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

Outstanding Ginnie Mae MBS volume by vintage and coupon over time 18

Characteristics of Ginnie Mae loans in forbearance 19-21

Origination volume over time 22

US Agency Market, Originations

Agency Gross and Net Issuance 23-25 

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

Cumulative Default Rates: FHA and VA 34

High LTV credit box 35-36

Ginnie Mae Nonbank Originators

Nonbank originator share (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

CONTENTS
HIGHLIGHTS

Ginnie Mae’s actions to promote market stability during the pandemic

While the COVID-19 pandemic created substantial stress for the economy, the mortgage market has performed 

reasonably well. Lower rates improved payment affordability and widespread availability of forbearance under the 

CARES Act allowed borrowers impacted by COVID-19 to pause their monthly payments without damaging their 

credit history.

Additionally, Ginnie Mae also took multiple actions to keep the secondary market for government mortgages afloat 

during the pandemic, helping to ensure continued availability of credit for low income families, first-time 

homebuyers, and veterans. Figure 1 shows a timeline of actions Ginnie Mae took during this period. Ginnie Mae’s first 

important action (APM 20-03) was announced in March 2020 with the introduction of the Pass-through Assistance 

Program. PTAP provided last resort funding to issuers unable to meet their MBS payment obligations due to COVID19 related stress. Although PTAP usage was limited, its availability was crucial to restoring market confidence.

Figure 1: Timeline of Ginnie Mae Actions During the Pandemic

Another crucial action (APM 20-06) was to exclude delinquencies occurring after April 2020 from the delinquency 

ratio calculation. Ginnie Mae uses this metric as the basis for enforcing its MBS Guide compliance provisions. The aim 

of this policy was to provide regulatory compliance relief to issuers at a time when they were experiencing an uptick 

in COVID-19 forbearances driven by the CARES Act. This action significantly mitigated the risk of issuers becoming 

noncompliant with Ginnie Mae’s delinquency thresholds. Another key action (APM 20-07) was to restrict forborne 

loans that were bought out of pools from being securitized into existing Ginnie Mae securities. This was done to 

address the potential rise in prepayment speeds that could have resulted from forbearance and loss mitigation 

policies put in place by the insuring agencies. This action helped preserve MBS investor confidence and a robust 

market for Ginnie Mae securities. 

COVID-19 

Shutdown

3/21/20

APM 20-03

PTAP

4/10/20

APM 20-04

SCRA Process 

Improvements

4/15/20

APM 20-05

PTAP Availability for 

Participants in Ginnie Mae’s 

Multifamily MBS Program

5/4/20

APM 20-06

Treatment of Mortgage 

Delinquency Ratios for 

Issuers Affected by 

COVID-19

5/14/20

APM 20-07

Temporary Pooling 

Restrictions on 

Re-performing Loans

6/29/20

APM 20-13

Notification Regarding Loans 

After Deferment Loss Mitigation

9/24/20

APM 20-14

Alternative Procedures 

Permitted for Certain Aspects 

of Issuer Annual Audit Report 

for Fiscal Year 2020

11/9/20

APM 20-15

C RG Pool Type 

Implementation for 

Single Family Securities

12/4/20

APM 20-17

Temporary Relief Extension from 

the Acceptable Delinquency 

Threshold Requirement

12/7/20

APM 20-18

Deadline Extension for 

Submission of Resolution of 

Board of Directors and 

HUD-11702 Certification 

12/16/20
Figure 2: Share of Ginnie Mae Loans in Forbearance

Source: eMBS and Urban Institute.

Despite the severity of the COVID-19 economic shock, Ginnie Mae’s issuer base and the government lending 

market has remained stable. This in part reflects the positive impact of lower rates, which pushed originations 

to record levels. At the same time, it also reflects Ginnie Mae’s accommodative policies that allowed servicers 

to stay focused on assisting borrowers impacted by the pandemic. This is evidenced on figure 2. Close to 12 

percent of Ginnie Mae borrowers were benefiting from forbearance in June 2020 despite the financial burden 

on issuers caused by advancing delinquent payments. This share has come down gradually and stood at 7 

percent in November 2020, as many borrowers have resumed payments. The bottom chart on page 20 shows 

another noteworthy development in the second half of 2020: a declining number of loan buyouts by bank 

issuers since July, the month APM 20-07 became effective. In November 2020, total buyouts by banks were a 

fraction of the level in June 2020. With the pandemic still raging and the economic recovery fragile, Ginnie

Mae continues to monitor these trends and is prepared to act to ensure that the market for Ginnie Mae 

securities remains robust.

Highlights this month:

• After skyrocketing last summer, buyouts of delinquent Ginnie Mae loans by bank issuers have fallen

drastically while buyouts by nonbanks have edged up. In November 2020, banks purchased 18,194

delinquent Ginnie Mae loans out of pools, while nonbanks purchased 21,761 (page 20).

• Nonbank origination shares for FHA and VA have largely converged in recent months, with FHA at 93

percent and VA at 91 percent (page 38).

HIGHLIGHTS
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

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

than either the US Treasury share (37 percent) or the US Credit share (32 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. 

37%

2%

32%

6%

10%

7%

4%

2%

Barclays US 

Aggregate Index

Treasury

Agency

Credit

GNMA MBS 30y

FNMA MBS 30y

FHLMC MBS 30y

15y and 20y MBS

ABS & CMBS

53%

9%

25%

10%

1%

2%

Global Treasury

Global Agency

Global Credit

US MBS

ABS & CMBS

Collateralised

(Pfandbrief)

2%

3% 1%

36%

30%

21%

1%

0.04%

2% 0%

Australia

Canada

Middle East

United States

Europe

Asia & Pacific Rim

Latin America

Africa

Supranational

Others

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

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

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

Sources: Bloomberg and State Street Global Advisors. 

Note: Data as of December 2020.

Sources: Bloomberg and State Street Global Advisors

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

Income and Ginnie Mae MBS

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

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

Yield (%)

Global 10-year Treasury Yields

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

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

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

10yr US Treasury hedged yield, JPY

10y US hedged yield, JPY (left)

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

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

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

10yr US Treasury hedged yield, EUR

10y US hedged yield, EUR (left)

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

Sources: Bloomberg and State Street Global Advisors. 

Note: Data as of December 2020.

Sources: Bloomberg and State Street Global Advisors

Note: Data as of December 2020.

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

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

globe stabilized. Yields on the 10-year treasury grew by 7 bps to 0.91 percent in December 2020, remaining the 

highest of the developed world. The yield on the Italian 10-year note, which has been higher than the 10-year 

sovereign debt of the US, Japan, and Europe for much of 2020, fell by 8 bps to 0.54 percent. The yield on the UK 

10-year bond dropped by 11 bps to 0.20 percent, while the Japanese 10-year government bond fell ever so

slightly by 1 bp to 0.02 percent in December. The German 10-year yield remained at negative 0.57 percent in

December. At the end of December 2020, the hedged yield differential between the 10-year Treasury and the

10-year JGB stood at 46 bps, a widening of 26 bps from the previous month. The hedged yield differential

between the 10-year Treasury and the 10-year Bund stood at 66 bps, an expansion of 21 bps since the end of

November 2020.

Yield(%)

Yield(%)
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

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

G2SF CC yield & nominal spread, USD

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

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

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

GNSF CC yield & nominal spread, USD

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

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

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

Nominal yields grew slightly in December 2020, with GNMA II yields rising 5 bps to 1.20 percent and GNMA I 

yields up 3 bps to 1.27 percent. At the end of December, current coupon Ginnie Mae securities outyield their 

Treasury counterparts (relative to the average of 5- and 10-year Treasury yields) by 56 bps on the G2SF and 

64 bps on the GNSF, a widening on the G2SF and tightening on the GNSF of 1 bp since last month. 

Yield(%) Yield(%)

Yield(%)

Yield(%)
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

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

G2SF CC yield & nominal spread, JPY

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

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

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

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 December. More precisely, hedged into Japanese yen, the G2SF and GNSF have a 81 and 88 

bp yield, respectively, versus the JGB 5/10 blend. This represents a 23 bp widening for G2SF and a 21 bp

widening for GNSF since the end of November 2020.

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

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

GNSF CC yield & nominal spread, JPY 

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

Yield(%) Yield(%)

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

Income and Ginnie Mae MBS

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

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

G2SF CC yield & nominal spread, EUR

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

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

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

GNSF CC yield & nominal spread, EUR

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

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

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

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

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

euros have a 103 and 110 bp higher yield than the average of the German 5/10, respectively. This represents a 

18 and 16 bp expansion for the G2SF and GNSF, respectively, since the end of November 2020. 

Yield(%) Yield(%)

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

Income and Ginnie Mae MBS

0

50

100

150

200

250

300

350

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

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

-50

0

50

100

150

200

250

300

350

400

450

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

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

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

Spread between Intermediate credit and 30-year GNMA MBS OAS

G2 30 MBS versus Intermediate Credit

After tightening steadily from mid-2016 to January 2020, 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. The OAS on intermediate credit partially recovered from its enormous 

widening in early 2020, while the Ginnie Mae II 30-year fell to multi-year lows. Despite this tightening, the spread 

between the two remains much elevated, ending December 2020 at 81 basis points in comparison to 21 basis points 

at the end of January 2020, reflecting heightened investor concern about corporate credit risk.
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

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

Data as of December 2020.

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 credit indices. 

