Agency Outstanding 

GNMA Loan GNMA Avg.

Count Loan Size (000)

10,988,397 165.7

GSE Avg.

Loan Size

(000)

206.2

Alabama 37.7% 53,291 198.1 223.0 38.1% 235,100 130.0 163.3

Alaska 46.7% 9,405 312.1 280.3 44.2% 37,397 234.1 210.6

Arizona 25.9% 107,648 251.3 257.9 22.3% 298,673 170.9 199.2

Arkansas 35.4% 28,653 169.6 202.3 37.5% 137,886 111.9 147.9

California 17.3% 261,410 395.2 391.1 14.2% 729,813 270.0 298.7

Colorado 24.5% 88,856 334.4 321.4 20.0% 228,324 232.7 252.2

Connecticut 23.7% 22,921 240.7 268.7 24.0% 106,492 180.6 198.3

Delaware 30.6% 12,638 241.9 260.7 30.0% 51,469 180.0 195.6

District of Columbia 13.2% 2,527 506.2 441.4 10.5% 9,123 300.3 333.1

Florida 35.4% 246,469 246.6 249.2 29.8% 844,654 173.8 187.0

Georgia 33.1% 132,023 219.6 252.8 31.9% 506,428 147.6 185.0

Hawaii 40.9% 13,594 555.0 442.3 23.6% 32,839 385.7 335.4

Idaho 24.3% 22,279 255.7 251.8 22.6% 73,401 165.2 193.6

Illinois 17.4% 78,787 204.6 237.4 19.7% 357,860 140.1 169.4

Indiana 26.7% 66,433 171.9 193.5 29.5% 291,417 112.5 138.1

Iowa 16.7% 17,091 174.1 197.8 20.4% 84,416 115.0 141.6

Kansas 24.8% 21,168 184.6 215.0 28.2% 100,694 120.3 151.8

Kentucky 30.3% 37,594 179.5 200.6 32.4% 165,721 122.1 143.8

Louisiana 35.0% 42,091 195.3 229.8 36.6% 189,421 138.9 168.4

Maine 24.5% 10,001 212.2 238.2 24.8% 39,524 153.2 176.4

Maryland 34.6% 83,189 325.7 316.2 30.7% 291,851 229.2 234.3

Massachusetts 14.2% 33,298 333.2 340.5 14.1% 117,917 241.7 253.3

Michigan 16.5% 62,694 174.1 205.7 19.4% 290,788 114.1 145.9

Minnesota 16.1% 40,942 232.7 249.0 17.2% 172,367 157.1 185.3

Mississippi 43.0% 23,791 179.9 206.2 45.1% 117,137 122.5 150.3

Missouri 24.6% 56,767 182.2 210.7 28.1% 255,715 121.1 150.4

Montana 24.2% 9,748 255.2 259.8 22.3% 35,241 172.8 195.4

Nebraska 23.6% 15,135 198.6 205.6 25.6% 69,313 124.3 149.4

Nevada 33.9% 49,828 287.8 269.6 26.8% 136,650 199.9 210.3

New Hampshire 22.2% 11,438 269.4 265.0 21.8% 42,180 195.0 197.8

New Jersey 19.5% 57,625 284.7 320.5 20.3% 235,778 209.6 238.2

New Mexico 36.5% 20,883 213.0 226.2 36.0% 96,840 141.5 163.5

New York 17.9% 46,458 282.5 316.8 20.1% 315,208 184.9 229.2

North Carolina 28.6% 110,811 219.4 249.5 27.2% 426,025 144.3 181.6

North Dakota 20.5% 4,308 237.3 232.7 20.7% 16,710 169.4 176.8

Ohio 25.4% 87,846 171.8 194.9 28.5% 434,824 112.6 137.4

Oklahoma 39.3% 36,977 183.8 206.1 41.3% 193,058 120.7 149.4

Oregon 20.8% 39,440 298.8 299.0 17.5% 120,245 208.0 229.4

Pennsylvania 23.2% 75,923 195.2 238.2 26.1% 402,959 134.2 169.1

Rhode Island 27.0% 9,288 266.9 261.3 27.0% 35,882 195.1 198.3

South Carolina 34.4% 64,878 221.0 236.1 31.3% 230,422 151.1 174.6

South Dakota 24.3% 7,891 211.5 219.9 27.2% 30,282 145.1 166.0

Tennessee 31.4% 73,232 221.6 245.6 31.2% 288,008 142.9 182.3

Texas 31.7% 272,964 234.0 257.7 29.6% 1,078,816 150.1 190.1

Utah 18.4% 39,103 292.6 290.1 18.1% 112,531 203.1 235.6

Vermont 18.7% 2,774 219.0 236.4 17.2% 12,566 163.4 168.5

Virginia 35.9% 129,289 323.9 322.5 31.7% 441,400 215.8 235.5

Washington 22.4% 86,704 337.5 347.0 19.1% 254,503 228.5 262.6

West Virginia 41.6% 12,168 182.5 189.2 40.8% 56,387 126.2 135.1

Wisconsin 14.7% 32,090 197.8 213.0 15.7% 130,051 134.2 152.8

Wyoming 33.6% 7,486 242.1 248.7 32.3% 26,091 179.0 189.5

Sources: eMBS and Urban Institute. Note: Ginnie Mae outstanding share are based on loan balance as of January 2021.Ginnie Mae issuance is based on the last 12 

months, from February 2020 to February 2021.
State of the US Housing Market

$ Trillions 40.0

35.0

30.0

25.0

20.0

15.0

10.0

5.0

0.0

Value ofthe US Housing Market

$34.1

$22.4

$11.7

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Debt Household equity Total Value

$ Trillions 8

7

6

5

4

3

2

1

0

Size ofthe US Residential Mortgage Market

$7.5

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

$3.29

$0.44

$0.41

Private Label Securities Home Equity loans Agency MBS

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

market, driven primarily by growing home equity since 2012. Mortgage debt outstanding increased slightly from

$11.5 trillion in Q3 2020 to $11.7 trillion in Q4 2020 while total household equity increased from $21.7 trillion to 

$22.4 trillion. The total value of the housing market reached $34.1 trillion in Q4 2020, 33.5 percent higher than 

the pre-crisis peak in 2006. Agency MBS accountfor 64.5 percent of the total mortgage debt outstanding,

private-label securities make up 3.5 percent, and unsecuritized first liens make up 28.2 percent. Home equity

loans comprise the remaining 3.8 percent of the total.

Unsecuritized first liens

Sources: Federal Reserve Flow of Funds, eMBS and Urban Institute. Last updated April 2020.

Note Top: Single family includes 1-4 family mortgages. The home equity number is grossed up from Fed totalsto include the value of households and 

the non-financial business sector. Note Bottom: Unsecuritized first liens includes loans held by commercial banks, GSEs, savings institutions, credit

unions and other financial companies.
State of the US Housing Market

As of February 2021, outstanding securities in the agency markettotaled $7.64 trillion: 42.4 percent Fannie Mae,

30.8 percent Freddie Mac, and 26.8 percent Ginnie Mae MBS. Within the Ginnie Mae market, both FHA and VA

have grown very rapidly since 2009, although since May 2020, FHA has contracted. FHA comprises 55.0 percent of

total Ginnie Mae MBS outstanding, while VA comprises 39.2 percent. Note that during the pandemic the GSEs

have been growing faster than Ginnie Mae, courtesy of borrowers with home price appreciation moving from FHA

to conventional refinances and saving on the mortgage insurance premium.

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

$3.24

$2.35

$2.05

Feb-03

Aug-03

Feb-04

Aug-0

4

Feb-05

Aug-05

Feb-06

Aug-06

Feb-07

Aug-07

Feb-08

Aug-08

Feb-09

Aug-09

Feb-10

Aug-1

0

Feb-11

Aug-11

Feb-12

Aug-12

Feb-13

Aug-13

Feb-14

Aug-1

4

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-2

0

Feb-21

$ Trillions

Outstanding Agency Mortgage-Backed Securities

Fannie Mae Freddie Mac Ginnie Mae

Sources: eMBS and Urban Institute. Note: Data as of February 2021.

$ Trillions 1.4

1.2

1.0

0.8

0.6

0.4

0.2

0.0

Outstanding Ginnie Mae Mortgage-Backed Securities

$1.1

$0.8

$0.1

Feb-03

Aug-03

Feb-04

Aug-0

4

Feb-05

Aug-05

Feb-06

Aug-06

Feb-07

Aug-07

Feb-08

Aug-08

Feb-09

Aug-09

Feb-10

Aug-1

0

Feb-11

Aug-11

Feb-12

Aug-12

Feb-13

Aug-13

Feb-14

Aug-1

4

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-2

0

Feb-21

FHA VA

Sources: eMBS and Urban Institute Note: Data as of February 2021.

Other
100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

4.1

4

3.9

3.8

3.7

3.6

3.5

3.4

3.3

3.2

3.1

3

Outstanding Volume Share <3.0 3.0-3.49 3.5-4.0 >4.0 Avg Coup

State of the US Housing Market

Avg. Coup

As of February 2021, the average coupon on outstanding Ginnie Mae pools was 3.30 percent, declining steadily

over time. The share of outstanding MBS pools with coupons below 3.0 percent has grown exponentially in 2020

due to plummeting rates. The bottom chart shows that loans originated since 2019 now comprise almost half, 49.8

percent, of outstanding as older vintages continue to refinance in substantial numbers.

Outstanding Ginnie Balance, by Coupon

Sources: eMBS and Urban Institute

Note:Data as of February2021. Average coupon is weighted by remaining principal balance.

Outstanding Ginnie Volume, by Vintage 

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

Development. Data as of February 2021.

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Pre-2008 2008-2013 2014-2018 2019-Present Outstanding Volume Share
State of the US Housing Market

In February 2021, a total of 785,393 Ginnie Mae loans were in forbearance, 28,202 of which were removed from

pools (i.e. liquidated) during the month. Most liquidated loans (24,436) were FHA. Forborne loans removed from

pools in February 2021 had measurably higher note rates and were more likely to be purchase loans than forborne 

loans that remain in pools.

