G

lobaMarkets 

ly u cat on nnie

Analysis Repo t 

A Month P blii of Gi

Mae’s Office of Capital Markets

r

l Global Markets 

Analysis Report A MONTHLY PUBLICATION OF GINNIE MAE’S OFFICE OF CAPITAL MARKETS

JULY 

2021
Global Markets Analysis Report

.......................................................................................................................

Global Markets Analysis Report

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

........................................................................................................................

Table of Contents 

Section Page 

.................................................................................................

Highlights 2

1.0 Relative Attractiveness of US Fixed Income and Ginnie Mae MBS 4

1.1 Barclays US Aggregate and Global Indices 4

1.2 Global 10-Year Treasury Yields 5

1.3 Ginnie Mae Yields– USD 6

1.4 Ginnie Mae Yield Spreads – Intermediate Credit 7

1.5 Global Treasury Yield Per Duration 8

2.0 State of the US Housing Market 9

2.1 Serious Delinquency Rates 9

2.2 National HPI 10

2.3 Ginnie Mae Agency Issuance and Agency Outstanding by State 11

2.4 Size and Value of the US Housing Market 12

2.5 Outstanding Agency MBS 13

2.6 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time 14

2.7 Characteristics of Ginnie Mae Loans in Forbearance 15

2.8 Origination Volume Over Time 18

3.0 US Agency Market, Originations 19

4.0 Agency Nonbank Originators 23

4.1 Agency Nonbank Originator Share (All, Purchase, Refi) 23

4.2 Ginnie Mae Nonbank Originator Share (All, Purchase, Refi) 24

4.3 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE (FICO, LTV, DTI) 25

5.0 Market Conditions 29

5.1 Average Daily Trading Volume and Turnover by Sector 29

6.0 Prepayments 30

6.1 Aggregate Prepayments 30

7.0 MBS Ownership 31

7.1 Commercial Bank Holdings of Agency MBS 31

7.2 Bank and Thrift Residential MBS Holdings 32

7.3 Foreign Ownership of MBS 34

...............................................................................................

.................................................................................................................................

.............................................................................................................................

......................................................................................................................................

............................................................................

..............................................................................................................................

.......................

......................................................................

............................................................................

..............................................................................................................

.........................................................................................................

..................................................................................................................

.................................................................................

..............................................

...........................................................................................................................

..................................................................................................

...............................................................

...............................................................................................................................................

...........................................................................................................................

............................................................................................................

..............................................................................................................

.........................................................................................

...............................................................................................................................

.....................................................................................................................

...................................................................................................

..........................................................

......................................................................................................................................................

7.4 Agency MBS + Agency Debt 35
Highlights

2

Global Markets Analysis Report

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

Highlights

Ginnie Mae MBS issuance has recently benefited from the introduction of new Custom pool types that allow for 

the securitization of re-performing and modified loans. As servicers emerge from the pandemic with inventories 

of re-performing and modified loans, Ginnie Mae has responded by introducing two new pool types, C RG and CET, to assist with the securitization of these loans. 

The C RG pool type was implemented in December 

2020 and allows for re-performing loans to be 

securitized in newly developed Ginnie Mae II Custom 

RG pools (C RG pools) if such loans meet the 

established criteria.1 Since March 2021, Ginnie Mae 

has seen an increase of the C RG volume within CMO 

issuance with issuance in June 2021 reaching $2 

billion (Figure 1).

The more recently introduced C-ET pool type is expected to be implemented in October 2021. To be eligible for 

securitization in C-ET pools, loans are required to be modified and have terms between 361 and 480 months.3

Through these pools, Ginnie Mae intends to provide issuers the ability to securitize loans bought out of MBS 

early to further promote liquidity in the marketplace.

While gross MBS issuance has increased dramatically during the pandemic, net issuance has remained relatively 

flat. Despite strong issuance trends, GSE MBS outstanding has not increased proportionately due to both 

voluntary and involuntary prepayments (see Section 6.0 Prepayments); as illustrated in Figure 2 and Figure 3. 

Borrowers continue to take advantage of the historically low interest rate environment by refinancing their 

mortgages. Additionally, an increasing number of borrowers have participated in loan forbearance or 

modification plans which has also resulted in accelerated loan buyouts and involuntary prepayments (see page 

30). 