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

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

Security Duration Yield

US 5y 4.9 0.36

US 10y 9.4 0.92

GNMA II 3.0% 3.3 0.55

GNMA II 3.5% 2.2 1.20

JPY 5y 4.7 -0.11

JPY 10y 9.7 0.02

GER 5y 4.8 -0.74

GER 10y 9.7 -0.57

ITA 5y 5.0 -0.01

ITA 10y 9.7 0.54

US credit 8.5 1.68

US credit >= A 8.2 1.36

US HY 3.4 4.18

Pan-Euro Corp 5.8 0.42

Pan-Euro HY 3.5 3.40

US 5y

US 10y

G2 3.5%

G2 3.0%

JPY 5y

GER 10y

GER 5y

JPY 10y

ITA 5y

ITA 10y

US Credit

US Credit>=A

US HY

Pan-Euro 

Corp

Pan-Euro HY

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

0.0 2.0 4.0 6.0 8.0 10.0 12.0

Yield

Duration

Yield versus duration
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Average Return (Per Month)

Time Period US MBS 

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

1 year 0.30 0.65 0.83 0.27 0.66 0.26

3 year 0.29 0.43 0.59 0.26 0.54 0.31

5 year 0.23 0.31 0.56 0.24 0.71 0.40

10 year 0.24 0.28 0.47 0.37 0.57 0.56

Source: State Street

*Assumes 2% capitalization max per issuer

Average Excess Return (Per Month)

Time Period US MBS 

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

1 year 0.28 0.63 0.81 0.32 0.64 0.31

3 year 0.17 0.31 0.47 0.32 0.42 0.37

5 year 0.14 0.22 0.47 0.30 0.62 0.46

10 year 0.19 0.23 0.42 0.40 0.52 0.59

Source: State Street

*Assumes 2% capitalization max per issuer

Standard Deviation

Time Period US MBS 

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

1 year 0.52 1.33 3.06 2.76 4.39 4.90

3 year 0.65 1.24 2.01 1.64 2.71 2.91

5 year 0.59 1.14 1.68 1.38 2.26 2.38

10 year 0.63 1.04 1.46 1.37 2.04 2.04

Source: State Street

*Assumes 2% capitalization max per issuer

Sharpe Ratio

Time Period US MBS 

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

1 year 0.53 0.47 0.26 0.12 0.14 0.06

3 year 0.26 0.25 0.23 0.19 0.16 0.13

5 year 0.23 0.20 0.28 0.22 0.28 0.19

10 year 0.31 0.22 0.29 0.30 0.26 0.29

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

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

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

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

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

highest among all asset classes over 1, 3 and 10-year horizons and in the middle of the pack over 5-year horizons.
3.20%

3.04%

10.76%

5.77%

0%

2%

4%

6%

8%

10%

12%

1Q074Q073Q082Q091Q104Q103Q112Q121Q134Q133Q142Q151Q164Q163Q172Q181Q194Q193Q20

Serious delinquency rates

Fannie Mae Freddie Mac FHA VA

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

Note: Serious delinquency is defined as 90 days or more past due or in the foreclosure process. Data as of Q3 2020.

Serious Delinquency Rates: Single-Family Loans

State of the US Housing Market

-15%

-10%

-5%

0%

5%

10%

15%

20%

Nov-01

May-02

Nov-02

May-03

Nov-03

May-04

Nov-04

May-05

Nov-05

May-06

Nov-06

May-07

Nov-07

May-08

Nov-08

May-09

Nov-09

May-10

Nov-10

May-11

Nov-11

May-12

Nov-12

May-13

Nov-13

May-14

Nov-14

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

Year-over-year growth rate

National Year-Over-Year HPI Growth

Bottom price tier Middle price tier Top price tier

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

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

Serious delinquency rates for single-family GSE loans, FHA loans and VA loans rose in Q3 2020, reflecting the 

impact of the COVID-19 pandemic. These delinquency numbers include loans in COVID-19 forbearance. The bottom 

chart shows nationwide house prices for the bottom, middle and the top quintiles by price. House prices have risen 

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

by 4.7 percent for 12 months ended November 2020, higher than the 4.2 percent for the top end of the market. Yearover-year price growth in November was higher than in October for all price tiers. 

4.7%

4.4%

4.2%
State of the US Housing Market

Debt,

household 

mortgages,

$9,833

Sources: Black Knight and Urban Institute. Note: HPI data as of November 2020. Negative sign indicates that state is above earlier peak. Peak refers to the month 

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

to the lowest level for each state/US after the housing bust, ranging from 01/2009 to 03/2012. Current is 11/2020, the latest HPI data period.

Nationally, nominal home prices have increased by 60.0 percent since the trough, and now exceed their pre-crisis peak 

valuation on a nominal basis by 19.7 percent. The picture is very different across states, with most states well in excess of the 

prior peak; six states remain below their 2007 peak, with Connecticut, at 10.4 percent below peak level, the most underwater.

HPI Changes

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

National 74.8% -25.2% 60.0% 4.2% 19.7%

Alabama 36.0% -15.5% 37.0% 4.5% 15.8%

Alaska 69.3% -3.1% 26.1% 3.2% 22.3%

Arizona 109.8% -47.8% 93.8% 5.0% 1.1%

Arkansas 41.3% -9.7% 29.2% 3.9% 16.6%

California 154.5% -43.3% 97.6% 4.2% 12.1%

Colorado 40.3% -12.9% 86.5% 4.0% 62.5%

Connecticut 92.1% -24.7% 18.9% 3.4% -10.4%

Delaware 94.2% -23.4% 35.5% 4.2% 3.8%

District of Columbia 174.4% -13.8% 62.6% 4.9% 40.2%

Florida 128.1% -46.8% 80.7% 5.2% -3.8%

Georgia 38.5% -31.3% 71.4% 3.9% 17.8%

Hawaii 163.0% -22.5% 57.8% 4.1% 22.3%

Idaho 71.9% -28.7% 101.8% 6.8% 43.9%

Illinois 61.7% -34.3% 40.9% 2.4% -7.5%

Indiana 21.5% -7.9% 41.7% 3.8% 30.4%

Iowa 28.3% -4.7% 30.0% 2.9% 23.8%

Kansas 34.5% -9.2% 55.7% 10.2% 41.4%

Kentucky 29.6% -7.5% 36.5% 3.6% 26.4%

Louisiana 48.5% -5.1% 27.2% 3.5% 20.7%

Maine 82.0% -12.4% 54.8% 11.5% 35.6%

Maryland 129.2% -28.6% 31.2% 3.6% -6.3%

Massachusetts 92.2% -22.4% 60.7% 3.8% 24.7%

Michigan 23.8% -39.3% 81.2% 3.5% 10.1%

Minnesota 66.3% -27.7% 61.2% 4.2% 16.6%

Mississippi 41.2% -13.9% 36.0% 7.3% 17.1%

Missouri 42.6% -15.3% 41.1% 3.7% 19.5%

Montana 82.3% -11.4% 59.7% 4.5% 41.5%

Nebraska 26.7% -6.8% 46.2% 3.4% 36.3%

Nevada 126.7% -59.0% 129.2% 4.2% -5.9%

New Hampshire 90.5% -23.1% 48.1% 4.3% 13.9%

New Jersey 117.6% -28.0% 32.0% 3.6% -4.9%

New Mexico 66.7% -16.4% 33.4% 6.0% 11.6%

New York 98.3% -15.2% 47.3% 4.3% 24.9%

North Carolina 40.6% -15.8% 43.2% 4.3% 20.5%

North Dakota 53.4% -4.0% 59.3% 3.5% 52.9%

Ohio 21.1% -18.3% 42.5% 3.6% 16.4%

Oklahoma 37.3% -2.5% 25.4% 4.8% 22.3%

Oregon 81.8% -28.0% 86.0% 3.9% 33.9%

Pennsylvania 70.1% -11.7% 28.9% 3.0% 13.8%

Rhode Island 130.3% -34.1% 62.1% 5.4% 6.8%

South Carolina 44.7% -19.4% 41.8% 4.2% 14.3%

South Dakota 45.3% -3.7% 56.5% 7.5% 50.7%

Tennessee 35.0% -11.9% 52.6% 5.0% 34.5%

Texas 33.5% -5.8% 56.7% 4.2% 47.6%

Utah 54.8% -22.1% 85.3% 5.1% 44.4%

Vermont 83.5% -7.5% 41.1% 3.9% 30.5%

Virginia 99.8% -22.7% 32.6% 4.3% 2.4%

Washington 85.0% -28.6% 97.5% 5.5% 41.0%

West Virginia 40.7% -5.6% 31.8% 6.5% 24.4%

Wisconsin 44.7% -16.3% 38.9% 2.8% 16.3%

Wyoming 77.7% -7.2% 39.7% 5.1% 29.6%
State of the US Housing Market

Debt,

household 

mortgages,

$9,833

Agency Issuance (past 1 year) Agency Outstanding 

State GNMA Share GNMA Loan 

Count

GNMA Avg.

Loan Size (000)

GSE Avg. Loan 

Size (000) GNMA Share GNMA Loan Count

GNMA Avg. 