Debt,

household 

mortgages,

$9,833

All loans in forbearance – February 2021

FICO Score* Note Rate* Current Principal Balance

Median FTHB Share Purchase

Share

Loan Count

Ginnie 661 4.1 $172,036 77.6% 71.1% 785,393

Bank 676 4.1 $134,498 73.6% 77.0% 113,622

Nonbank 659 4.1 $178,253 78.2% 70.2% 671,771

FHA 657 4.1 $169,529 78.2% 73.2% 584,395

Bank 669 4.2 $124,301 74.7% 79.3% 83,157

Nonbank 656 4.1 $177,185 78.7% 72.3% 501,238

VA 669 3.8 $217,857 69.4% 51.4% 137,719

Bank 687 3.8 $195,232 67.3% 65.7% 23,761

Nonbank 666 3.8 $222,261 69.9% 48.4% 113,958

Sources: eMBS and Urban Institute. Note: Data as of February 2021. *Averages weighted by remaining principal balance of loans.

Loans in forbearance and removed from pools – February 2021

FICO Score* Note Rate* Current Principal Balance

Median FTHB Share Purchase

Share

Loan Count

Ginnie 664 4.2 $170,000 75.8% 78.0% 28,202

Bank 677 4.2 $137,581 74.4% 81.9% 11,857

Nonbank 658 4.3 $199,000 76.6% 75.7% 16,345

FHA 660 4.3 $168,000 76.4% 79.7% 24,436

Bank 674 4.3 $133,622 75.1% 84.0% 9,482

Nonbank 655 4.3 $196,000 77.2% 77.7% 14,954

VA 686 3.8 $215,000 63.9% 56.9% 2,706

Bank 690 3.9 $188,000 64.6% 64.8% 1,569

Nonbank 682 3.8 $254,000 63.0% 47.0% 1,137

Loans in forbearance that remain in pools – February 2021

FICO Score* Note Rate* Current Principal Balance

Median FTHB Share Purchase

Share

Loan Count

Ginnie 661 4.1 $172,569 77.6% 70.9% 757,048

Bank 675 4.1 $135,759 73.4% 76.7% 103,321

Nonbank 659 4.1 $178,164 78.3% 70.1% 653,727

FHA 657 4.1 $170,063 78.3% 73.0% 559,830

Bank 669 4.2 $124,960 74.4% 78.9% 75,080

Nonbank 656 4.1 $177,117 78.8% 72.2% 484,750

VA 669 3.8 $218,183 69.5% 51.3% 135,000

Bank 686 3.8 $197,179 67.5% 65.8% 22,235

Nonbank 666 3.8 $222,106 70.0% 48.4% 112,765
State of the US Housing Market

The share of Ginnie Mae loans in forbearance is higher for nonbank issuers than for bank issuers for two reasons:

(1) more recent origination is more likely to be forborne and comprises a larger share of the non-bank servicing

portfolio, and (2) banks have been more aggressive in buying forborne loans out of Ginnie Mae pools. Delinquent

buyouts by nonbank issuers continue to remain muted relative to total nonbank loans removed from pools, but

have edged up compared to delinquent buyouts by bank issuers (bottom charts, yellow areas).

Sources: eMBS and Urban Institute. Note:Data as of February 2021. Sources: eMBS and Urban Institute. Note:Data as of February 2021.

250000

200000

150000

100000

50000

0

Dec-19

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Other Loss Mitigation

Repurchase of Delinquent Loan Mortgagor Payoff

300000

250000

200000

150000

100000

50000

0

Dec-19

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Other Loss Mitigation

Repurchase of Delinquent Loan

Sources: eMBS and Urban Institute. Note: Data as of February 2021.

Number of Loans Removed from Pools:

Bank Issuers

Number of Loans Removed from Pools:

Nonbank Issuers

Mortgagor Payoff

14%

12%

10%

8%

6%

4%

2%

0%

May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21

Bank Forbearance Nonbank Forbearance All Forbearance Forbearance Share

Share of Ginnie Mae Loans in Forbearance
State of the US Housing Market

Ginnie Mae delinquent loans bought out of pools are more likely to be FHA than VA (top charts, yellow areas)

and more likely to be higher coupons (bottom chart). In February 2021, 33,625 FHA and 2,849 VA loans were 

bought out. (These counts include all delinquent buyouts, regardless of forbearance status). Despite the 

increase in buyout activity during the pandemic,the vast majority of loans removed from pools have been 

payoffs triggered by ultra-low rates (blue areas).

Sources: eMBS and Urban Institute. Note:Data as of February 2021. Sources: eMBS and Urban Institute. Note:Data as of February 2021.

300000

250000

200000

150000

100000

50000

0

Dec-19

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Other Loss Mitigation

Repurchase of Delinquent Loan Mortgagor Payoff

160000

140000

120000

100000

80000

60000

40000

20000

0

Dec-19

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Other Loss Mitigation

Repurchase of Delinquent Loan

Number of Loans Removed from Pools:

FHA

Sources: eMBS and Urban Institute. Note:Data as of February 2021.

Number of Loans Removed from Pools:

VA

Mortgagor Payoff

Number of Loans Removed from Pools by Coupon

140000

120000

100000

80000

60000

40000

20000

0

Dec-19

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

<3.5 Other

<3.5 Loss Mitigation

<3.5 Repurchase of Delinquent Loan

<3.5 Mortgagor Payoff

350000

300000

250000

200000

150000

100000

50000

0

Dec-19

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

>=3.5 Other

>=3.5 Loss Mitigation

>=3.5 Repurchase of Delinquent Loan

Sources: eMBS and Urban Institute. Note:Data as of February 2021.

>=3.5 Mortgagor Payoff
State of the US Housing Market

First Lien Origination Volume

$ trillions

$4.5

$4.0

$3.5

$3.0

$2.5

$2.0

$1.5

$1.0

$0.5

$0.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Portfolio PLS securitization FHA/VA securitization GSE securitization

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q4 2020.

2020 was a record year for first-lien originations with $4.04 trillion in mortgages originated during the year. This

number exceeds the 2003 volume of $3.73 trillion, the previous record holder, by $315 billion. The share of

portfolio originations was 21.5 percentin 2020, a substantial decline from the 35.9 percent share in 2019. The 

2020 GSE share was up significantly at 59.2 percent, compared to 42.9 percentin 2019. The FHA/VA share at the 

end of 2020 was 18.4 percent, down one percentage point compared to last year. The PLS share was 0.9 percentin 

2020, down from 1.9 percent one year ago, and a fraction of its share in the pre-bubble years. The smaller share of

portfolio and PLS in 2020 reflects the impact of COVID-19, which made it difficult to originate mortgages without

government support. The higher GSE share reflects the large amount of refinances done through this channel.

First Lien Origination Share

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

$0.869

$0.038

$0.742

$2.390

21.5%

0.90%

18.4%

59.2%

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q4 2020.
US Agency Market, Originations

Debt,

househol

mortgages

$9,833

d 

e ,

Ginnie Mae Breakdown: Agency Gross Issuance

Issuance Year FHA VA Other Total

2000 $80.2 $18.8 $3.2 $102.2

2001 $133.8 $34.7 $3.1 $171.5

2002 $128.6 $37.9 $2.5 $169.0

2003 $147.9 $62.7 $2.5 $213.1

2004 $85.0 $31.8 $2.5 $119.2

2005 $55.7 $23.5 $2.1 $81.4

2006 $51.2 $23.2 $2.3 $76.7

2007 $67.7 $24.2 $3.0 $94.9

2008 $221.7 $39.0 $6.9 $267.6

2009 $359.9 $74.6 $16.8 $451.3

2010 $304.9 $70.6 $15.3 $390.7

2011 $216.1 $82.3 $16.9 $315.3

2012 $253.4 $131.3 $20.3 $405.0

2013 $239.2 $132.2 $22.2 $393.6

2014 $163.9 $111.4 $21.0 $296.3

2015 $261.5 $155.6 $19.2 $436.3

2016 $281.8 $206.5 $19.9 $508.2

2017 $257.6 $177.8 $20.2 $455.6

2018 $222.6 $160.8 $17.2 $400.6

2019 $266.9 $225.7 $16.0 $508.6

2020 $327.0 $423.5 $24.9 $775.4

2021 YTD $59.0 $87.3 $4.2 $150.5

2021 % Change YOY 12.1% 70.0% 31.3% 40.4%

2021 Ann. $353.8 $523.6 $25.5 $902.8

Agency gross issuance in 2020 was historic at $3.18 trillion, surpassing every full year of agency origination in the 21st century,

including the previous high of $2.09 trillion in 2003. 2020 agency issuance finished $1.63 trillion dollars higher than 2019 full 

year volume of $1.55 trillion, up 105.2 percent. Ginnie Mae gross issuance for the year was up by 52.5 percent and GSE gross

issuance was up by 130.9 percent. Within the Ginnie Mae market, FHA was up by 22.5 percent and VA origination was up by

87.6 percent; 2020 was the first year VA production was higher than FHA production. Strong agency issuance continues in 

2021, with a total of $643.7 billion issued through February, up 103.5 percent compared to the same period last year.