Demand for Agency MBS has continued to be supported by investor demand for Agency CMOs and Fed 

purchases. Year to date Fed purchases of Agency MBS has exceeded $658 billion as of June 11, 2021 according 

to the Federal Reserve Bank of New York.

1 Ginnie Mae Announces Temporary Pooling Restrictions for Re-performing Mortgage Loans; published June 29, 2020

2

 eMBS

3 Ginnie Mae to Enable Securitization of Mortgage Modifications with Terms up to 40 Years; published June 25, 2021

0 26 70

1,154

2,150

$0

$5,000

Feb-21 Mar-21 Apr-21 May-21 Jun-21 Re-performing

Balance ($Millions) Figure 1 - Ginnie Mae C RG Pool Type 

Issuance2

-$25

$0

$25

$50

$75

$100

Jan-19 Jul-19 Jan-20 Jul-20 Jan-21

MBS Issuance ($Billions)

Figure 3- Ginnie Mae Gross and Net MBS 

Issuance2

Gross Issuance Net Issuance

$0

$100

$200

$300

$400

Jan-19 Jul-19 Jan-20 Jul-20 Jan-21

MBS Issuance ($Billions)

Figure 2- Agency Gross and Net MBS 

Issuance2

Gross Issuance Net Issuance
Highlights

Global Markets Analysis Report

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

Agency CMO issuance volume also increased $179 billion in 2020 versus 20194, from $284.7 billion in 2019 to 

$463.7 billion in 2020. Out of the three Agencies, Freddie Mac saw the largest year over year increase in CMO 

issuance volume in 2020 versus 2019 with a 96% increase. Fannie Mae CMO issuance volume increased 61% and 

Ginnie Mae CMO issuance volume increased 33% from 2019 to 2020. The rise in Agency CMO issuance volume 

demonstrates high investor demand for a customizable product that can suit a variety of fixed income 

investment needs. Higher levels of Agency CMO issuance volume continued into 2021; as issuance volume in the 

first half of calendar year 2021 was $59.5 billion higher than the issuance volume in the first half of calendar 

year 2020 as shown below in Figure 4. Ginnie Mae CMO issuance volume saw the largest increase of the 

Agencies in the first half of 2021 with an 86.5% increase. 

Ginnie Mae CMO Issuance Volume ($) 

January February March April May June Total YTD

2020 10.1 billion 10.0 billion 9.8 billion 7.0 billion 11.3 billion 11.7 billion 59.9 billion

2021 18.6 billion 14.1 billion 18.3 billion 16.8 billion 20.6 billion 23.3 billion 111.7 billion

YoY 83.3% 42.2% 87.3% 139.4% 81.6% 99.1% 86.5%

Stakeholders expect the origination and fixed income investment markets to continue to evolve through 2021 

and into 2022. According to the Mortgage Bankers Association (MBA), from 2020 to 2022 the production of 

mortgage loan refinances is expected to decline, with MBA’s current projections showing a production decline 

from $2.4 trillion in 2020 to $621 billion in 2022.5 Issuance and secondary market activity for MBS and CMO 

products could be impacted by mortgage loan refinance origination volume declines from 2020 volume through 

projected 2022 origination volume; as well as the potential decline in new forbearance activity and the 

successful re-securitization of loans impacted by forbearance through 2020 and 2021. Expect the Agencies to 

continue to introduce structures to provide products that suit fixed income investor needs and enhance liquidity 

in the market for issuers. Issuers have already begun to leverage Ginnie Mae’s new pool types that allow for reperforming loans to be securitized in Ginnie Mae II Custom RG pools or C RG pools in CMO issuances. 

4

 Ginnie Mae and Agency CMO issuance data, including all data within the Ginnie Mae and Agency CMO Issuance Volume graph, has been compiled from 

Offering Circular Supplements posted on the respective Agency websites: Ginnie Mae, Freddie Mac, Fannie Mae

5 MBA’s July 21 Mortgage Finance Forecast; published July 21, 2021

$0.0

$10.0

$20.0

$30.0

Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21

Issuance Volume (in

$Billions)

Figure 4- Agency CMO Issuance Volume

Fannie Mae Freddie Mac Ginnie Mae
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Global Markets Analysis Report

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

1.0 Relative Attractiveness of US Fixed Income and Ginnie Mae MBS

US MBS (Ginnie Mae, Fannie Mae, and Freddie Mac) contribute approximately 28% of the Barclays US Aggregate 

Index. US MBS follow only US Treasuries which contribute approximately 38% of the Barclays US Aggregate 

Index. In Global Markets, the US share of fixed income still represents the largest share of total outstanding 

issuance, representing approximately 37% of the total Barclays Global Aggregate Index. 