Loan Size (000)

GSE Avg. Loan 

Size (000)

National 25.7% 2,826,266 255.1 279.7 25.0% 11,147,783 165.1 202.1

Alabama 38.5% 51,982 196.7 221.4 39.3% 236,527 129.0 160.9

Alaska 47.9% 9,179 311.4 279.3 44.6% 37,525 230.6 208.2

Arizona 26.8% 105,990 249.8 256.4 23.8% 305,726 169.1 195.0

Arkansas 36.1% 27,772 168.1 200.3 38.8% 138,871 111.0 145.6

California 18.4% 258,873 393.2 388.9 15.6% 750,846 270.5 291.1

Colorado 25.3% 87,666 333.0 320.3 21.1% 232,115 229.6 247.3

Connecticut 24.8% 22,351 239.0 266.3 25.3% 107,907 180.6 195.4

Delaware 31.9% 12,440 240.6 259.2 31.8% 52,034 180.0 192.3

District of Columbia 14.1% 2,484 503.7 439.4 11.5% 9,351 298.9 325.8

Florida 36.0% 241,007 245.2 247.9 30.9% 849,352 171.8 183.3

Georgia 34.1% 129,612 218.1 251.1 33.0% 511,661 146.2 182.1

Hawaii 41.8% 13,001 554.0 441.6 25.1% 32,578 383.7 329.8

Idaho 24.9% 21,987 253.5 249.7 24.1% 75,955 162.5 188.7

Illinois 18.2% 77,489 203.3 235.9 20.7% 363,229 140.0 167.9

Indiana 27.6% 65,874 170.8 192.1 31.0% 297,274 111.9 136.0

Iowa 17.3% 17,030 172.7 196.8 21.3% 85,529 114.4 139.9

Kansas 25.6% 20,618 183.3 213.4 29.5% 102,354 119.5 149.0

Kentucky 31.0% 36,934 178.0 199.7 33.8% 167,699 121.6 141.4

Louisiana 35.8% 41,252 194.2 228.5 37.3% 190,042 137.6 166.4

Maine 25.4% 9,908 211.3 235.7 26.6% 40,180 152.9 172.7

Maryland 35.9% 81,047 323.2 314.6 32.6% 296,163 229.0 230.3

Massachusetts 15.0% 33,079 331.0 338.7 15.3% 120,599 241.2 247.7

Michigan 17.2% 62,357 173.1 204.6 20.7% 297,136 114.3 143.9

Minnesota 16.9% 40,540 231.2 247.6 18.3% 178,103 156.3 182.8

Mississippi 44.1% 23,428 178.3 204.2 46.1% 117,185 121.5 148.5

Missouri 25.5% 56,068 180.8 209.3 29.4% 259,965 120.7 148.1

Montana 24.9% 9,480 254.3 257.9 23.3% 35,841 171.0 191.9

Nebraska 24.3% 14,752 196.9 204.4 27.0% 70,750 123.3 146.8

Nevada 34.7% 49,064 286.4 268.8 28.0% 138,758 196.7 206.8

New Hampshire 23.1% 11,327 267.4 263.8 23.5% 43,233 194.9 194.3

New Jersey 20.8% 56,637 283.9 317.7 22.0% 240,823 210.0 232.9

New Mexico 37.2% 20,271 211.6 224.7 37.4% 97,605 141.2 161.1

New York 19.2% 46,525 280.3 312.4 21.5% 321,255 186.2 224.7

North Carolina 29.5% 108,070 217.9 247.5 28.2% 429,480 142.9 178.4

North Dakota 21.1% 4,183 237.3 232.2 21.5% 16,681 168.2 174.8

Ohio 26.2% 86,901 170.4 193.0 29.8% 441,896 112.2 135.2

Oklahoma 40.2% 36,148 181.9 204.4 42.4% 194,624 119.7 147.4

Oregon 21.6% 39,056 297.3 297.8 18.6% 123,283 206.0 224.9

Pennsylvania 24.4% 74,513 194.1 235.7 27.7% 409,117 134.7 166.4

Rhode Island 27.9% 9,133 264.7 260.1 28.6% 36,465 193.1 194.8

South Carolina 35.2% 63,317 219.3 234.2 32.3% 231,184 149.4 171.6

South Dakota 25.0% 7,718 209.7 218.9 28.5% 30,597 143.2 163.3

Tennessee 32.3% 71,945 220.3 243.9 32.6% 291,905 141.6 178.8

Texas 32.4% 264,642 232.9 256.3 30.3% 1,086,056 147.7 187.1

Utah 19.2% 38,939 290.6 289.0 19.5% 116,724 200.4 230.9

Vermont 19.6% 2,749 217.8 234.6 18.2% 12,688 163.8 165.3

Virginia 37.2% 125,077 320.6 320.2 33.3% 445,748 215.2 231.2

Washington 23.3% 85,042 335.7 344.9 20.7% 261,675 226.2 255.8

West Virginia 43.1% 11,980 181.4 187.3 42.1% 56,303 125.9 133.2

Wisconsin 15.1% 31,525 196.4 211.8 16.6% 132,702 133.7 150.9

Wyoming 34.4% 7,304 240.9 248.7 33.8% 26,484 178.0 186.8

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

months, from November 2019 to November 2020.

Ginnie Mae MBS constitute 25.0 percent of outstanding agency issuance by loan balance and 25.7 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 11.5 percent in the District of Columbia and as high as 46.1 percent in 

Mississippi. In general, the Ginnie Mae share is higher in states with lower home prices.
State of the US Housing Market

$11.5

$21.8

$33.3

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

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

Q3

$ Trillions

Value of the US Housing Market

Debt Household equity Total Value

$0.43

$0.46

$7.30

$3.37

0

1

2

3

4

5

6

7

8

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

Q3

$ Trillions

Size of the US Residential Mortgage Market

Private Label Securities Home Equity loans Agency MBS Unsecuritized first liens

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

Note Top: Single family includes 1-4 family mortgages. The home equity number is grossed up from Fed totals to 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. 

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

driven primarily by growing home equity since 2012. The Q3 2020 numbers show that while mortgage debt 

outstanding remained steady at $11.5 trillion, total home equity grew slightly from $21.5 trillion in Q2 2020 to 

$21.8 trillion in the third quarter of 2020, bringing the total value of the housing market to $33.3 trillion, 30.3 

percent higher than the pre-crisis peak in 2006. Agency MBS account for 63.4 percent of the total mortgage debt 

outstanding, private-label securities make up 3.7 percent, and unsecuritized first liens make up 28.9 percent. 

Home equity loans comprise the remaining 4.0 percent of the total.
State of the US Housing Market

As of November 2020, outstanding securities in the agency market totaled $7.45 trillion: 42.6 percent Fannie Mae, 

29.8 percent Freddie Mac, and 27.6 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 56.0 percent of 

total Ginnie Mae MBS outstanding, while VA comprises 38.2 percent. Note that during the pandemic the GSEs 

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

to conventional refinances and saving on the mortgage insurance premium.

$3.18

$2.06

$2.22

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Nov-02

May-03

Nov-03

May-04

Nov-04

May-05

Nov-05

May-06

Nov-06

May-07

Nov-07

May-08

Nov-08

May-09

Nov-09

May-10

Nov-10

May-11

Nov-11

May-12

Nov-12

May-13

Nov-13

May-14

Nov-14

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

$ Trillions

Outstanding Agency Mortgage-Backed Securities

Fannie Mae Freddie Mac Ginnie Mae

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

$1.2

$0.8

$0.1

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Nov-02

May-03

Nov-03

May-04

Nov-04

May-05

Nov-05

May-06

Nov-06

May-07

Nov-07

May-08

Nov-08

May-09

Nov-09

May-10

Nov-10

May-11

Nov-11

May-12

Nov-12

May-13

Nov-13

May-14

Nov-14

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

$ Trillions

Outstanding Ginnie Mae Mortgage-Backed Securities

FHA VA Other

Sources: eMBS and Urban Institute Note: Data as of November 2020.
3

3.1

3.2

3.3

3.4

3.5

3.6

3.7

3.8

3.9

4

4.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

State of the US Housing Market

Sources: eMBS and Urban Institute

Note:Data as of November 2020. Average coupon is weighted by remaining principal balance. 

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 November 2020.

As of November 2020, the average coupon on outstanding Ginnie Mae pools was 3.35 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 a hefty 47.6 

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

Outstanding Ginnie Balance, by Coupon 

Outstanding Ginnie Volume, by Vintage 

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Pre-2008 2008-2013 2014-2018 2019-Present Outstanding Volume Share
Debt,

household 

mortgages,

$9,833

State of the US Housing Market

In November 2020, a total of 751,552 Ginnie Mae loans were in forbearance, 23,367 of which were removed from 

pools (i.e. liquidated) during the month. Most liquidated loans (19,731) were FHA. Forborne loans removed from 

pools in November had measurably higher note rates and lower outstanding loan balances, and were more likely to 

be purchase loans than forborne loans that remain in pools.

All loans in forbearance – November 2020

FICO Score* Note Rate* Current Principal Balance

Median FTHB Share Purchase Share Loan Count

Ginnie 661 4.1 $173,105 77.3% 71.0% 775,085 

Bank 676 4.1 $136,480 72.7% 77.2% 118,284 

Nonbank 659 4.1 $179,706 78.1% 70.0% 656,801 

FHA 658 4.2 $170,384 78.0% 73.2% 582,179 

Bank 670 4.2 $126,024 73.8% 79.6% 86,469 

Nonbank 656 4.2 $178,462 78.7% 72.2% 495,710 

VA 670 3.8 $218,212 69.0% 51.6% 134,680 

Bank 686 3.8 $195,627 66.4% 65.9% 24,976 

Nonbank 666 3.8 $223,120 69.7% 48.4% 109,704 

Sources: eMBS and Urban Institute. Note: Data as of November 2020. *Averages weighted by remaining principal balance of loans.