Agency Gross Issuance

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

2000 $202.8 $157.9 $360.6 $102.2 $462.8

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

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

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

2004 $517.5 $355.2 $872.6 $119.2 $991.9

2005 $514.1 $379.9 $894.0 $81.4 $975.3

2006 $500.2 $352.9 $853.0 $76.7 $929.7

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

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

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

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

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

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

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

2014 $392.9 $258.0 $650.9 $296.3 $947.2

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

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

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

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

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

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

2021 YTD $260.4 $232.8 $493.2 $150.5 $643.7

2021 % Change YOY 120.3% 156.2% 135.9% 40.4% 103.5%

2021 Ann. $1,562.3 $1,396.9 $2,959.3 $902.8 $3,862.1

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

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

Agriculture’s Rural Development. All data is as of February 2021.
US Agency Market, Originations

Debt,

household 

mortgages,

$9,833

Ginnie Mae Breakdown: Net Issuance

Issuance Year FHA VA Other Total

2000 $29.0 $0.3 $0.0 $29.3

2001 $0.7 -$10.6 $0.0 -$9.9

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

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

2004 -$45.2 $5.1 $0.0 -$40.1

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

2006 -$4.7 $3.8 $1.2 $0.2

2007 $20.2 $8.7 $2.0 $30.9

2008 $173.3 $17.7 $5.4 $196.4

2009 $206.4 $35.1 $15.8 $257.4

2010 $158.6 $29.6 $10.0 $198.3

2011 $102.8 $34.0 $12.8 $149.6

2012 $58.9 $45.9 $14.3 $119.1

2013 $20.7 $53.3 $13.9 $87.9

2014 -$4.8 $53.9 $12.5 $61.6

2015 $22.5 $66.9 $7.9 $97.3

2016 $45.6 $73.2 $6.0 $124.9

2017 $50.1 $76.1 $5.0 $131.3

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 -$52.5 $71.0 $1.3 $19.9

2021 -$18.3 $11.8 -$0.9 -$7.4

2021 % Change YOY -763.3% -4.3% -255.1% -147.1%

2021 Ann. -$109.7 $70.8 -$5.4 -$44.3

2020 proved to be very robust for agency netissuance, with $652.7 billion of net new supply, up 122.4 percent

compared with the same period of 2019. 2020 Ginnie Mae net issuance in 2020 was $19.9 billion, comprising 3.0

percent oftotal agency netissuance. This is down substantially from 2019 levels, reflecting a contraction in FHA

securities outstanding; in the firsttwo months of 2021 Ginnie Mae netissuance was -$7.4 billion, driven by FHA

contraction.

Issuance Year Fannie Mae

Agency Net Issuance

Freddie Mac GSE Total Ginnie Mae Total

2000 $92.0 $67.8 $159.8 $29.3 $189.1

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

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

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

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

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

2006 $164.3 $149.3 $313.6 $0.2 $313.8

2007 $296.1 $218.8 $514.9 $30.9 $545.7

2008 $213.0 $101.8 $314.8 $196.4 $511.3

2009 $208.1 $42.5 $250.6 $257.4 $508.0

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

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

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

2013 $53.5 $11.8 $65.3 $89.6 $154.9

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

2015 $3.5 $65.0 $68.4 $97.3 $172.5

2016 $60.5 $66.8 $127.4 $126.1 $261.6

2017 $83.7 $77.0 $160.7 $132.3 $293.0

2018 $81.9 $67.6 $149.4 $112.0 $261.5

2019 $87.4 $110.3 $197.8 $95.7 $293.5

2020 $289.3 $343.5 $632.8 $19.9 $652.7

2021 $42.7 $82.1 $124.9 -$7.4 $117.5

2021 % Change YOY 131.1% 235.8% 190.7% -147.1% 100.4%

2021 Ann. $256.4 $492.8 $749.3 -$44.3 $705.0

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

Housing and the Department of Agriculture’s Rural Development. All data is as of February 2021.
US Agency Market, Originations

Deb

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

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

month in previous years. The February 2021 gross agency issuance of $306.6 continued the trend of historically

high volume in monthly issuance. This issuance was significantly higher than the same month in 2020, as the 

impact of lower rates on volume was not seen until April of 2020.

t,

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Not mo tgages e : Dollar amounts are in billions. “Other“ refersto loans insured by HUD’s Office of Public and Indian Housing and the Department of

Agriculture’s Rural Development. A$9, ll da

833ta is as of February 2021.

Monthly Agency Issuance

Date

Gross Issuance

Fannie Mae Freddie Mac Ginnie Mae Total

Net Issuance

Fannie Mae Freddie Mac Ginnie Mae Total

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Mar-20 $69.5 $41.1 $53.0 $163.9 $17.9 $6.3 $8.8 $33.0

Apr-20 $101.6 $76.3 $61.4 $239.3 $30.5 $27.5 $10.2 $68.2

May-20 $124.3 $70.6 $60.8 $255.7 $35.2 $8.2 $5.7 $49.1

Jun-20 $118.9 $78.1 $58.5 $255.4 $30.0 $15.9 $1.3 $47.2

Jul-20 $125.0 $108.1 $66.5 $299.5 $23.4 $38.0 -$15.5 $45.9

Aug-20 $137.6 $113.6 $73.6 $324.8 $34.2 $43.4 -$4.1 $73.5

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

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

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

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

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

Feb-21 $118.8 $115.5 $72.3 $306.6 $16.8 $44.3 -$0.9 $60.2
$37.4 

$0.1 

$15.2 

$1.2 

 $60

 $50

 $40

 $30

 $20

 $10

 $0

$12.3 

$4.5 

$2.4 

$3.6 

$0.1 

$0.0 

$0.3 

<=1.5 2 2.5 >=3.0

$0.6 

Streamlined Cash-out

US Agency Market, Originations

Ginnie Mae Refinance Issuance by Type: YTD 2021

$ billions Not streamlined, not cash-out

Coupon

The FHA refinance share stood at 45.2 percentin February 2021, below the 76.6 percent refi share for Freddie 

originations, the 76.3 percent share for Fannie, and the 77.1 percent share for the VA. The total Ginnie refinance 

share stood at 59.9 percent in February. Refinances as a share of all originations grew during 2019 and 2020 as

interest rates fell. The bottom section shows that most of 2021 Ginnie Mae refinances YTD, predominantly

streamlined, were securitized in 2-2.5 coupon pools. Cash-out refinance volume remains muted due to restrictions

Ginnie Mae put in place in late 2019, to combatthe “churning” problem.

Sources: eMBS and Urban Institute.

Note: Based on at-issuance balance. Data as of February 2021.

Percent Refi at Issuance

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Feb-14

May-14

Aug-14

Nov-1

4

Feb-15

May-15

Aug-15

Nov-15

Feb-16

May-16

Aug-16

Nov-16

Feb-17

May-17

Aug-17

Nov-17

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

Refishare Freddie Fannie Ginnie FHA VA

Sources: eMBS and Urban Institute. Note: Based on at-issuance balance. Data as of February 2021.

77%

76%

60%

45%
Credit Box

First-time homebuyer share (

%)

First Time Homebuyer Share: Purchase Only Loans

80%

70%

60%

50%

40%

30%

20%

69.9%

51.9%

45.4%

39.0%

Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21

Freddie Fannie Ginnie

The first time homebuyer share of Ginnie Mae purchase loans was 69.9 percent in February 2021, down from

72.3 percent in February 2020. First time homebuyers comprise a significantly higher share of the Ginnie Mae 

purchase market than of the GSE purchase market, with first time homebuyers accounting for 45.4 percent and

39.0 percent of Fannie Mae and Freddie Mac purchase originations, respectively. The bottom table shows that

based on mortgages originated in February 2021, the average first-time homebuyer was more likely than an 

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

similar rate.

All

Sources: eMBS and Urban Institute. Note: Data as of February 2021.

Fannie Mae

First-Time Repeat

Freddie Mac

First-Time Repeat

Ginnie Mae

First-Time Repeat

All

First-Time Repeat

Loan Amount ($ ) 264,303 282,194 305,134 322,287 245,012 299,887 265,734 301,435 

Credit Score 744.7 755.1 750.4 759.3 688.5 705.1 722.0 744.4 

LTV (%) 88.0 78.7 87.7 80.1 96.8 95.8 91.7 83.4 

DTI (%) 34.4 35.5 34.1 34.9 41.5 42.0 37.4 36.8 

Loan Rate (%) 2.9 2.9 2.9 2.8 3.0 2.9 2.9 2.9 

Sources: eMBS and Urban Institute. 

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

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

subtracting 169 bps from this new issuer-reported LTV. Data as of February 2021.
Credit Box

First-time homebuyer share (

%) First Time Homebuyer Share:

Ginnie Mae Breakdown

90%

85%

80%

75%

70%

65%

60%

55%

50%

45%

40%

79.1%

77.7%

69.9%

50.5%

Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21

FHA VA Other

Within the Ginnie Mae purchase market, 77.7 percent of FHA loans, 50.5 percent of VA loans, and 79.1 percent

of other loans representfinancing for first-time home buyers in February 2021. The bottom table shows that

based on mortgages originated in February 2021, the average first-time homebuyer was more likely than an 

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

slightly higher rate.

All

Sources: eMBS and Urban Institute.

Note: “Other“ refers to loans insured by HUD’s Office of Public and Indian Housing and the Department of Agriculture’s Rural Development. In May

2017 Ginnie Mae began disclosing issuer-reported LTV for FHA loans, which includes the financed upfront mortgage insurance premium. To make it

consistent with the previously reported LTV, we removed the financed upfront mortgage insurance premium by subtracting 169 bps from this new issuerreported LTV. Data as of February 2021.

FHA

First-Time Repeat

VA

First-Time Repeat

Other

First-Time Repeat

Ginnie Mae Total

First-Time Repeat

Loan Amount ($) 237,629 253,186 299,448 358,634 174,011 182,037 245,012 299,887 

Credit Score 678.6 677.4 713.3 731.9 701.1 700.4 688.5 705.1 

LTV (%) 95.5 94.1 99.6 97.0 99.4 99.2 96.8 95.8 

DTI (%) 43.1 43.8 39.5 41.0 34.9 35.5 41.5 42.0 

Loan Rate (%) 3.1 3.0 2.8 2.7 2.9 3.0 3.0 2.9 

Sources: eMBS and Urban Institute. Note: Includes only purchase loans. Data as of February 2021.
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Purchase FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 290,557 654 716 742 780 799 733 

Fannie 98,327 691 736 761 794 802 753 

Freddie 91,593 697 729 764 790 802 756 

Ginnie 100,637 633 654 684 729 773 693 

Refi FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 726,619 686 726 768 792 806 755 

Fannie 317,085 702 740 774 796 808 764 

Freddie 300,663 700 733 769 793 806 760 

Ginnie 108,871 644 673 719 771 798 720 

All FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 1,017,176 674 716 761 790 804 749 

Fannie 415,412 700 736 772 794 807 761 

Freddie 392,256 699 732 768 792 805 759 

Ginnie 209,508 638 662 700 755 790 707 

Purchase FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 100,637 633 654 684 729 773 693 

FHA 61,772 628 647 672 704 743 679 

VA 29,283 646 675 723 770 795 721 

Other 9,582 645 663 694 734 769 700 

Refi FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 108,871 644 673 719 771 798 720 

FHA 31,982 628 650 675 706 747 681 

VA 75,844 659 695 744 783 802 736 

Other 1,045 654 677 715 754 786 716 

All FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 209,508 638 662 700 755 790 707 

FHA 93,754 628 648 673 705 744 680 

VA 105,127 654 689 739 780 801 732 

Other 10,627 645 664 696 736 771 702 

February 2021 Credit Box at a Glance

In February 2021, the median Ginnie Mae FICO score was 700 versus 772 for Fannie Mae and 768 for Freddie Mac.