1.1 Barclays US Aggregate and Global Indices 

Barclays US Aggregate Index 

Sources: Bloomberg. Note: Data as of June 2021. Numbers in chart may not add to 100 % due to rounding.

Barclays Global Aggregate Index by Country

Sources: Bloomberg. Note: Data as of June 2021. Figures in charts may not add to 100 % due to rounding. 
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Global Markets Analysis Report

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

1.2 Global 10-Year Treasury Yields 

US 10-year treasury yields decreased by 13 basis points (“bps”) to 1.47% in June 2021, maintaining the 

decreasing yield trend of the last 3 months. US Treasury yields remain the highest of the all the government 

treasury yields depicted in the figure below. The yield on the Italian 10-year note decreased modestly by 9 bps 

to 0.82%. The yields on the UK 10-year and Japanese 10-year government notes remained steady at 0.71% and 

0.05%, respectively, in June; also, a modest decrease of less than 10 bps. The German 10-year yield remained 

stable at -0.2%, only decreasing by 2 bps in June. At the end of June 2021, the hedged yield for the 10-year 

Treasury JPY stood at 262 bps, an increase of 2 bps from the previous month. The hedged yield for the 10-year 

Treasury EUR stood at 149 bps, an increase of 2 bps from the previous month. 

Global 10-Year Treasury Yields

Sources: Bloomberg. Note: Data as of June 2021

7– 10yr Total Return Hedged Index, JPY 7 – 10yr Total Return Hedged Index, EUR

Sources: Bloomberg. Note: Data as of June 2021 Sources: Bloomberg. Note: Data as of June 2021
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Global Markets Analysis Report

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

1.3 Ginnie Mae Yields– USD 

Ginnie Mae MBS yields were stable in June 2021. GNMA II yields remained at 1.71% and GNMA I yields at 1.89%, 

down only 1 bps from the prior month. At the end of June, Ginnie Mae II SF yields were 24 bps higher than the 

10-year Treasury yield, representing an increase in spread of 11 bps since last month. The security yields on the 

Ginnie Mae I SF were 42 bps higher than the 10-year Treasury yield at the end of June, representing an increase 

in spread of 13 bps since last month.

Ginnie Mae II SF Yield, USD 

Ginnie Mae I SF Yield, USD 

Sources: Bloomberg. Note: Data as of June 2021 
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Global Markets Analysis Report

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

1.4 Ginnie Mae Yield Spreads – Intermediate Credit 

The yield differential between US Intermediate Credit and GNMA II 30-year OAS increased in February 2020 in 

response to the COVID-19 pandemic. This was followed by tightening over the remainder of 2020 and into June 

of 2021. The OAS on intermediate credit recovered from its widening in early 2020, while the Ginnie Mae II 30-

year fell to multi-year lows and has been recovering at a slower pace. The differential between the two has 

nearly reached pre-COVID levels, ending June 2021 at 25 bps and closer to the approximately 21 bps during 

January 2020.

G2 30 MBS versus Intermediate Credit 

Spread between Intermediate Credit and 30-year G2 30 MBS OAS 

Sources: Bloomberg. Note: Data as of June 2021 
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Global Markets Analysis Report

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

1.5 Global Treasury Yield Per Duration 

GNMA MBS, a short duration product, offers a higher yield in comparison to other government fixed income 

securities of various tenors with similar or longer duration.

Sources: Bloomberg. Note: Yield and modified duration for GNMA II securities is from illustrative TBA using base prepayment assumptions and an assumed 

settlement of 8/19. All other data is as of June 2021. Yields are in base currency of security and unhedged.

Security Duration Yield

US 5y 4.83 0.86

US 10y 9.10 1.47

JPY 5y 4.76 -0.10

JPY 10y 9.68 0.05

GER 5y 4.82 -0.58

GER 10y 10.16 -0.21

ITA 5y 4.76 0.15

ITA 10y 9.70 0.82

GNMA II 2.5% 3.79 1.50

GNMA II 3% 2.73 1.32

Yield vs. Duration
State of the US Housing Market

Global Markets Analysis Report

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

2.0 State of the US Housing Market

2.1 Serious Delinquency Rates 

Serious delinquency rates for single family GSE, FHA, and VA loans all fell slightly in Q1 2021. The increase in 

delinquencies from Q2 2020 to Q1 2021 reflects the impact of the pandemic on mortgage payments.