Loans in forbearance and removed from pools – November 2020

FICO Score* Note Rate* Current Principal Balance

Median FTHB Share Purchase Share Loan Count

Ginnie 662 4.3 $164,000 76.6% 81.6% 23,367 

Bank 675 4.2 $139,942 75.1% 83.8% 12,301 

Nonbank 654 4.4 $196,000 77.9% 79.6% 11,066 

FHA 658 4.5 $161,976 77.4% 83.9% 19,731 

Bank 671 4.3 $135,000 75.9% 85.7% 9,892 

Nonbank 650 4.5 $193,000 78.8% 82.4% 9,839 

VA 685 3.8 $211,000 65.0% 60.8% 2,614 

Bank 689 3.9 $187,000 65.0% 67.9% 1,603 

Nonbank 681 3.8 $247,000 65.1% 50.6% 1,011 

Loans in forbearance that remain in pools – November 2020

FICO Score* Note Rate* Current Principal Balance

Median FTHB Share Purchase Share Loan Count

Ginnie 661 4.1 $173,792 77.4% 70.7% 751,552 

Bank 676 4.1 $138,128 72.4% 76.8% 106,864 

Nonbank 659 4.1 $179,650 78.2% 69.9% 644,688 

FHA 658 4.2 $171,100 78.0% 72.9% 562,294 

Bank 669 4.2 $126,880 73.5% 79.2% 77,415 

Nonbank 657 4.1 $178,450 78.7% 72.0% 484,879 

VA 670 3.8 $218,721 69.1% 51.4% 132,053 

Bank 686 3.8 $197,482 66.5% 65.8% 23,369 

Nonbank 666 3.8 $223,039 69.8% 48.3% 108,684 
State of the US Housing Market

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

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). 

0

50000

100000

150000

200000

250000

Other Loss Mitigation

Repurchase of Delinquent Loan Mortgagor Payoff

0

50000

100000

150000

200000

250000

Other Loss Mitigation

Repurchase of Delinquent Loan Mortgagor Payoff

Number of Loans Removed from Pools:

Bank Issuers

Number of Loans Removed from Pools:

Nonbank Issuers

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

0%

2%

4%

6%

8%

10%

12%

14%

May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20

Bank Forbearance Nonbank Forbearance All Forbearance Forbearance Share

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

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

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 November 2020, 36,314 FHA and 2,632 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).

0

50000

100000

150000

200000

250000

300000

Other Loss Mitigation

Repurchase of Delinquent Loan Mortgagor Payoff

0

20000

40000

60000

80000

100000

120000

140000

Other Loss Mitigation

Repurchase of Delinquent Loan Mortgagor Payoff

Number of Loans Removed from Pools:

FHA

Number of Loans Removed from Pools:

VA

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

Number of Loans Removed from Pools by Coupon

0

20000

40000

60000

80000

100000

120000

<3.5 Other

<3.5 Loss Mitigation

<3.5 Repurchase of Delinquent Loan

<3.5 Mortgagor Payoff

0

50000

100000

150000

200000

250000

300000

350000

>=3.5 Other

>=3.5 Loss Mitigation

>=3.5 Repurchase of Delinquent Loan

>=3.5 Mortgagor Payoff

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

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

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

Q1

2020

Q2

2020

Q3

$ trillions

First Lien Origination Volume Portfolio

PLS securitization

FHA/VA securitization

GSE securitization

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q3 2020.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Q1

2020

Q2

2020

Q3

First Lien Origination Share

In the third quarter of 2020, first lien originations totaled $1.14 trillion, up from Q3 2019 volume of $700 billion. 

The share of portfolio originations was 19.6 percent in Q3 2020, a significant decline from the 33.3 percent share 

in the same period of 2019. The Q3 2020 GSE share was up significantly at 61.9 percent, compared to 45.3 percent 

in Q3 2019. The FHA/VA share fell to 17.4 percent, down slightly compared to 19.5 percent last year. The PLS 

share was 1.1 percent in Q3 2020, down from 1.8 percent one year ago, and a fraction of its share in the pre-bubble 

years. The smaller share of portfolio and PLS in Q3 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. Total origination volume added up to $2.7 trillion in the first three quarters of 2020—

these three quarters alone were higher than any year since 2003, when originations exceeded $3.5 trillion.

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q3 2020. 

19.6%

1.09%

17.4%

61.9%

$0.223

$0.012

$0.199

$0.706
US Agency Market, Originations

Debt,

household 

mortgages,

$9,833

Ginnie Mae Breakdown: Agency Gross Issuance

Issuance Year FHA VA Other Total

2000 $80.2 $18.8 $3.2 $102.2

2001 $133.8 $34.7 $3.1 $171.5

2002 $128.6 $37.9 $2.5 $169.0

2003 $147.9 $62.7 $2.5 $213.1

2004 $85.0 $31.8 $2.5 $119.2

2005 $55.7 $23.5 $2.1 $81.4

2006 $51.2 $23.2 $2.3 $76.7

2007 $67.7 $24.2 $3.0 $94.9

2008 $221.7 $39.0 $6.9 $267.6

2009 $359.9 $74.6 $16.8 $451.3

2010 $304.9 $70.6 $15.3 $390.7

2011 $216.1 $82.3 $16.9 $315.3

2012 $253.4 $131.3 $20.3 $405.0

2013 $239.2 $132.2 $22.2 $393.6

2014 $163.9 $111.4 $21.0 $296.3

2015 $261.5 $155.6 $19.2 $436.3

2016 $281.8 $206.5 $19.9 $508.2

2017 $257.6 $177.8 $20.2 $455.6

2018 $222.6 $160.8 $17.2 $400.6

2019 $266.9 $225.7 $16.0 $508.6

2020 YTD $297.5 $378.3 $22.7 $698.6

2020 % Change YOY 23.4% 88.9% 56.6% 53.2%

2020 Ann. $324.6 $412.7 $24.7 $762.1

Agency Gross Issuance

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

2000 $202.8 $157.9 $360.6 $102.2 $462.8

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

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

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

2004 $517.5 $355.2 $872.6 $119.2 $991.9

2005 $514.1 $379.9 $894.0 $81.4 $975.3

2006 $500.2 $352.9 $853.0 $76.7 $929.7

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

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

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

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

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

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

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

2014 $392.9 $258.0 $650.9 $296.3 $947.2

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

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

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

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

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

2020 YTD $1,212.6 $937.4 $2,150.0 $698.6 $2,848.6

2020 % Change YOY 126.5% 138.7% 131.7% 53.2% 105.8%

2020 Ann. $1,322.8 $1,022.6 $2,345.5 $762.1 $3,107.5

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

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

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

Agency gross issuance in the first eleven months of 2020 was very strong at $2.85 trillion, already surpassing every 

full year of agency origination in the 21st century, including the previous high of $2.09 trillion in 2003. On an 

annualized basis, we expect 2020 to finish at about $3.11 trillion, as compared with the 2019 full year volume of 

$1.55 trillion. Compared to the same 11-month period of 2019, agency gross issuance was up 105.8 percent. 

Ginnie Mae gross issuance was up by 53.2 percent and GSE gross issuance was up by 131.7 percent. Within the 

Ginnie Mae market, FHA was up by 23.4 percent and VA origination was up by 88.9 percent. 
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 YTD -$47.2 $64.1 $1.3 $18.2

2020 % Change YOY -246.1% 17.6% -8.3% -79.4%

2020 Ann. -$51.5 $70.0 $1.4 $19.8

Agency Net Issuance

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

2000 $92.0 $67.8 $159.8 $29.3 $189.1

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

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

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

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

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

2006 $164.3 $149.3 $313.6 $0.2 $313.8

2007 $296.1 $218.8 $514.9 $30.9 $545.7

2008 $213.0 $101.8 $314.8 $196.4 $511.3

2009 $208.1 $42.5 $250.6 $257.4 $508.0

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

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

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

2013 $53.5 $11.8 $65.3 $89.6 $154.9

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

2015 $3.5 $65.0 $68.4 $97.3 $172.5

2016 $60.5 $66.8 $127.4 $126.1 $261.6

2017 $83.7 $77.0 $160.7 $132.3 $293.0

2018 $81.9 $67.6 $149.4 $112.0 $261.5

2019 $87.4 $110.3 $197.8 $95.7 $293.5

2020 YTD $266.5 $290.5 $556.9 $18.2 $575.1

2020 % Change YOY 244.4% 212.2% 226.8% -79.4% 122.3%

2020 Ann. $290.7 $316.9 $607.6 $19.8 $627.4

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 November 2020.

The first eleven months of 2020 have been very robust for agency net issuance, with $575.1 billion of net new supply, up 

122.3 percent compared with the same period of 2019. 2020 YTD Ginnie Mae net issuance is $18.2 billion, comprising 

3.2 percent of total agency net issuance. This is down substantially from 2019 levels, reflecting a contraction in FHA 

securities outstanding.
US Agency Market, Originations

Debt,

household 

mortgages,

$9,833

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 November 2020.

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

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

month in previous years. The November 2020 gross agency issuance of $356.5 billion is the highest single 

monthly issuance on record, significantly higher than the same month in 2019, as lower rates gave borrowers a 

stronger incentive to refinance.

Date

Gross Issuance Net Issuance

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Monthly Agency Issuance
$39.1 

$113.5 

$61.8 

$15.4 $2.6 $0.2 

$4.1 

$21.8 

$20.8 

$6.6 

$2.1 $0.8 

$17.8 

$35.3 

$19.0 

$3.4 

$0.6 $0.2 

 $0

 $20

 $40

 $60

 $80

 $100

 $120

 $140

 $160

 $180

2 2.5 3 3.5 4 4.5

Streamlined Cash-out Not streamlined, not cash-out

Coupon

$ billions

Ginnie Mae Refinance Issuance by Type: 2020 YTD

US Agency Market, Originations

Sources: eMBS and Urban Institute.