Note that the FICO score for the 10th percentile was 638 for Ginnie Mae, versus 700 for Fannie Mae and 699 for

Freddie Mac. Within the Ginnie Mae market, FHA loans have a median FICO score of 673, VA loans have a median 

FICO score of 739 and other loans have a median FICO score of 696.

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

Agriculture’s Rural Development.Data as of February 2021.
February 2021 Credit Box at a Glance

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Purchase LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 290,800 72.0 80.0 94.8 96.5 100.0 87.1 

Fannie 98,389 65.0 79.0 80.0 95.0 95.0 82.4 

Freddie 91,617 65.0 78.0 80.0 95.0 95.0 81.9 

Ginnie 100,794 94.2 96.5 96.5 100.0 101.0 96.5 

Refi LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 760,084 43.0 56.0 70.0 80.0 90.0 67.4 

Fannie 317,093 39.0 52.0 64.0 75.0 80.0 62.2 

Freddie 300,673 42.0 55.0 68.0 75.0 80.0 64.4 

Ginnie 142,318 65.8 79.1 89.2 96.3 99.5 85.4 

All LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 1,050,884 46.0 60.0 75.0 89.1 96.5 72.9 

Fannie 415,482 42.0 55.0 70.0 80.0 90.0 67.0 

Freddie 392,290 45.0 58.0 71.0 80.0 90.0 68.5 

Ginnie 243,112 72.8 85.0 95.2 97.5 100.0 90.0 

Purchase LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 100,794 94.2 96.5 96.5 100.0 101.0 96.5 

FHA 61,881 93.9 95.0 96.5 96.5 96.5 95.2 

VA 29,312 93.8 100.0 100.0 100.0 102.3 98.4 

Other 9,601 96.0 99.4 101.0 101.0 101.0 99.3 

Refi LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 142,318 65.8 79.1 89.2 96.3 99.5 85.4 

FHA 48,187 73.3 81.4 90.5 96.2 97.7 87.2 

VA 93,058 62.3 76.6 88.3 96.5 100.1 84.3 

Other 1,073 77.8 87.0 95.3 99.7 101.0 91.8 

All LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 243,112 72.8 85.0 95.2 97.5 100.0 90.0 

FHA 110,068 80.0 90.1 96.3 96.5 96.7 91.7 

VA 122,370 65.8 80.6 91.9 100.0 100.8 87.7 

Other 10,674 93.5 98.8 100.9 101.0 101.0 98.6 

In February 2021, the median loan-to-value ratio (LTV) was 95.2 percentfor Ginnie Mae, compared to 70 percent

for Fannie Mae and 71 percent for Freddie Mac. The 90th percentile was 100 percent for Ginnie Mae, versus 90

percent for both Fannie and Freddie. Within the Ginnie Mae market,the median LTV was 96.3 for FHA, 91.9 for VA

and 100.9 for other programs.

Sources: eMBS and Urban Institute. Note:“Other“ refersto loansinsured by HUD’s Office of Public and Indian Housing and the Department of

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

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

insurance premium by subtracting 169 bps from this new issuer-reported LTV.Data as of February 2021.
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Purchase DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 290,225 23.0 30.0 38.0 44.2 49.0 37.1 

Fannie 98,387 21.0 28.0 36.0 43.0 47.0 35.0 

Freddie 91,615 21.0 28.0 36.0 42.0 46.0 34.6 

Ginnie 100,223 28.4 35.1 42.2 48.6 53.8 41.5 

Refi DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 656,673 19.0 25.0 33.0 41.0 46.0 32.7 

Fannie 317,083 18.0 24.0 33.0 41.0 45.0 32.2 

Freddie 300,661 19.0 25.0 33.0 41.0 45.0 32.5 

Ginnie 38,929 22.4 30.3 37.5 46.1 52.4 37.5 

All DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 946,898 20.0 26.0 35.0 42.0 47.0 34.0 

Fannie 415,470 19.0 25.0 34.0 41.0 46.0 32.9 

Freddie 392,276 19.0 26.0 34.0 41.0 45.0 33.0 

Ginnie 139,152 26.6 33.4 41.2 48.0 53.5 40.4 

Purchase DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 100,223 28.4 35.1 42.2 48.6 53.8 41.5 

FHA 61,718 30.6 37.4 44.0 49.7 54.3 43.0 

VA 28,927 26.0 33.2 40.8 47.9 53.6 40.3 

Other 9,578 25.4 30.4 35.8 40.2 43.3 34.9 

Refi DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 38,929 22.4 30.3 37.5 46.1 52.4 37.5 

FHA 16,533 26.8 33.2 41.6 48.8 53.7 40.6 

VA 21,777 20.1 28.0 34.9 43.5 50.6 35.4 

Other 619 16.1 21.8 29.7 36.3 41.2 29.5 

All DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 139,152 26.6 33.4 41.2 48.0 53.5 40.4 

FHA 78,251 29.8 36.5 43.6 49.5 54.2 42.5 

VA 50,704 23.3 30.9 38.5 46.4 52.6 38.2 

Other 10,197 24.4 29.9 35.5 40.1 43.3 34.6 

February 2021Credit Box at a Glance

In February 2021, the median Ginnie Mae debt-to-income ratio (DTI) was 41.2 percent, considerably higher than the 

34.0 percent median DTI for both Fannie Mae and Freddie Mac. The 90th percentile for Ginnie Mae was 53.5

percent, also much higher than the 46.0 percent DTI for Fannie Mae and 45.0 percentfor Freddie Mac. Within the 

Ginnie Mae market,the median FHA DTI ratio was 43.6 percent, versus 38.5 percent for VA and 35.5 percent for

other lending programs.

Sources: eMBS and Urban Institute. Note: “Other“ refersto loansinsured by HUD’s Office of Public and Indian Housing and the Department of

Agriculture’s Rural Development. Data as of February 2021.
Credit Box: Historical

FIC

O Scores 780

760

740

720

700

680

660

FICO Scores for Purchase Loans

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

800

780

760

740

720

700

680

FICO Scores for Refinance Loans

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

660

Aug-20

Feb-21

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

FIC

O Scores 780

760

740

720

700

680

660

FICO Scores for All Loans

772

768

761

700

Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21

Freddie Median FICO Fannie Median FICO Ginnie Median FICO

The median FICO score for all agency loans originated in February 2021 was 761, up considerably since the 

start of 2019, owing to the refinance wave, which higher FICO borrowers take advantage of with greater

frequency. In addition, the increases in refinance activity have been much more dramatic at the GSEs than at

Ginnie Mae, shifting the composition toward higher FICO score borrowers. Note since early 2019, the median 

FICO scores for Fannie, Freddie and Ginnie borrowers have moved up for both purchase and refinance loans,

although refinance FICOs have started to dip a bit. The difference between Ginnie Mae and GSE borrower

FICOs is considerably wider for purchase loans than for refi loans.

All Median FICO

Sources: eMBS and Urban Institute. Note: Data as of February 2021.

Sources: eMBS and Urban Institute. Note:Data as of February 2021. Sources: eMBS and Urban Institute. Note:Data as of February 2021.
Credit Box: Historical

Loan-to-Value Ratio 100.0

95.0

90.0

85.0

80.0

75.0

70.0

65.0

LTV Ratio for All Loans

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-2

0

Jun-20

Aug-2

0

Oct-2

0

Dec-2

0

Feb-21

96.2

Freddie Median LTV Fannie Median LTV Ginnie Median LTV

The median LTV for Ginnie Mae loans was 96.2 percent in February 2021, much higher than the 71 percent LTV

for Freddie Mac and 70 percent for Fannie Mae. Median debt-to-income ratios for Ginnie Mae loans have 

historically been in the low 40s, considerably higher than for the GSEs. DTIs increased in the 2017-2018 period

for both Ginnie Mae and GSE loans, with the movement more pronounced for Ginnie Mae. Increases in DTI are 

very typical in an environment of rising interest rates and rising home prices. All three agencies witnessed

measurable declines in DTI, beginning in early 2019, driven by lower interest rates, with larger declines in GSE

securities.

All Median LTV

75.0

71.0

70.0

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

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

premium by subtracting 169 bps from this new issuer-reported LTV. Sources and note apply to all three graphs.Data as of February 2021.

Debt-to-Inco

me Ratio 46.0

44.0

42.0

40.0

38.0

36.0

34.0

32.0

DTI Ratio for All Loans

41.2

35.0

34.0

Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19 Oct-19 Feb-20 Jun-20 Oct-20 Feb-21

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

FHA Cumulative Default Rate by DTI and FICO

25.00%

20.00%

15.00%

10.00%

5.00%

0.00%

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61 64 67 70 73 76 79 82 85 88 91 94

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

Cumulative default rate DTI>45, FICO <=660 DTI>45, FICO>660

Loan age

VA Cumulative Default Rate by DTI and FICO

14.00%

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61 64 67 70 73 76 79 82 85 88 91 94

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

DTI>45, FICO <=700

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

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

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

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

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

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

much weaker predictor of loan performance than credit score.

Sources: eMBS and Urban Institute. Note: Defaults = 180 days delinquent. Data as of March2021.