Sources: Fannie Mae and Freddie Mac Monthly Summary Reports, FHA Single Family Loan Performance Trends Report, and MBA Delinquency Survey. 

Note: Serious delinquency is defined as 90 days or more past due or in the foreclosure process. Data as of Q1 2021.

Serious Delinquency Rates: Single Family Loans
State of the US Housing Market

Global Markets Analysis Report

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

2.2 National HPI 

Nationally, nominal home prices have increased by 79.1% since the trough (see footnote), and now exceed their 

pre-crisis peak valuation on a nominal basis by 41.4%. Two states, Illinois and Connecticut, surpassed their 2007 

peak only recently in March of 2021, currently 6.1% and 8% above their respective peaks.

Source: FHFA. Notes: HPI data as of March 2021. 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 2005 to 2008. Trough represents the month when HPI fell to the lowest level 

for each state/US after the housing bust, ranging from 2009 to 2012. Current is 3/2021, the latest HPI data period.

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

Above Peak

National 59.6% -21.1% 79.1% 8.6% 41.4%

AK 66.9% -5.0% 37.5% 6.6% 30.6%

AL 41.7% -15.0% 56.3% 6.9% 32.8%

AR 39.8% -11.0% 48.6% 7.3% 32.3%

AZ 110.2% -49.5% 157.4% 11.7% 30.1%

CA 144.8% -47.0% 124.8% 10.2% 19.2%

CO 32.4% -10.1% 127.1% 9.6% 104.1%

CT 72.9% -19.6% 32.0% 11.1% 6.1%

DC 162.5% -12.1% 110.7% 7.7% 85.3%

DE 88.5% -23.4% 47.7% 10.1% 13.2%

FL 130.1% -46.5% 127.5% 8.8% 21.6%

GA 35.9% -27.0% 102.1% 8.8% 47.5%

HI 138.5% -26.8% 82.0% 3.9% 33.2%

IA 27.8% -5.3% 48.5% 5.7% 40.5%

ID 73.3% -32.2% 170.8% 15.8% 83.6%

IL 49.9% -23.8% 41.7% 6.8% 8.0%

IN 19.1% -8.7% 70.0% 8.7% 55.2%

KS 31.0% -7.6% 59.1% 7.7% 47.0%

KY 28.9% -5.4% 56.6% 7.1% 48.1%

LA 51.5% -6.5% 40.0% 4.4% 30.9%

MA 69.8% -18.1% 68.3% 8.9% 37.9%

MD 126.5% -26.4% 48.8% 9.0% 9.5%

ME 72.0% -12.3% 63.9% 9.9% 43.8%

MI 18.4% -31.5% 101.8% 8.6% 38.2%

MN 52.6% -23.0% 76.6% 7.5% 36.0%

MO 39.2% -14.9% 66.2% 7.9% 41.4%

MS 38.9% -12.8% 37.8% 5.3% 20.2%

MT 79.3% -13.8% 85.1% 11.2% 59.6%

NC 39.8% -14.0% 72.8% 9.0% 48.6%

ND 51.7% -0.8% 64.6% 4.4% 63.3%

NE 24.3% -6.0% 70.2% 8.1% 60.0%

NH 72.7% -21.9% 70.9% 10.6% 33.5%

NJ 102.3% -22.6% 43.7% 9.3% 11.2%

NM 66.6% -18.0% 50.5% 8.7% 23.3%

NV 117.5% -59.2% 181.4% 8.8% 14.8%

NY 75.8% -10.4% 49.9% 8.4% 34.2%

OH 19.6% -16.5% 70.5% 8.6% 42.4%

OK 36.9% -4.7% 53.2% 6.8% 46.0%

OR 85.8% -28.6% 117.6% 10.0% 55.4%

PA 69.1% -10.8% 50.9% 8.0% 34.6%

RI 108.1% -28.0% 69.7% 10.6% 22.3%

SC 40.5% -15.9% 73.4% 7.0% 45.9%

SD 40.1% -2.4% 66.1% 10.1% 62.0%

TN 38.6% -12.8% 87.9% 9.7% 63.9%

TX 35.8% -3.0% 87.0% 8.3% 81.4%

UT 65.2% -26.1% 133.8% 13.9% 72.9%

VA 95.1% -18.8% 53.9% 8.2% 25.0%

VT 78.0% -10.0% 42.8% 7.6% 28.6%

WA 83.5% -27.3% 130.8% 10.7% 67.8%

WI 38.6% -14.1% 61.8% 7.2% 38.9%

WV 39.4% -5.7% 36.3% 7.5% 28.5%

WY 85.0% -9.7% 45.6% 5.2% 31.4%
State of the US Housing Market