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

The FHA refinance share stood at 35.8 percent in November 2020, below the 73.8 percent refi share for Freddie 

originations, the 73.1 percent share for Fannie, and the 70.6 percent share for the VA. The total Ginnie refinance 

share stood at 51.6 percent in November. Refinances as a share of all originations grew during 2019 and 2020 as 

interest rates fell. Refinances have declined slightly from their peaks but remain at high levels, as interest rates 

have stabilized at generational lows. The bottom section shows that nearly all of 2020 YTD Ginnie Mae refinances, 

predominantly streamlined, were securitized in lower coupon pools. Cash-out refinances are typically securitized 

in higher coupons, but their volume has fallen sharply due to restrictions Ginnie Mae put in place in late 2019, to 

combat the “churning” problem.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Percent Refi at Issuance

Refishare Freddie Fannie Ginnie FHA VA

74%

73%

71%

52%

36%

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

39.6%

44.6%

68.9%

51.1%

20%

30%

40%

50%

60%

70%

80%

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

First-time homebuyer share (%)

First Time Homebuyer Share: Purchase Only Loans

Freddie Fannie Ginnie All

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

The first time homebuyer share of Ginnie Mae purchase loans was 68.9 percent in November 2020, down 

slightly from 70.6 percent in November 2019. First time homebuyers comprise a significantly higher share of 

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

44.6 percent and 39.6 percent of Fannie Mae and Freddie Mac purchase originations, respectively. The bottom 

table shows that based on mortgages originated in November 2020, the average first-time homebuyer was 

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

similar DTI, and pay a slightly higher rate.

Fannie Mae Freddie Mac Ginnie Mae All

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

Loan Amount ($ ) 295,693 319,475 290,865 312,297 242,177 296,505 270,296 310,832 

Credit Score 750.1 761.3 747.8 757.4 688.5 704.8 721.9 745.4 

LTV (%) 87.0 79.1 87.5 79.1 96.9 95.9 91.6 83.4 

DTI (%) 34.1 34.9 34.7 35.6 41.3 41.9 37.5 37.0 

Loan Rate (%) 2.9 2.9 3.0 2.9 3.0 2.9 3.0 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 November 2020.
Credit Box

76.5%

50.7%

76.6%

68.9%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

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

First-time homebuyer share (%)

First Time Homebuyer Share: 

Ginnie Mae Breakdown

FHA VA Other 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 November 2020.

Within the Ginnie Mae purchase market, 76.5 percent of FHA loans, 50.7 percent of VA loans, and 76.6 percent 

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

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

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

pay a slightly higher rate.

FHA VA Other Ginnie Mae Total

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

Loan Amount ($) 235,511 252,092 297,354 355,138 170,640 184,345 242,177 296,505 

Credit Score 678.2 677.1 713.9 731.7 700.1 700.7 688.5 704.8 

LTV (%) 95.6 94.3 99.6 97.0 99.3 99.1 96.9 95.9 

DTI (%) 43.0 44.0 39.5 40.9 34.7 35.5 41.3 41.9 

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

Sources: eMBS and Urban Institute. Note: Includes only purchase loans. Data as of November 2020.
Debt,

household 

mortgages,

$9,833

Purchase FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 381,185 656 719 744 782 801 735 

Fannie 140,107 693 737 763 795 803 755 

Freddie 115,143 698 731 766 791 804 758 

Ginnie 125,935 633 654 684 730 774 694 

Refi FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 798,345 693 732 771 794 807 759 

Fannie 380,129 705 742 775 796 808 765 

Freddie 324,506 703 737 773 795 807 763 

Ginnie 93,710 646 677 724 775 800 723 

All FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 1,179,530 677 719 764 791 805 751 

Fannie 520,236 702 737 772 795 807 762 

Freddie 439,649 702 736 771 794 806 761 

Ginnie 219,645 638 661 699 753 790 706 

Purchase FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 125,935 633 654 684 730 774 694 

FHA 75,929 628 647 671 703 741 678 

VA 37,908 647 677 725 772 797 723 

Other 12,098 645 664 694 735 767 700 

Refi FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 93,710 646 677 724 775 800 723 

FHA 23,886 625 648 675 706 746 679 

VA 68,860 661 698 747 784 803 738 

Other 964 657 678 715 757 783 716 

All FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 219,645 638 661 699 753 790 706 

FHA 99,815 627 647 672 704 742 678 

VA 106,768 655 689 739 781 801 733 

Other 13,062 646 665 696 736 769 701 

November 2020 Credit Box at a Glance

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

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

In November 2020, the median Ginnie Mae FICO score was 699 versus 772 for Fannie Mae and 771 for Freddie Mac. 

Note that the FICO score for the 10th percentile was 638 for Ginnie Mae, versus 702 for both Fannie Mae and Freddie 

Mac. Within the Ginnie Mae market, FHA loans have a median FICO score of 672, VA loans have a median FICO score 

of 739 and other loans have a median FICO score of 696.
November 2020 Credit Box at a Glance

Debt,

household 

mortgages,

$9,833

Purchase LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 381,324 70.0 80.0 93.0 96.5 100.0 86.9 

Fannie 139,966 65.0 80.0 80.0 95.0 95.0 82.5 

Freddie 115,186 64.0 78.0 80.0 95.0 95.0 81.8 

Ginnie 126,172 94.2 96.5 96.5 100.0 101.0 96.6 

Refi LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 832,049 43.0 56.0 69.5 80.0 90.0 67.3 

Fannie 380,132 41.0 53.0 66.0 75.0 80.0 63.5 

Freddie 324,526 42.0 55.0 67.0 75.0 81.0 64.3 

Ginnie 127,391 67.4 80.1 90.0 96.6 99.7 86.2 

All LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 1,213,373 47.0 60.0 75.0 90.0 96.5 73.5 

Fannie 520,098 44.0 57.0 71.0 80.0 91.0 68.6 

Freddie 439,712 45.0 58.0 71.0 80.0 90.0 68.9 

Ginnie 253,563 76.1 88.3 96.5 98.0 100.2 91.4 

Purchase LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 126,172 94.2 96.5 96.5 100.0 101.0 96.6 

FHA 76,112 94.3 95.3 96.5 96.5 96.5 95.3 

VA 37,937 92.5 100.0 100.0 100.0 102.3 98.3 

Other 12,123 95.9 99.3 101.0 101.0 101.0 99.3 

Refi LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 127,391 67.4 80.1 90.0 96.6 99.7 86.2 

FHA 40,045 75.2 81.4 91.7 96.4 97.7 88.2 

VA 86,328 64.2 77.9 89.0 96.9 100.3 85.3 

Other 1,018 79.8 89.0 96.7 100.0 101.0 93.0 

All LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 253,563 76.1 88.3 96.5 98.0 100.2 91.4 

FHA 116,157 81.4 93.3 96.5 96.5 96.6 92.8 

VA 124,265 68.7 82.5 94.3 100.0 101.5 89.2 

Other 13,141 94.5 99.0 100.9 101.0 101.0 98.8 

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

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

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

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

In November 2020, the median loan-to-value ratio (LTV) was 96.5 percent for Ginnie Mae, compared to 71 percent 

for both Fannie Mae and Freddie Mac. The 90th percentile was 100.2 percent for Ginnie Mae, versus 90 percent for 

Freddie and 91 percent for Fannie. Within the Ginnie Mae market, the median LTV was 96.5 for FHA, 94.3 for VA 

and 100.9 for other programs. 
Debt,

household 

mortgages,

$9,833

Purchase DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 380,705 23.0 30.0 38.0 44.0 49.0 37.0 

Fannie 140,164 21.0 28.0 36.0 43.0 47.0 35.0 

Freddie 115,176 21.0 28.0 36.0 42.0 46.0 34.4 

Ginnie 125,365 28.4 35.1 42.2 48.7 53.8 41.5 

Refi DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 735,939 19.0 25.0 33.0 41.0 45.8 32.4 

Fannie 380,128 18.0 24.0 32.0 40.0 45.0 32.1 

Freddie 324,481 19.0 25.0 33.0 40.0 45.0 32.2 

Ginnie 31,330 22.3 30.0 37.3 45.8 52.1 37.4 

All DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 1,116,644 20.0 26.0 35.0 42.0 47.0 34.0 

Fannie 520,292 19.0 25.0 34.0 41.0 46.0 32.9 

Freddie 439,657 19.0 25.0 33.0 41.0 45.0 32.8 

Ginnie 156,695 27.1 33.8 41.5 48.2 53.5 40.7 

Purchase DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 125,365 28.4 35.1 42.2 48.7 53.8 41.5 

FHA 75,811 30.8 37.6 44.2 49.8 54.4 43.2 

VA 37,461 26.2 33.1 40.7 47.7 53.3 40.2 

Other 12,093 25.3 30.3 35.8 40.3 43.3 34.9 

Refi DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 31,330 22.3 30.0 37.3 45.8 52.1 37.4 

FHA 12,491 27.0 33.3 41.8 48.5 53.7 40.7 

VA 18,271 20.4 27.8 34.9 43.2 50.1 35.3 

Other 568 17.1 23.7 31.7 38.5 43.7 31.0 

All DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 156,695 27.1 33.8 41.5 48.2 53.5 40.7 

FHA 88,302 30.2 37.0 43.9 49.7 54.3 42.8 

VA 55,732 24.0 31.3 38.9 46.5 52.6 38.6 

Other 12,661 24.8 30.1 35.6 40.2 43.3 34.7 

November 2020 Credit Box at a Glance

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

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

In November 2020, the median Ginnie Mae debt-to-income ratio (DTI) was 41.5 percent, considerably higher than 

the 34.0 percent median DTI for Fannie Mae and the 33.0 percent median DTI for 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 percent for 

Freddie Mac. Within the Ginnie Mae market, the median FHA DTI ratio was 43.9 percent, versus 38.9 percent for VA 

and 35.6 percent for other lending programs. 
Credit Box: Historical

660

680

700

720

740

760

780

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

FICO Scores

FICO Scores for Purchase Loans 

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

660

680

700

720

740

760

780

800

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

FICO Scores for Refinance Loans

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

771

772

699

764

660

680

700

720

740

760

780

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

FICO Scores

FICO Scores for All Loans

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

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

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

The median FICO score for all agency loans originated in November 2020 was 764, 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. 