DTI>45, FICO>700

Cumulative default rate

Loan age

Sources: eMBS and Urban Institute. Note: Defaults = 180 days delinquent. Data as of March2021.
100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

<640 640–680 680–700 700–750 ≥ 750

95% 96%

81%

87%

55%

61%

39% 38%

30% 29%

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

86%

94%

<640 640–680 680–700 700–750 ≥ 750

95%

80%

58% 60%

40% 37% 32% 30%

January 2019- March 2019

Credit Box: Historical

January 2021- March 2021

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

DTI < 35

35 ≤ DTI < 45 

Sources: eMBS and Urban Institute.

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

Mae’s share is more concentrated in lower FICO scores than in higher FICO scores. In January 2021- March

2021, Ginnie Mae accounted for 95 percent of agency issuance for DTIs under 35 and FICOs below 640,

compared to just 30 percent for DTIs below 35 and FICO 750 and higher. The Ginnie/GSE splitin the 35-45 DTI 

bucket looks a lot like the below 35 percent DTI bucket. In January 2021− March 2021, Ginnie Mae’s share of

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

loans with a DTI of 45 and above and a FICO of 680-700 was 95 percent; it was 60-61 percent for the same FICO

in the lower DTI buckets. Comparing this period to 2 years earlier, it is clear the GSEs have stepped up their

higher LTV lending for borrowers with FICOs of 700 or higher for DTIs less than 45 (the less than 35 and the 35-

45 buckets).

DTI ≥ 45

98%

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Credit score

Credit score

99% 98%

92% 95%

79%

61%

66%

48% 52%

<640 640–680 680–700 700–750 ≥ 750

Credit score
High LTV Loans: Ginnie Mae vs. 

GSEs

Sources: eMBS and Urban Institute.

January 2019-March 2019

FICO

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

< 35 2.7% 4.1%

35 −45 5.6%

2.3% 6.2% 7.8% 23.0%

8.8%

≥ 45 5.7%

4.6% 11.1% 9.8% 39.9%

9.8%

All 14.0%

4.7% 10.0% 6.9% 37.0%

22.7%

January 2021-March 2021

11.6% 27.2% 24.5% 100.0%

FICO

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

< 35 1.7% 4.9% 3.0% 8.7% 12.5% 30.9%

35 −45 3.2% 8.9% 5.0% 12.7% 12.3% 42.1%

≥ 45 2.7% 7.2% 3.4% 7.8% 6.0% 27.0%

All 7.6% 21.0%

Share of Loans with LTV ≥ 95

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

11.4% 29.2% 30.8% 100.0%

Ginnie Mae GSE All

January 2019- March 2019 69.4% 21.3% 37.3%

January 2021- March 2021 63.1% 7.8%

Ginnie Mae dominates high-LTV lending, with 63.1 percent of its issuances in the January 2021- March 2021 

period having LTVs of 95 or above, compared to 7.8 percent for the GSEs. Both the GSEs and Ginnie Mae have 

decreased their high-LTV lending share from January 2019− March 2019, with the GSEs falling more 

dramatically from 21.3 percent. The share of high-LTV agency loans going to highest FICO borrowers (i.e. above 

750) has increased from the January 2019- March 2019 period to the January 2021- March 2021 period, as has

the share of lower DTI borrowers (below 35).

15.9%
Nonbank Originators

Sources: eMBS and Urban Institute

Note:Data as of February2021.

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

Development. Data as of February 2021.

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Nonbank Origination Share: All Loans

All Fannie Freddie Ginnie

92.7%

80.2%

73.2%

72.4%

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Aug-13

Jan-1

4

Jun-14

Nov-1

4

Apr-15

Sep-15

Feb-16

Jul-16

Dec-16

May-17

Oct-17

Mar-18

Aug-18

Jan-19

Jun-19

Nov-19

Apr-20

Sep-20

Feb-21

All Fannie Freddie

Nonbank Origination Share:

Refinance Loans

Ginnie

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Aug-13

Jan-1

4

Jun-14

Nov-1

4

Apr-15

Sep-15

Feb-16

Jul-16

Dec-16

May-17

Oct-17

Mar-18

Aug-18

Jan-19

Jun-19

Nov-19

Apr-20

Sep-20

Feb-21

All Fannie Freddie

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

nonbank share has been consistently higher than the GSEs, standing at 92.7 percentin February 2021. Fannie’s

nonbank share increased slightly in February,to 73.2 percent, while Freddie’s declined slightly, to 72.4 percent

(note that these numbers can be volatile on a month-to-month basis). Ginnie Mae, Fannie Mae, and Freddie Mac

all have higher nonbank origination shares for refi activity than for purchase activity. Freddie Mac’s nonbank 

share is the lowest among the three agencies for purchase loans, while Fannie Mae’s nonbank share is the 

lowest for refi loans.

Nonbank Origination Share:

Purchase Loans

Ginnie
Ginnie Mae Nonbank Originators 

In February 2021, Ginnie Mae’s nonbank share fell to 92.7 percent. The nonbank originator share for FHA also 

declined to 93.4 percent in February, down very marginally from the previous month. The nonbank originator

share for VA was lower than last month at 92.2 percent and the nonbank originator share for other loans, which 

can fluctuate quite a bit month to month, fell to 90.6 percent.

Sources: eMBS and Urban Institute

Note:Data as of February2021.

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

Development. Data as of February 2021.

Non-bank originator share Ginnie Mae Nonbank Originator Share: All Loans

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Jan-1

4

Jun-14

Nov-1

4

Apr-15

Sep-15

Feb-16

Jul-16

Dec-16

May-17

Oct-17

Mar-18

Aug-18

Jan-19

Jun-19

Nov-19

Apr-20

Sep-20

Feb-21

All FHA VA Other

Non-bank originator share Ginnie Mae Nonbank Share:

Purchase Loans

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Jan-1

4

Jun-14

Nov-1

4

Apr-15

Sep-15

Feb-16

Jul-16

Dec-16

May-17

Oct-17

Mar-18

Aug-18

Jan-19

Jun-19

Nov-19

Apr-20

Sep-20

Feb-21

All FHA VA Other

Ginnie Mae Nonbank Share:

Refinance Loans

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Jan-1

4

Jun-14

Nov-1

4

Apr-15

Sep-15

Feb-16

Jul-16

Dec-16

May-17

Oct-17

Mar-18

Aug-18

Jan-19

Jun-19

Nov-19

Apr-20

Sep-20

Feb-21

All FHA VA Other

93%

92%

91%
Sources: eMBS and Urban Institute.

Note: Data as of January 2021.

Sources: eMBS and Urban Institute.

Note: Data as of January 2021.

Agency FICO: Bank vs. Nonbank

780

770

760

750

740

730

720

710

700

690

680

769

761

751

Feb-14

Apr-1

4

Jun-14

Aug-14

Oct-14

Dec-1

4

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

FICO All Median FICO Bank Median FICO Nonbank Median FICO

Sources: eMBS and Urban Institute. Note: Data as of February 2021.

720

660

780

760

740

700

680

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

All Median FICO Bank Median FICO

Ginnie Mae FICO: Bank vs. Nonbank

Nonbank Median FICO

780

760

740

720

700

680

660

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

All Median FICO Bank Median FICO

Nonbank Credit Box

Nonbank originators have played a key role in opening up access to credit. FICO scores for loans originated by

nonbanks are lower than their bank counterparts. Within the GSE space, where the differentials between banks and

non-banks are small, FICO scores for both have increased since early 2014. The sharp rise in bank and non-bank FICOs

reflects an increase in GSE refinance activity, producing a shift in their business mix toward higher FICO borrowers.

Within the Ginnie Mae space, FICO scores for bank originations has been consistently higher than their non-bank 

counterparts, reflecting the sharp cut-back in FHA lending by many banks. The bank/non-bank FICO differential as

narrowed over the past 2 years, as non-banks are relatively more active in refi lendings, which has higher borrower

FICO scores.

GSE FICO: Bank vs. Nonbank

Nonbank Median FICO

FICO FICO
Sources: eMBS and Urban Institute. Note: Data as of February 2021. Sources: eMBS and Urban Institute. Note: Data as of February 2021.

GSE LTV: Bank vs. Nonbank

90

88

86

84

82

80

78

76

74

72

70

68

66

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

All Median LTV Bank Median LTV

Nonbank Median LTV

Sources: eMBS and Urban Institute. Note: Data as of February 2021.

100

99

98

97

96

95

94

93

92

91

90

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

All Median LTV Bank Median LTV

Nonbank Median LTV

Sources: eMBS and Urban Institute. Note: Data as of February 2021.

46

44

42

40

38

36

34

32

30

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

All Median DTI Bank Median DTI

Nonbank Median DTI

GSE DTI: Bank vs. Nonbank

46

44

42

40

38

36

34

32

30

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

All Median DTI Bank Median DTI

Nonbank Credit Box

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

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

early 2017 and early 2019, there was a substantial increase in DTIs; over the subsequenttwo years,this has mostly

reversed in the Ginnie Mae space, and more than completely reversed for the GSEs, leaving DTIs as low as they have 

been at any point since 2014. This is true for both Ginnie Mae and the GSEs, for banks and nonbanks. As interest rates

increased, DTIs rose, because borrower payments were driven up relative to incomes.With the fall in interest rates

over the past two years, DTIs have dropped.

LTV LTV

Ginnie Mae LTV: Bank vs. Nonbank

Ginnie Mae DTI: Bank vs. Nonbank

DTI Nonbank Median DTI DTI
FIC

O scores 770

750

730

710

690

670

650

Ginnie Mae VA FICO Scores: Bank

vs. Nonbank

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

VA All Median FICO VA Bank Median FICO

Ginnie Mae Nonbank Originators:

Credit Box

VA Nonbank Median FICO

The median FICO score for Ginnie Mae nonbank originators increased slightly in February 2021. Bank FICOs

are 12 points above non-banks. The gap between banks and non-banks is very apparent for all categories of

government lending.

Sources: eMBS and Urban Institute

Note:Data as of February2021.

Sources: eMBS and Urban Institute

Note:“Other“refersto loansinsured by HUD’s Office of Public and Indian Housing 

and the Department of Agriculture’s Rural Development. Data as of February 2021.

FIC

O score 740

730

720

710

700

690

680

670

660

650

Ginnie Mae FICO Scores:

Bank vs. Nonbank

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

All Median FICO Bank Median FICO

Nonbank Median FICO

740

730

720

710

700

690

680

670

660

650

Ginnie Mae FHA FICO Scores:

Bank vs. Nonbank

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO

650

740

730

720

710

700

690

680

670

660

Ginnie Mae Other FICO Scores:

Bank vs. Nonbank

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

Other All Median FICO Other Bank Median FICO

Sources: eMBS and Urban Institute Note:Data as of February 2021. Sources: eMBS and Urban Institute Note:Data as of February 2021.

Other Nonbank Median FICO
FIC

O scores 46

45

44

43

42

41

40

39

38

37

36

35

34

Ginnie Mae VA DTI: Bank vs.

Nonbank

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

VA All Median DTI VA Bank Median DTI

Ginnie Mae Nonbank Originators:

Credit Box

VA Nonbank Median DTI

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

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

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

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

as rates have declined.

Sources: eMBS and Urban Institute

Note:Data as of February2021.

Sources: eMBS and Urban Institute

Note:“Other“refersto loansinsured by HUD’s Office of Public and Indian Housing 

and the Department of Agriculture’s Rural Development. Data as of February 2021.

FIC

O score 46

45

44

43

42

41

40

39

38

37

36

35

34

Ginnie Mae DTI:

Bank vs. Nonbank

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

All Median DTI Bank Median DTI

Nonbank Median DTI

46

45

44

43

42

41

40

39

38

37

36

35

34

Ginnie Mae FHA DTI: Bank vs.

Nonbank

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

FHA All Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI

46

45

44

43

42

41

40

39

38

37

36

35

34

Ginnie Mae Other DTI: Bank vs.

Nonbank

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

Other All Median DTI Other Bank Median DTI

Sources: eMBS and Urban Institute Note:Data as of February 2021. Sources: eMBS and Urban Institute Note:Data as of February 2021.

Other Nonbank Median DTI
Holders of Ginnie Mae MSRs

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

Sources: eMBS and Urban Institute. Note: Data as of February 2021.

Rank MSR Holder UPB ($ millions) Share

Cumulative 

Share

1 Lakeview $181,921 11.7% 11.7%

2 PennyMac $173,117 11.1% 22.7%

3 Freedom Home Mortgage $151,669 9.7% 32.5%

4 Wells Fargo $146,111 9.4% 41.8%

5 Nationstar $79,435 5.1% 46.9%

6 Quicken Loans $62,416 4.0% 50.9%

7 Newrez $45,284 2.9% 53.8%

8 US Bank $44,098 2.8% 56.6%

9 Carrington Mortgage $39,189 2.5% 59.2%

10 USAA Federal Savings Bank $36,148 2.3% 61.5%

11 Caliber Home Loans $35,107 2.2% 63.7%

12 Navy Federal Credit Union $26,377 1.7% 65.4%

13 Truist Bank $25,315 1.6% 67.0%

14 Amerihome Mortgage $24,948 1.6% 68.6%

15 The Money Source $20,536 1.3% 69.9%

16 Home Point Financial Corporation $20,202 1.3% 71.2%

17 Loan Depot $19,781 1.3% 72.5%

18 United WholeSale Mortgage $19,236 1.2% 73.7%

19 Guild Mortgage $15,649 1.0% 74.7%

20 Midfirst Bank $15,245 1.0% 75.7%

21 JP Morgan Chase $14,946 1.0% 76.7%

22 Planet Home Lending $14,379 0.9% 77.6%

23 Citizens Bank $12,576 0.8% 78.4%

24 M&T Bank $12,129 0.8% 79.2%

25 PHH Mortgage Corporation $11,918 0.8% 79.9%

26 Flagstar Bank $11,340 0.7% 80.7%

27 Mortgage Research Center $10,894 0.7% 81.4%

28 New American Funding $10,162 0.7% 82.0%

29 Idaho Housing and Finance Association $9,315 0.6% 82.6%

30 Bank of America $8,293 0.5% 83.1%

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

of February 2021, over half (50.9 percent) of the Ginnie Mae MSRs are owned by the top six firms. The top 30

firms collectively own 83.1 percent. Nineteen of these 30 are non-depositories, the remaining 11 are depository

institutions.
Holders of Ginnie Mae MSRs

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

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

$139 billion in servicing UPB respectively. In February 2021, Wells Fargo’s holdings of MSRs dipped to $146.1

billion, below the $181.9, $173.1, and $151.7 billion held by Lakeview, PennyMac, and Freedom Home Mortgage,

respectively (all nonbanks). Nationstar (also nonbank) makes up the remainder of the top five largest holders of

MSRs, owning $79.4 billion respectively as of February 2021. Nonbanks collectively owned servicing rights for

77.0 percent of all outstanding unpaid principal balance guaranteed by Ginnie Mae in February 2021. In 

December 2013, the nonbank share was much smaller at 27.7 percent.

Share of outstanding loans by UPB

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20

77.0%

February 2021

Top 5 MSR Holders: Outstanding Ginnie Mae Loans by UPB

Share of Ginnie Mae MSRs held by Nonbanks

Sources: eMBS and Urban Institute. Note: Data as of February 2021.

$450,000

$400,000

$350,000

$300,000

$250,000

$200,000

$150,000

$100,000

$50,000

$0

$181,921

$173,117

$151,669

$146,111

$79,435

Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20

1. Lakeview 2. PennyMac

3. Wells Fargo 4. Freedom Home Mortgage

UPB ($ millions)

5. Nationstar

February 2021
Prepayments

Constant Prepay

ment Rate (%) 50%

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

2012 Issued 3.5 Coupon CPR

Jul-12

Nov-12

Mar-13

Jul-13

Nov-13

Mar-14

Jul-14

Nov-14

Mar-15

Jul-15

Nov-15

Mar-16

Jul-16

Nov-16

Mar-17

Jul-17

Nov-17

Mar-18

Jul-18

Nov-18

Mar-19

Jul-19

Nov-19

Mar-20

Jul-20

Nov-20

Mar-21

Fannie 2012 3.5 Coupon CPR Freddie 2012 3.5 Coupon CPR

While prepayment speeds on all securities have risen since early 2019, the speed increase has been especially

dramatic in 2020 and continuing into early 2021, with speeds on both Ginnie II and GSE securities rising rapidly

due to a sharp drop in rates. Atthis point, the speeds on GSE securities have largely converged with those on 

Ginnie II securities, as the former have ramped up more quickly in 2020. The faster Ginnie speeds from 2013-

early 2020 reflected the growing share of VA loans, which tend to prepay faster than either FHA or GSE loans. In 

addition, FHA puts fewer restrictions on streamlined refinances, and some of the upfront mortgage insurance 

premium can also be applied to the refinanced loan. We expect prepayment speeds to decline for all securities

over the next few months, given the more than 50 basis point increase in 10-year Treasury rates and the almost

50 basis point increase in mortgage rates since year end 2020.

Sources: Credit Suisse and Urban Institute. Note: Data as of March 2021.

Ginnie II 2012 3.5 Coupon CPR

41%

34%

Sources: Credit Suisse and Urban Institute. Note: Data as of March 2021.

Constant prepay

ment rate (%) 60%

50%

40%

30%

20%

10%

0%

Aggregate Prepayments

Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21

Fannie CPR Freddie CPR Ginnie I CPR

49%

48%

33%

Ginnie II CPR
Prepayments

Constant Prepay

ment Rate (%) 2015 Issued 3.5 Coupon CPR

60%

50%

40%

30%

20%

10%

0%

Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Mar-21

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

Constant Prepayment Rate (%)

2016 Issued 3.0 Coupon CPR

60%

50%

40%

30%

20%

10%

0%

Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Mar-21

Fannie 2016 3.0 Coupon CPR Freddie 2016 3.0 Coupon CPR

Speeds on the 2015 3.5s and the 2016 3.0s, the largest coupon cohorts of those vintage years, have been 

increasing since early 2019; the speed increases have been especially dramatic in 2020 and continuing into early

2021 due to a sharp drop in rates, with speeds on both Ginnie II and GSE securities rising rapidly. The speeds on 

the 2015-issued Ginnie 3.5s have been slightly lower than their conventional counterparts since August 2020,

although the speeds on the 2016-issued Ginnie Mae 3.0s remain very comparable to their conventional

counterparts. The faster historical speeds on the Ginnie Mae cohorts reflect the fact that 2015 and 2016 Ginnie 

originations consist of a large component of VA loans, which prepay faster than either FHA or GSE loans. The 

FHA streamlined programs are likely another contributor to the historically faster speeds. We expect declines in 

prepayment speeds over the next few months, reflecting the impact of higher mortgage rates.

49%

43%

Sources: Credit Suisse and Urban Institute. Note: Data as of March 2021.

49%

47%

Ginnie II 2016 3.0 Coupon CPR

Sources: Credit Suisse and Urban Institute. Note: Data as of March 2021.
Prepayments

Constant Prepay

ment Rate (%)

2018 Issued 4.0 Coupon CPR

70%

60%

50%

40%

30%

20%

10%

0%

Jul-18 Nov-18 Mar-19 Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Mar-21

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

Constant Prepay

ment Rate (%) 2017 Issued 3.5 Coupon CPR

60%

50%

40%

30%

20%

10%

0%

Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Mar-21

Fannie 2017 3.5 Coupon CPR Freddie 2017 3.5 Coupon CPR

The charts below show the behavior of the 2017-issued 3.5s and the 2018-issued 4.0s, the largest coupon 

cohorts of those vintage years. Despite slower seasoning, 2017 Ginnie II 3.5s were prepaying faster than their

conventional counterparts from late 2017 to March 2020, due primarily to fast VA prepayment speeds.

Similarly, the 2018 Ginnie II 4.0s prepaid more slowly than their conventional counterparts until January of

2019. In 2019, speeds of 2018 4.0s and 2017 3.5s accelerated, and Ginnie II speeds accelerated more than 

their conventional counterparts. However, in early 2020 conventional speeds accelerated more than Ginnie

speeds. Since March 2020, conventional speeds have generally exceeded those of the Ginnie cohorts, although 

the difference between the two has narrowed in recent months, and, for the latest month, the 2018 Ginnie 4s

are marginally faster than their conventional counterparts. We expect declines in prepayment speeds over the 

next few months, reflecting the impact of higher mortgage rates.