The difference between Ginnie Mae and GSE borrower FICOs is considerably wider for purchase loans than 

for refi loans.
Credit Box: Historical

96.5

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Loan-to-Value Ratio

LTV Ratio for All Loans

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

Median LTVs for Ginnie Mae loans have historically been at 96.5 percent, much higher than the 71 percent LTV 

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

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

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

of rising interest rates and rising home prices. All three agencies witnessed measurable declines in DTI, 

beginning in early 2019, driven by lower interest rates, with larger declines in GSE securities..

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 November 2020.

75.0

71.0

33.0

34.0

41.5

35.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

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

Debt-to-Income Ratio

DTI Ratio for All Loans

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

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

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

FHA Cumulative Default Rate by DTI and FICO

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

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

Loan age

Cumulative default rate

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

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

VA Cumulative Default Rate by DTI and FICO

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

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

Loan age

Cumulative default rate

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

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

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

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

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

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

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

much weaker predictor of loan performance than credit score.

Sources: eMBS and Urban Institute. Note: Defaults = 180 days delinquent. Data as of December 2020.
95%

81%

58%

41%

31%

96%

87%

62%

38%

29%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

<640 640–680 680–700 700–750 ≥ 750

93%

81%

60%

42%

33%

94%

86%

62%

38%

29%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

<640 640–680 680–700 700–750 ≥ 750

September 2018- December 2018 September 2020- December 2020

Credit Box: Historical

DTI < 35

Sources: eMBS and Urban Institute. 

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

35 ≤ DTI < 45 

98%

93%

80%

61%

47%

99% 98% 93%

65%

50%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

<640 640–680 680–700 700–750 ≥ 750

Credit score

Credit score

Credit score

DTI ≥ 45

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

Mae’s share is more concentrated in lower FICO scores than in higher FICO scores. In September 2020-

December 2020, Ginnie Mae accounted for 94 percent of agency issuance for DTIs under 35 and FICOs below 

640, compared to just 29 percent for DTIs below 35 and FICO 750 and higher. The Ginnie/GSE split in the 35-45 

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

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

share of loans with a DTI of 45 and above and a FICO of 680-700 was 93 percent; it was 62 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).
High LTV Loans: Ginnie Mae vs. 

GSEs

Sources: eMBS and Urban Institute.

September 2018-December 2018

FICO

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

< 35 2.8% 4.6% 2.5% 6.7% 8.6% 25.2%

35 −45 5.3% 9.0% 4.8% 11.4% 10.0% 40.4%

≥ 45 5.0% 8.9% 4.4% 9.4% 6.7% 34.4%

All 13.1% 22.4% 11.7% 27.4% 25.3% 100.0%

September 2020-December 2020

FICO

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

< 35 1.7% 4.9% 3.0% 8.6% 13.0% 31.1%

35 −45 3.1% 8.8% 5.1% 12.9% 12.5% 42.3%

≥ 45 2.4% 7.1% 3.4% 7.7% 6.0% 26.6%

All 7.2% 20.8% 11.4% 29.2% 31.4% 100.0%

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

Share of Loans with LTV ≥ 95

Ginnie Mae GSE All

September 2018- December 2018 70.7% 21.6% 37.8%

September 2020- December 2020 69.6% 9.2% 18.4%

Ginnie Mae dominates high-LTV lending, with 69.6 percent of its issuances in the September 2020- December 

2020 period having LTVs of 95 or above, compared to 9.2 percent for the GSEs. The GSEs have decreased their 

high-LTV lending share from 21.6 percent in September 2018− December 2018. Ginnie Mae’s high-LTV lending 

share remained stable over the same period. The share of high-LTV agency loans going to highest FICO 

borrowers (i.e. above 750) has increased from the September 2018-December 2018 period to the September 

2020-December 2020 period, as has the share of lower DTI borrowers (below 35).
Nonbank Originators

Sources: eMBS and Urban Institute

Note:Data as of November 2020.

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

Development. Data as of November 2020.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Nov-13

Jan-14

Mar-14

May-14

Jul-14

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Nonbank Origination Share: All Loans

All Fannie Freddie Ginnie

92.2%

73.1%

69.0%

67.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

All Fannie Freddie Ginnie

Nonbank Origination Share: 

Refinance Loans

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

All Fannie Freddie Ginnie

Nonbank Origination Share: 

Purchase Loans

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

nonbank share has been consistently higher than the GSEs, standing at 92.2 percent in November 2020, a new 

record high. Fannie and Freddie’s nonbank shares both declined very slightly in November, to 69.0 percent and 

67.9 percent respectively (note that these numbers can be volatile on a month-to-month basis). Ginnie Mae, 

Fannie Mae, and Freddie Mac all have higher nonbank origination shares for refi activity than for purchase 

activity. Freddie Mac’s nonbank share is the lowest among the three agencies for both purchase and refi loans.
Ginnie Mae Nonbank Originators 

Sources: eMBS and Urban Institute

Note:Data as of November 2020.

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

Development. Data as of November 2020.

In November 2020, Ginnie Mae’s nonbank share rose very slightly to 92.2 percent. The nonbank originator 

share for FHA also rose slightly 93.5 percent in October, compared to 93.0 percent the previous month. The 

nonbank originator share for VA was higher than last month at 91.3 percent and the nonbank originator share 

for other loans, which can fluctuate quite a bit month to month, rose to 91.8 percent.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Nov-13

Jan-14

Mar-14

May-14

Jul-14

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Non-bank originator share

Ginnie Mae Nonbank Originator Share: All Loans

All FHA VA Other

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Non-bank originator share

Ginnie Mae Nonbank Share: 

Purchase Loans

All FHA VA Other

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Ginnie Mae Nonbank Share: 

Refinance Loans

All FHA VA Other

94%

92%

91%
Sources: eMBS and Urban Institute. 

Note: Data as of November 2020. 

Sources: eMBS and Urban Institute. 

Note: Data as of November 2020. 

764

772

760

680

690

700

710

720

730

740

750

760

770

780

May-14

Jul-14

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

Nov-20

Agency FICO: Bank vs. Nonbank

FICO All Median FICO Bank Median FICO Nonbank Median FICO

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

660

680

700

720

740

760

780

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

All Median FICO Bank Median FICO

Nonbank Median FICO

Ginnie Mae FICO: Bank vs. Nonbank

660

680

700

720

740

760

780

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

All Median FICO Bank Median FICO

Nonbank Median FICO

GSE FICO: Bank vs. Nonbank

Nonbank Credit Box

FICO FICO

Nonbank originators have played a key role in opening up access to credit. 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 are much higher since early 2014 while nonbank 

FICOs are up somewhat less. This reflects both the sharp cut-back in FHA lending by many banks, and increased refi 

activity for higher FICO borrowers.
Sources: eMBS and Urban Institute. Note: Data as of November 2020. Sources: eMBS and Urban Institute. Note: Data as of November 2020. 

66

68

70

72

74

76

78

80

82

84

86

88

90

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

GSE LTV: Bank vs. Nonbank

All Median LTV Bank Median LTV

Nonbank Median LTV

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

90

91

92

93

94

95

96

97

98

99

100

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

All Median LTV Bank Median LTV

Nonbank Median LTV

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

30

32

34

36

38

40

42

44

46

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

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

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

GSE DTI: Bank vs. Nonbank

All Median DTI Bank Median DTI

Nonbank Median DTI

Nonbank Credit Box

Ginnie Mae LTV: Bank vs. Nonbank

Ginnie Mae DTI: Bank vs. Nonbank

LTV LTV

DTI DTI

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

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

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

reversed in the Ginnie Mae space, and more than completely reversed for the GSEs, leaving GSE DTIs lower than they 

have been at any point in the last 7 years. This is true for both Ginnie Mae and the GSEs, for banks and nonbanks. As 

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

interest rates in 2019 and 2020, DTIs have dropped.
650

670

690

710

730

750

770

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

FICO scores

Ginnie Mae VA FICO Scores: Bank 

vs. Nonbank

VA All Median FICO VA Bank Median FICO

VA Nonbank Median FICO

Ginnie Mae Nonbank Originators: 

Credit Box

Sources: eMBS and Urban Institute

Note:Data as of November 2020.

Sources: eMBS and Urban Institute

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

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

The median FICO score for Ginnie Mae nonbank originators fell slightly in November 2020. Bank FICOs are 17 

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

government lending.