47%

44%

Ginnie II 2017 3.5 Coupon CPR

Sources: Credit Suisse and Urban Institute. Note: Data as of March 2021.

59%

57%

56%

Sources: Credit Suisse and Urban Institute. Note: Data as of March 2021.
Prepayments 

Constant Prepay

ment Rate (%) 2019 Issued 3.0 Coupon CPR, by Loan Age

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

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

Fannie 2019 3.0 Coupon CPR Freddie 2019 3.0 Coupon CPR

The charts below show prepayment speeds by loan age for 2019 and 2020 Ginnie II 3.0s. Prepayment speeds on 

both cohorts jumped at the 8-10 month loan age, a more muted jump than earlier cohorts at the same age; they

then began to converge with conventional speeds more quickly, as a result of Ginnie Mae actions to curtail the 

“churning” problem. These actions have included suspending a few servicers whose VA speeds are especially

high from selling VA loans into Ginnie Mae II securities, as well as rewriting the pooling requirements so that if

loans that do not meetthe seasoning requirement are refinanced, the new loan is ineligible for securitization.

Ginnie’s latest action on this front became effective for securities issued on or after November 1, 2019. It bars

the securitization of over 90 percent LTV cash-out refinances into Ginnie I and Ginnie II pools (custom pools

excepted). In addition, VA has implemented a net tangible benefit test, requiring the lender to show that the 

borrower has obtained a benefit from the refinance. The recent experience of these cohorts indicates that, as a

result of these cumulative actions plus the acceleration of speeds in the conventional market in response to 

lower rates, Ginnie Mae speeds on 2019-issued 3.0s have been generally running below their conventional

counterparts 17 month loan age onwards. 2020 Ginnie II 3.0s show a sharp increase in speeds at the 9-10 

month mark, pushing it well above conventional speeds, but the gaps are narrowing by months 11 and 12.

Loan age

Ginnie II 2019 3.0 Coupon CPR

Sources: Credit Suisse and Urban Institute. Note: Data as of March 2021.

64.5%

62.6%

53.1%

Sources: Credit Suisse and Urban Institute. Note: Data as of March 2021.

Constant Prepay

ment Rate (%)

2020 Issued 3.0 Coupon CPR, by Loan Age

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

Fannie 2020 3.0 Coupon CPR Freddie 2020 3.0 Coupon CPR

Loan age

60.6%

57.6%

53.8%

Ginnie II 2020 3.0 Coupon CPR
Reverse and Multifamily Mortgages

$ Billions $6.0

$5.0

$4.0

$3.0

$2.0

$1.0

$0.0

Issuance Volume

Jun-13

Aug-13

Oct-13

Dec-13

Feb-14

Apr-1

4

Jun-14

Aug-1

4

Oct-1

4

Dec-1

4

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-2

0

Jun-20

Aug-2

0

Oct-2

0

$4.6

$0.87

Dec-2

0

Feb-21

HMBS Issuance Multifamily MBS Issuance

$ Billions $140

$120

$100

$80

$60

$40

$20

$0

Outstanding Volume

Aug-13

Oct-13

Dec-13

Feb-14

Apr-1

4

Jun-14

Aug-1

4

c-1

4

ct

4

-15

-15

-15

u 15

c-15

ct 5

-16

-16

-16

u 16

c-16

ct 6

-17

-17

-17

u 17

Dec-1

Oct-1

Apr

Feb

Aug

JunDec-1

Oct-1

Apr

Feb

Aug

JunDec-1

Oct-1

Apr

Feb

Aug

JunOct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-2

0

Jun-20

Aug-2

0

Oct-2

0

Dec-2

0

$129.4

$56.4

Feb-21

HMBS Oustanding

Other Ginnie Mae Programs

Ginnie Mae reverse mortgage issuance has been volatile over the past two years. After declining in 2018, volume 

has slowly improved over the course of 2019 and 2020. In February 2021, issuance fell to $0.87 billion.

Outstanding reverse mortgage securities totaled $56.4 billion in February 2021, up slightly from the previous

month, reflecting a higher volume of new issuances relative to paydowns. Ginnie Mae multifamily issuance has

increased considerably over the past year, but there are month to month fluctuations. After decreasing in 

January 2020, Ginnie Mae multifamily issuance increased slightly in February 2021 to $4.6 billion. Outstanding

multifamily securities totaled $129.4 billion in the first month of 2021.

Sources: Ginnie Mae and Urban Institute. Note: Data as of February 2021.

Multifamily MBS Oustanding

Sources: Ginnie Mae and Urban Institute. Note: Data as of February 2021.
Market Conditions

Sources: SIFMA and Urban Institute. Note: Updated April 2021.

$ Billions Average Daily Fixed Income Trading Volume by Sector

$700

$600

$500

$400

$300

$200

$100

$0

1998 2001 2004 2007 2010 2013 2016 2019

$666

$354

$45

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

Average Daily Turnover by Sector

Percent

14%

12%

10%

8%

6%

4%

2%

0%

4.65%

3.16%

0.42%

1997 2000 2003 2006 2009 2012 2015 2018 2021

Agency MBS Turnover Treasury Turnover

Agency MBS trading volume was $354 billion per day in February 2021, surpassing the pre-crisis peak of $345 

billion in 2008. Agency MBS turnover in the first two months of 2021 was also higher than the 2014-2020 

period; in January 2021, average daily MBS turnover was 4.65 percent, above the 2020 average of 4.05 percent.

Note that agency MBS turnover in 2020 and thus far in 2021 was higher than US Treasury turnover, a relatively

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

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

Sources: SIFMA and Urban Institute. Note: Updated April 2021.

Corporates Turnover
MBS Ownership

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

REITs

GSEs

Broker/Dealers

Commercial Banks

Federal Reserve

2008Q4 2009Q4 2010Q4 2011Q4 2012Q4 2013Q4 2014Q4 2015Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 2020 Q4

Other

The largest holders of agency debt (Agency MBS + Agency notes and bonds) include the Federal Reserve (21

percent), commercial banks (24 percent), foreign investors (12 percent), and money market & pension funds (10

percent). The broker/dealer and GSE shares are a fraction of what they once were. The Federal Reserve’s share 

increased from 15 percentin the first quarter of 2020 to 21 percentin the third quarter due to substantial

purchases of MBS in response to the COVID-19 crisis. Despite large Federal Reserve purchases, commercial

banks continue to be the largest holders of Agency MBS, as they too have dramatically increased their holdings as

deposits have swelled. Out of their $2.7 trillion in holdings as of the end of March 2021, $2.0 trillion was held by

the top 25 domestic banks.

Share of Total Agency Debt by Owner Who owns Total Agency Debt?

Money Market and Pension Funds

Mutual Funds

Foreign Investors

Credit Unions

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

local govts, households, and nonprofits. Data as of Q4 2020.

` Commercial Bank Holdings ($Billions) Week Ending

Feb-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21Mar 03 Mar 10 Mar 17 Mar 24

Commercial bank holdings of agency MBS

Largest 25 

Domestic Banks 1544.0 1724.5 1716.1 1766.2 1822.4 1852.7 1894.0 1938.1 1966.6 1967.3 1959.7 1970.6

Small Domestic

Banks 531.0 572.0 582.3 594.6 607.3 623.7 637.0 649.4 655.7 655.5 668.0 671.0

Foreign Related

Banks 37.8 42.5 41.5 39.9 45.3 47.1 48.6 50.3 50.5 52.6 53.1 52.7

Total,

Seasonally

Adjusted 2112.8 2339.0 2339.9 2400.7 2475.0 2523.5 2579.6 2637.8 2672.8 2675.4 2680.8 2694.3

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

included in the top 25. Data as of February 2021.
MBS Ownership

D ,

househol

mortgages,

$9,833

ebt

h d 

.

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

GNMA PT 

($MM)

Agency REMIC Non-Agency 

($MM) ($MM)

Market 

Share

1 Bank Of America Corporation $489,458.0 $364,527.0 $113,413.0 $11,255.0 $263.0 19.40

2 Wells Fargo & Company $254,580.0 $187,217.0 $59,978.0 $6,952.0 $433.0 10.10

3 Jpmorgan Chase & Co. $215,137.0 $130,974.0 $69,432.0 $176.0 $14,555.0 8.50

4 Charles Schwab Bank $166,204.0 $87,536.0 $15,140.0 $63,528.0 $0.0 6.60

5 Truist Bank $113,523.0 $39,959.0 $16,075.0 $57,489.0 $0.0 4.50

6 U.S. Bancorp $99,825.5 $69,428.0 $14,103.4 $16,293.7 $0.5 4.00

7 Citigroup Inc. $85,612.0 $77,162.0 $1,943.0 $4,811.0 $1696.0 3.40

8 Capital One FinancialCorporation $76,081.1 $41,868.0 $9,836.6 $23,760.8 $615.8 3.00

9 Bank Of New York Mellon Corp $64,124.0 $46,920.0 $3,280.0 $11,538.0 $2,386.0 2.50

10 Pnc Bank, NationalAssociation $50,426.5 $42,478.5 $4,947.9 $1,500.0 $1,500.1 2.00

11 State Street Bank And Trust Company $46,767.2 $20,518.0 $6,806.0 $16,962.2 $2,481.0 1.90

12 Morgan Stanley $36,158.0 $22,827.0 $4,607.0 $8,724.0 $0.0 1.40

13 Usaa Federal Savings Bank $34,733.8 $29,034.4 $2,422.7 $3,276.8 $0.0 1.40

14 Silicon Valley Bank $31,483.5 $21,350.2 $131.2 $10,002.2 $0.0 1.20

15 E*Trade Bank $30,678.8 $19,364.4 $5,910.9 $5,403.5 $0.0 1.20

16 Td Bank Usa/Td Bank Na $28,338.2 $1,710.3 $139.1 $26,392.5 $96.3 1.10

17 Hsbc Bank Usa, NationalAssociation $25,279.1 $7,445.0 $9,168.2 $8,664.1 $1.8 1.00

18 Bmo Harris Bank National Association $22,954.0 $4,837.2 $482.7 $17,632.3 $1.9 0.90

19 Ally Bank $21,796.0 $15,536.0 $1,203.0 $2461.0 $2596.0 0.90

20 Keybank National Association $20,622.2 $1,980.7 $470.3 $18,171.2 $0.0 0.80

Total Top 20 $1,913,782 $1,232,673 $339,490 $314,993 $26,626 

Out of the $2.5 trillion in MBS holdings at banks and thrifts as of 4Q 2020, $1.9 trillion was agency pass-throughs: 

$1.5 trillion in GSE pass-throughs and $391 billion in Ginnie Mae pass-throughs. Another $549 billion was agency

CMOs, while non-agency holdings totaled $44 billion. In Q4 2020, MBS holdings at banks and thrifts increased for

the ninth consecutive quarter. The increase was driven by both GSE pass-throughs and agency CMO holdings, with 

the increase in GSE pass-throughs making the larger contribution.

75.80%

Sources: Inside Mortgage Finance and Urban Institute Note: Data as of Q4 2020.

Bank and Thrift Residential MBS Holdings

2000

All Banks & Thrifts ($Billions)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1Q20 $2,107.66 $1,621.00 $1,173.36 $448.34 $443.73 $4.65 $37.56

2Q20 $2,195.19 $1,669.93 $1,228.87 $441.06 $478.11 $5.00 $42.14

3Q20 $2,310.42 $1,764.72 $1,349.48 $415.24 $499.50 $4.43 $41.78

4Q20 $2,520.90 $1,928.21 $1,537.54 $390.66 $548.65 $3.94 $40.10
Sources: SIFMA and Treasury International Capital (TIC). Note: Data as of December 2020.

Percent of Agency M

BS O

wned by Foreigners

MBS Ownership

18.0%

17.0%

16.0%

15.0%

14.0%

13.0%

12.0%

11.0%

10.0%

Foreign Share of Agency MBS

14.9%

Jun-13

Sep-13

Dec-13

Mar-1

4

Jun-14

Sep-14

Dec-1

4

Mar-15

Jun-15

Sep-15

Dec-15

Mar-16

Jun-16

Sep-16

Dec-16

Mar-17

Jun-17

Sep-17

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-2

0

Jun-20

Sep-20

Dec-2

0

$ Billions

Monthly Agency MBS Holdings by Foreigners

1,400

1,200

1,000

800

600

400

200

0

$1,121.1

$637.4

$483.6

Dec-1

4

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-2

0

Jun-20

Aug-2

0

Oct-2

0

Dec-2

0

Total Agency MBS Held by Foreigners Foreign Official MBS

Foreign investors held 14.9 percent of agency MBS in December 2020, up from a low of 12.0 percent in July

2014, but down from 17.0 percentin spring 2020. For the month of December 2020, this represents $1.12

trillion in Agency MBS, $484 billion held by foreign private institutions and $637 billion held by foreign 

institutions. This represents a $72.6 billion drop in Agency MBS from the peak in spring 2020, all in official

holdings.

Foreign Private MBS

Sources: Treasury International Capital (TIC) and Urban Institute. Note: Data as of December 2020. In December 2017, there was a data

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

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

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

foreign holdings. Between June 2019 and December 2020, we estimate that Japan has increased their agency

MBS holdings by $11.20 billion, Taiwan has decreased their holdings by $2.99 billion and China has decreased

their holdings by $13.22 billion. All three countries have experienced declines since March of 2020; the 

declines in Chinese holdings have been especially dramatic, we estimate Chinese holdings of MBS are down by

approximately 18 percentfrom March through December of 2020.

Agency MBS+ Agency Debt

Agency MBS Only (Estimates)

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

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

2018. Monthly data as of December 2020.

Country

LevelofHoldings($Millions)* Changein Holdings($Millions)*

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

Q3 

2019

Q4 

2019

Q1 

2020

Q2 

2020

Q3

2020

Q4 

2020

Japan 297,016 311,047 305,332 322,155 310,268 305,064 308,033 14,031 -5,715 16,823 -11,887 -5,204 2,969

Taiwan 265,524 263,018 261,740 269,133 267,918 264,270 262,453 -2,506 -1,278 7,393 -1,215 -3,648 -1,817

China 227,357 233,783 231,753 260,479 239,045 206,861 212,317 6,426 -2,030 28,726 -21,434 -32,184 5,456

Luxembourg 47,646 46,641 39,015 36,789 42,389 35,626 36,224 -1,005 -7,626 -2,226 5,600 -6,763 598

Ireland 45,829 41,367 38,731 26,131 29,399 28,286 31,064 -4,462 -2,636 -12,600 3,268 -1,113 2,778

South Korea 42,879 41,485 40,810 40,964 38,891 40,303 42,628 -1,394 -675 154 -2,073 1,412 2,325

Cayman

Islands 34,967 29,540 31,827 27,154 34,564 34,495 34,264 -5,427 2,287 -4,673 7,410 -69 -231

Bermuda 29,365 29,184 33,897 27,790 27,790 35,751 27,989 -181 4,713 -6,107 0 7,961 -7,762

Netherlands 14,074 10,549 10,902 10,886 13,255 10,964 12,344 -3,525 353 -16 2,369 -2,291 1,380

Malaysia 12,167 15,585 16,600 21,399 20,390 19,808 19,147 3,418 1,015 4,799 -1,009 -582 -661

Rest of world 128,142 135,515 152,489 202,143 201,165 196,246 197,139 7,373 16,974 49,654 -978 -4,919 893

Total 1,144,971 1,157,714 1,163,096 1,245,023 1,225,074 1,171,603 1,183,602 12,743 5,382 81,927 -19,949 -53,471 11,999

Country

LevelofHoldings($Millions)* Changein Holdings($Millions)*

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

Q3 

2019

Q4 

2019

Q1 

2020

Q2 

2020

Q3

2020

Q4 

2020

Japan 293,662 307,738 302,212 319,241 306,963 301,622 304,865 14,076 -5,526 16,823 -12,278 -5,341 3,243

Taiwan 265,234 262,732 261,470 268,881 267,700 264,043 262,244 -2,502 -1,262 7,393 -1,181 -3,657 -1,799

China 221,738 228,240 226,526 255,596 235,078 202,730 208,516 6,502 -1,714 28,726 -20,518 -32,348 5,785

Luxembourg 43,978 43,023 35,603 33,602 40,207 33,354 34,133 -955 -7,420 -2,226 6,605 -6,853 779

Ireland 37,674 33,322 31,145 19,045 21,091 19,635 23,102 -4,352 -2,177 -12,600 2,047 -1,457 3,468

South Korea 34,969 33,682 33,452 34,091 28,743 29,736 32,903 -1,287 -230 154 -5,347 992 3,167

Cayman

Islands 29,896 24,538 27,110 22,748 28,431 29,364 28,386 -5,358 2,572 -4,673 5,684 933 -978

Bermuda 26,394 26,253 31,133 25,208 25,111 25,635 25,422 -141 4,880 -6,107 -97 523 -213

Netherlands 13,904 10,381 10,744 10,738 12,739 10,427 11,850 -3,523 363 -16 2,001 -2,312 1,423

Malaysia 11,881 15,303 16,334 21,150 20,028 19,432 18,801 3,422 1,031 4,799 -1,122 -597 -631

Rest of world 97,585 105,371 124,063 175,591 173,716 167,661 170,833 7,786 18,692 49,654 -1,874 -6,055 3,171

Total 1,076,916 1,090,579 1,099,788 1,185,887 1,159,808 1,103,636 1,121,052 13,663 9,209 81,927 -26,079 -56,172 17,416
$ Billions

Total Fed Absorption

400

350

300

250

200

150

100

50

0

Jun-10

Oct-10

Feb-11

Jun-11

Oct-11

Feb-12

Jun-12

Oct-12

Feb-13

Jun-13

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

Gross Issuance

MBS Ownership

Total Fed Purchases

$ Billions

Fed Absorption of GSE MBS

300

250

200

150

100

50

0

Feb-13

Aug-13

Feb-14

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Gross Issuance

Sources: eMBS, Federal Reserve Bank of New York and Urban Institute. Note: Data as of February 2021.

Total Fed Purchases

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

Institute. Note: Data as of February 2021.

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

Note: Data as of February 2021.

$ Billions 90

80

70

60

50

40

30

20

10

0

Fed Absorption of Ginnie Mae MBS

Feb-13

Aug-13

Feb-14

Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

Feb-20

Aug-20

Feb-21

Gross Issuance

On March 23, 2020, in response to the market dislocations caused by the coronavirus pandemic,the Fed

announced they would purchase Treasuries and agency MBS in an amount necessary to support smooth 

functioning markets. In March 2020 the Fed bought $292.2 billion in agency MBS, and April 2020 clocked in at

$295.1 billion, the largesttwo months of mortgage purchases ever; and well over 100 percent of gross issuance 

for each of those two months. After the market stabilized, the Fed slowed its purchases to around $100 billion per

month in May through August of 2020. Recently, Fed purchases have ramped up again slightly; purchases totaled

$121.4 billion in February 2021. February Fed purchases totaled 39.6 percent of monthly issuance. As of

February 2021, total agency MBS owned by the Fed equaled $2.19 trillion. Prior to the COVID-19 intervention,

the Fed was winding down its MBS portfolio from its 2014 prior peak.

Total Fed Purchases
Disclosures: All the information contained in this document is as of date indicated unless otherwise 

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

on as such. All information has been obtained from sources believed to be reliable, but its accuracy 

is not guaranteed. The views expressed in this material are the views of the staff of the Urban 

Institute's Housing Finance Policy Center and State Street Global Advisors as of March 11th, 2021 

and are subject to change based on market and other conditions. The views should not be 

attributed to the Urban Institute, its trustees, or its funders. This document contains certain 

statements that may be deemed forward-looking statements. Please note that any such statements 

are not guarantees of any future performance and actual results or developments may differ 

materially from those projected.

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United States: State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641. 

Tracking Code: 3489631.4.1.GBL.RTL 

Expiration Date: 4/30/2022