650

660

670

680

690

700

710

720

730

740

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

FICO score

Ginnie Mae FICO Scores: 

Bank vs. Nonbank

All Median FICO Bank Median FICO

Nonbank Median FICO

650

660

670

680

690

700

710

720

730

740

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

Ginnie Mae FHA FICO Scores: 

Bank vs. Nonbank

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO

650

660

670

680

690

700

710

720

730

740

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

Ginnie Mae Other FICO Scores: 

Bank vs. Nonbank

Other All Median FICO Other Bank Median FICO

Other Nonbank Median FICO

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

35

36

37

38

39

40

41

42

43

44

45

46

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

FICO scores

Ginnie Mae VA DTI: Bank vs. 

Nonbank

VA All Median DTI VA Bank Median DTI

VA Nonbank Median DTI

Ginnie Mae Nonbank Originators: 

Credit Box

Sources: eMBS and Urban Institute

Note:Data as of November 2020.

Sources: eMBS and Urban Institute

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

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

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

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

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

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

as rates have declined. 

34

35

36

37

38

39

40

41

42

43

44

45

46

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

FICO score

Ginnie Mae DTI: 

Bank vs. Nonbank

All Median DTI Bank Median DTI

Nonbank Median DTI

34

35

36

37

38

39

40

41

42

43

44

45

46

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

Ginnie Mae FHA DTI: Bank vs. 

Nonbank

FHA All Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI

34

35

36

37

38

39

40

41

42

43

44

45

46

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

Ginnie Mae Other DTI: Bank vs. 

Nonbank

Other All Median DTI Other Bank Median DTI

Other Nonbank Median DTI

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

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

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

Rank MSR Holder UPB ($ millions) Share Cumulative 

Share

1 Lakeview $195,287 12.2% 12.2%

2 PennyMac $183,339 11.5% 23.7%

3 Wells Fargo $160,117 10.0% 33.8%

4 Freedom Home Mortgage $133,699 8.4% 42.1%

5 Nationstar $97,684 5.3% 47.4%

6 Quicken Loans $69,732 4.4% 51.8%

7 Newrez $49,589 3.1% 54.9%

8 US Bank $46,340 2.9% 57.8%

9 Carrington Mortgage $41,090 2.6% 60.4%

10 USAA Federal Savings Bank $37,484 2.3% 62.7%

11 Caliber Home Loans $36,982 2.3% 65.1%

12 Amerihome Mortgage $29,307 1.8% 66.9%

13 Truist Bank $27,846 1.7% 68.6%

14 Navy Federal Credit Union $26,987 1.7% 70.3%

15 Home Point Financial Corporation $22,670 1.4% 71.8%

16 Shore Financial $20,485 1.3% 73.0%

17 The Money Source $20,461 1.3% 74.3%

18 Loan Depot $19,090 1.2% 75.5%

19 JP Morgan Chase $16,221 1.0% 76.5%

20 Midfirst Bank $16,125 1.0% 77.5%

21 Guild Mortgage $16,048 1.0% 78.6%

22 Citizens Bank $13,546 0.8% 79.4%

23 M&T Bank $13,387 0.8% 80.2%

24 Planet Home Lending $13,022 0.8% 81.1%

25 Flagstar Bank $12,601 0.8% 81.8%

26 PHH Mortgage Corporation $12,600 0.8% 82.6%

27 Pingora $9,617 0.6% 83.2%

28 New American Funding $8,971 0.6% 83.8%

29 Bank of America $8,827 0.6% 84.4%

30 Idaho Housing and Finance Association $8,737 0.5% 84.9%

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

of November 2020, over half (51.8 percent) of the Ginnie Mae MSRs are owned by the top six firms. The top 30 

firms collectively own 84.9 percent. Nineteen of these 30 are non-depositories, the remaining 11 are depository 

institutions. 
76.1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Share of outstanding loans by UPB

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

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

$139 billion in servicing UPB respectively. In November 2020, Wells Fargo’s holdings of MSRs dipped to $160.1 

billion, below the $195.3 and $183.3 billion held by Lakeview and PennyMac, respectively (both nonbanks). 

Freedom Home Mortgage and Nationstar (also both nonbanks) make up the remainder of the top five largest 

holders of MSRs, owning $133.7 billion and $84.4 billion respectively as of November 2020. Nonbanks 

collectively owned servicing rights for 76.1 percent of all outstanding unpaid principal balance guaranteed by 

Ginnie Mae in November 2020. In December 2013, the nonbank share was much smaller at 27.7 percent. 

Holders of Ginnie Mae MSRs

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

Share of Ginnie Mae MSRs held by Nonbanks

Top 5 MSR Holders: Outstanding Ginnie Mae Loans by UPB

$195,287

$183,339

$160,117

$133,699

$84,417

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

1. Lakeview 2. PennyMac

3. Wells Fargo 4. Freedom Home Mortgage

UPB ($ millions) 5. Nationstar

November 2020

November 2020
Prepayments

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Apr-12

Aug-12

Dec-12

Apr-13

Aug-13

Dec-13

Apr-14

Aug-14

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Constant Prepayment Rate (%)

2012 Issued 3.5 Coupon CPR

Fannie 2012 3.5 Coupon CPR Freddie 2012 3.5 Coupon CPR Ginnie II 2012 3.5 Coupon CPR

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

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

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

dramatic in 2020, with speeds on both Ginnie II and GSE securities rising rapidly due to a sharp drop in rates. At 

this 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.

37%

36%

33%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Dec-11 Jun-12 Dec-12 Jun-13 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

Constant prepayment rate (%)

Aggregate Prepayments

Fannie CPR Freddie CPR Ginnie I CPR Ginnie II CPR

46%

45%

44%

31%
Prepayments

0%

10%

20%

30%

40%

50%

60%

Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20

Constant Prepayment Rate (%)

2015 Issued 3.5 Coupon CPR

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

0%

10%

20%

30%

40%

50%

60%

Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20

Constant Prepayment Rate (%)

2016 Issued 3.0 Coupon CPR

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

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

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

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 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.

46%

45%

44%

46%

45%

43%
Prepayments

0%

10%

20%

30%

40%

50%

60%

Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20

Constant Prepayment Rate (%)

2018 Issued 4.0 Coupon CPR

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

0%

10%

20%

30%

40%

50%

60%

Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20

Constant Prepayment Rate (%)

2017 Issued 3.5 Coupon CPR

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

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

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

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 exceeded those of the Ginnie cohorts; the expanded use 

of GSE appraisal waivers has played a role in this.

51%

50%

54%

53%

49%
Prepayments 

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Constant Prepayment Rate (%)

2019 Issued 3.0 Coupon CPR, by Loan Age

Fannie 2019 3.0 Coupon CPR Freddie 2019 3.0 Coupon CPR Ginnie II 2019 3.0 Coupon CPR

Loan age

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

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

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 meet the seasoning requirement are refinanced, the new loan is ineligible for securitization. 

Ginnie’s latest action on this front became effective for securities issued on or after 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 running below their conventional counterparts 

17 month loan age onwards. 2020 Ginnie II 3.0s show a similar 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.

56.5%

55.0%

51.2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Constant Prepayment Rate (%)

2020 Issued 3.0 Coupon CPR, by Loan Age

Fannie 2020 3.0 Coupon CPR Freddie 2020 3.0 Coupon CPR Ginnie II 2020 3.0 Coupon CPR

Loan age

62.3%

50.3%

46.5%
Reverse and Multifamily Mortgages

$0.96

$3.8

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

Sep-20

Nov-20

Jul-20

Mar-20

May-20May-13

Jul-13

Sep-13

Nov-13

Jan-14

Mar-14

May-14

Jul-14

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

$ Billions

Issuance Volume

HMBS Issuance Multifamily MBS Issuance

$55.5

$128.5

$0

$20

$40

$60

$80

$100

$120

$140

Sep-20

Nov-20

Jul-20

Mar-20

May-20May-13

Jul-13

Sep-13

Nov-13

Jan-14

Mar-14

May-14

Jul-14

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

$ Billions

Outstanding Volume 

HMBS Oustanding Multifamily MBS Oustanding

Other Ginnie Mae Programs

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

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

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 November 2020, issuance grew mildly to $0.96 

billion. Outstanding reverse mortgage securities totaled $55.5 billion in November 2020, up slightly from the 

previous month, reflecting a higher volume of new issuances relative to paydowns. After growing in October, 

Ginnie Mae multifamily issuance volume fell slightly in November 2020 to $3.8 billion. Outstanding multifamily 

securities totaled $128.5 billion as of the eleventh month of 2020.
Market Conditions

Sources: SIFMA and Urban Institute. Note: Updated January 2020.

$290 

$607 

$39 

$0

$100

$200

$300

$400

$500

$600

$700

1998 2001 2004 2007 2010 2013 2016 2019

$ Billions

Average Daily Fixed Income Trading Volume by Sector

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

4.08%

3.20%

0.40% 0%

2%

4%

6%

8%

10%

12%

14%

1997 2000 2003 2006 2009 2012 2015 2018

Percent

Average Daily Turnover by Sector 

Agency MBS Turnover Treasury Turnover Corporates Turnover

Agency MBS trading volume is $290 billion per day on average for the first eleven months of 2020, more robust 

than in the 2014-2019 period, but still below the pre-crisis peak of $345 billion in 2008. Average daily trading 

volume for Treasuries now exceeds the pre-crisis peak. Agency MBS turnover in 2020 YTD (through November) 

has also been higher than the 2014-2019 period; in 2020, average daily MBS turnover was 4.08 percent, above 

the 2019 average of 3.67 percent. Note that agency MBS turnover in the first eleven months of 2020 has been 

higher than US Treasury turnover, a rare occurrence. Both average daily mortgage and Treasury turnover are 

down from their pre-crisis peaks. Corporate turnover is miniscule relative to either Agency MBS or Treasury 

turnover. 

Sources: SIFMA and Urban Institute. Note: Updated January 2020.
MBS Ownership

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2008Q3 2009Q3 2010Q3 2011Q3 2012Q3 2013Q3 2014Q3 2015Q3 2016 Q3 2017 Q3 2018 Q3 2019 Q3 2020 Q3

GSEs

Commercial Banks

Federal Reserve

Broker/Dealers

REITs

Other

Who owns Total Agency Debt?

Mutual Funds

Money Market and Pension Funds

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

local govts, households, and nonprofits. Data as of Q3 2020.

Credit Unions

Foreign Investors

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

percent), commercial banks (22 percent), foreign investors (12 percent), and money market & pension funds (11 

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

increased from 15 percent in the first quarter of 2020 to 21 percent in 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. Out of their $2.5 trillion in holdings as of the end of 

December 2020, $1.9 trillion was held by the top 25 domestic banks.

Share of Total Agency Debt by Owner

` Commercial Bank Holdings ($Billions) Week Ending

Nov-19 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec 09 Dec 16 Dec 23 Dec 30

Largest 25 

Domestic Banks 1507.6 1618.5 1613.5 1649.0 1703.9 1693.5 1740.8 1797.7 1803.0 1812.3 1843.0 1853.2

Small Domestic 

Banks 532.2 559.8 569.6 577.5 588.8 599.2 611.0 626.8 641.1 650.9 641.2 645.7

Foreign Related 

Banks 38.7 43.5 43.7 43.2 41.7 40.2 39.3 45.3 48.4 47.3 44.9 46.9

Total, 

Seasonally

Adjusted 2078.5 2221.8 2226.8 2269.7 2334.4 2332.9 2391.1 2469.8 2492.5 2510.5 2529.1 2545.8

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 December 2020.

Commercial bank holdings of agency MBS
MBS Ownership

Debt,

household 

mortgages,

$9,833

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

GNMA PT 

($MM)

Agency REMIC 

($MM)

Non-Agency 

($MM)

Market 

Share

1 Bank Of America Corporation $395,969.0 $256,271.0 $127,087.0 $12,327.0 $284.0 17.10

2 Wells Fargo & Company $254,767.0 $181,758.0 $65,210.0 $7,244.0 $555.0 11.00

3 JP Morgan Chase & Co. $196,629.0 $118,144.0 $62,066.0 $202.0 $16,217.0 8.50

4 Charles Schwab Bank $142,727.0 $78,139.0 $16,680.0 $47,908.0 $0.0 6.20

5 U.S. Bancorp. $98,302.0 $66,924.5 $16,077.8 $15,299.2 $0.5 4.30

6 Citigroup Inc. $81,852.0 $72,727.0 $2,201.0 $5,244.0 $1,680.0 3.50

7 Truist Bank $78,975.0 $31,335.0 $17,222.0 $30,418.0 $0.0 3.40

8 Capital One Financial Corporation $76,011.5 $40,069.0 $10,906.5 $24,390.1 $645.9 3.30

9 Bank Of New York Mellon Corp. $64,932.0 $46,335.0 $3,742.0 $12,843.0 $2,012.0 2.80

10 PNC Bank, National Association $54,529.5 $45,555.4 $5,647.3 $1,724.0 $1,602.7 2.40

11 State Street Bank And Trust Company $47,135.4 $22,085.0 $7,813.0 $14,870.4 $2,367.0 2.00

12 Morgan Stanley $34,185.0 $20,304.0 $5,100.0 $8,781.0 $0.0 1.50

13 USAA Federal Savings Bank $30,027.0 $24,676.1 $2,679.4 $2,671.6 $0.0 1.30

14 TD Bank $27,154.6 $1,772.7 $151.0 $25,134.4 $96.5 1.20

15 HSBC Bank Usa, National Association $26,482.1 $6,951.0 $10,655.6 $8,873.4 $2.2 1.10

16 E*TRADE Bank $25,672.8 $14,338.2 $3861.9 $7,472.6 $0.0 1.10

17 Silicon Valley Bank $24,800.4 $15,257.0 $143.2 $9,400.2 $0.0 1.10

18 Ally Bank $23,949.0 $16,658.0 $1488.0 $2,820.0 $2983.0 1.00

19 BMO Harris Bank National Association $19,964.2 $5,101.8 $533.3 $14329.0 $0.0 0.90

20 KeyBank National Association $19,812.6 $1,126.0 $524.7 $18,162.0 $0.0 0.90

Total Top 20 $1,723,877 $1,065,528 $359,790 $270,114 $28,446 74.60%

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q3 2020.

Out of the $2.3 trillion in MBS holdings at banks and thrifts as of Q3 2020, $1.8 trillion was agency pass-throughs: 

$1.3 trillion in GSE pass-throughs and $415 billion in Ginnie Mae pass-throughs. Another $500 billion was agency 

CMOs, while non-agency holdings totaled $46 billion. In Q3 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.

All Banks & Thrifts ($Billions)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bank and Thrift Residential MBS Holdings
Sources: SIFMA and Treasury International Capital (TIC). Note: Data as of September 2020.

15.1%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Jun-15

Sep-15

Dec-15

Mar-16

Jun-16

Sep-16

Dec-16

Mar-17

Jun-17

Sep-17

Dec-17

Mar-18

Jun-18

Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Percent of Agency MBS Owned by Foreigners

Foreign Share of Agency MBS

MBS Ownership

$1,103.6

$478.0

$625.7

0

200

400

600

800

1,000

1,200

1,400

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Mar-20

May-20

Jul-20

Sep-20

$ Billions

Monthly Agency MBS Holdings by Foreigners

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

Sources: Treasury International Capital (TIC) and Urban Institute. Note: Data as of September 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.

Foreign investors held 15.1 percent of agency MBS in September 2020, up from a low of 12.0 percent in July 

2014, but down from 17.0 percent in spring 2020. For the month of September 2020, this represents $1.10 

trillion in Agency MBS, $478 billion held by foreign private institutions and $626 billion held by foreign 

institutions. This represents a $90.0 billion drop in Agency MBS from the peak in spring 2020, all in official 

holdings.
MBS Ownership

Agency MBS+ Agency Debt

Agency MBS Only (Estimates)

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

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

2018. Monthly data as of September 2020.

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

percent of all foreign holdings. Between June 2019 and September 2020, we estimate that Japan has increased 

their agency MBS holdings by $7.96 billion, Taiwan has decreased their holdings by $1.19 billion and China has 

decreased their holdings by $19.0 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 more than 20 percent from April through September of 2020.

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

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

Q3 

2019

Q4 

2019

Q1 

2020

Q2 

2020

Q3

2020

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Q3 

2019

Q4 

2019

Q1 

2020

Q2 

2020

Q3

2020

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

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

China 221,738 228,240 226,526 255,596 235,078 202,730 6,502 -1,714 28,726 -20,518 -32,348

Luxembourg 43,978 43,023 35,603 33,602 40,207 33,354 -955 -7,420 -2,226 6,605 -6,853

Ireland 37,674 33,322 31,145 19,045 21,091 19,635 -4,352 -2,177 -12,600 2,047 -1,457

South Korea 34,969 33,682 33,452 34,091 28,743 29,736 -1,287 -230 154 -5,347 992

Cayman Islands 29,896 24,538 27,110 22,748 28,431 29,364 -5,358 2,572 -4,673 5,684 933

Bermuda 26,394 26,253 31,133 25,208 25,111 25,635 -141 4,880 -6,107 -97 523

Netherlands 13,904 10,381 10,744 10,738 12,739 10,427 -3,523 363 -16 2,001 -2,312

Malaysia 11,881 15,303 16,334 21,150 20,028 19,432 3,422 1,031 4,799 -1,122 -597

Rest of world 97,585 105,371 124,063 175,591 173,716 167,661 7,786 18,692 49,654 -1,874 -6,055

Total 1,076,916 1,090,579 1,099,788 1,185,887 1,159,808 1,103,636 13,663 9,209 81,927 -26,079 -56,172
0

50

100

150

200

250

300

350

400

Mar-10

Jul-10

Nov-10

Mar-11

Jul-11

Nov-11

Mar-12

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

$ Billions

Total Fed Absorption

Gross Issuance Total Fed Purchases

MBS Ownership

0

50

100

150

200

250

300

Nov-12

May-13

Nov-13

May-14

Nov-14

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

$ Billions

Fed Absorption of GSE MBS

Gross Issuance Total Fed Purchases

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

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

Institute. Note: Data as of November 2020.

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

Note: Data as of November 2020.

0

10

20

30

40

50

60

70

80

90

Nov-12

May-13

Nov-13

May-14

Nov-14

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

Nov-19

May-20

Nov-20

$ Billions

Fed Absorption of Ginnie Mae MBS

Gross Issuance Total Fed Purchases

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 the Fed bought $292.2 billion in agency MBS, and April clocked in at $295.1 billion, 

the largest two 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. Recently, Fed purchases have ramped up again slightly; purchases totaled $117.1 billion in 

November 2020. November Fed purchases totaled 33 percent of monthly issuance. Prior to the COVID-19 

intervention, the Fed was winding down its MBS portfolio from its 2014 prior peak.
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 January 13th, 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.

© 2021 State Street Corporation. All Rights Reserved.

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

Tracking Code: 3404709.2.1.AM.INST

Expiration Date: 1/31/2022