Global Markets Analysis Report

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

2.3 Ginnie Mae Agency Issuance and Agency Outstanding by State 

Ginnie Mae MBS represent 27% of overall outstanding Agency issuance by unpaid loan balance and 

approximately 22% of new Agency issuance over the past year. The share of Ginnie Mae issuance varies across 

states, with the highest Ginnie Mae share in Mississippi (49%) and the lowest in the District of Columbia (13%). 

There continues to be a strong correlation between home prices and Ginnie Mae share, with the Ginnie Mae 

share higher in states with lower home prices.

Sources: eMBS, Ginnie Mae/Freddie Mac/Fannie Mae Loan Level MBS Disclosure Files. Notes: Outstanding balance are based on loan balance as of May 

2021. Ginnie Mae issuance is based on the last 12 months, from June 2020 to May 2021.

National 22% 2,954,330 282,718.50 299,673.70 27% 10,831,660 182,557.91 211,306.70

AK 45% 11,156 342,788.63 298,208.71 48% 37,212 247,911.68 213,501.24

AL 35% 56,900 214,653.25 235,006.87 42% 233,948 141,732.42 166,815.03

AR 32% 30,119 179,302.77 212,062.90 41% 136,892 120,781.89 150,597.06

AZ 23% 106,366 276,191.08 274,166.17 27% 291,900 192,369.53 204,990.58

CA 15% 262,730 428,316.94 417,381.74 17% 709,621 301,649.11 307,147.96

CO 22% 89,086 359,218.73 342,160.52 25% 223,551 260,836.66 258,399.75

CT 20% 24,792 267,714.59 287,610.36 27% 104,671 190,376.13 201,800.83

DC 10% 2,798 480,814.87 476,697.32 13% 8,884 348,190.95 342,574.59

DE 27% 13,577 267,452.31 273,460.56 33% 50,753 191,855.33 199,292.90

FL 32% 258,940 274,105.97 264,939.40 34% 841,767 190,091.76 192,135.64

GA 30% 133,637 246,608.65 269,068.53 36% 501,521 161,273.25 189,873.78

HI 37% 15,075 591,442.12 467,395.52 32% 32,844 437,490.47 343,034.39

IA 15% 16,708 198,085.35 204,406.03 23% 83,110 123,627.28 144,066.35

ID 21% 21,596 285,077.79 270,166.71 26% 70,468 185,799.10 200,394.89

IL 16% 80,533 228,490.68 246,961.01 22% 352,511 150,058.91 172,630.10

IN 24% 63,891 192,136.29 202,536.98 33% 285,934 121,739.47 140,988.80

KS 21% 21,897 182,698.54 224,390.84 31% 99,063 129,637.16 154,960.72

KY 28% 38,517 198,635.93 209,181.78 36% 163,739 131,597.90 146,788.81

LA 32% 44,098 210,205.45 243,247.12 40% 189,511 147,902.70 171,371.69

MA 12% 33,744 369,179.71 361,764.80 16% 114,789 260,952.98 259,543.45

MD 30% 88,420 359,429.20 333,791.13 35% 287,510 249,922.13 239,877.73

ME 21% 10,187 234,121.92 252,197.53 28% 38,724 163,649.30 180,107.73

MI 15% 61,046 190,984.83 213,649.50 22% 284,112 123,011.99 148,980.62

MN 14% 40,399 259,657.42 261,256.92 19% 167,061 169,609.90 188,769.20

MO 22% 56,151 202,698.97 216,809.16 31% 251,139 130,615.97 153,589.76

MS 40% 24,037 205,439.11 217,618.47 49% 117,239 131,272.64 152,914.25

MT 20% 10,314 237,608.11 278,457.59 26% 34,654 189,564.52 199,686.08

NC 26% 116,064 240,986.09 264,666.25 31% 423,273 158,737.51 186,365.63

ND 20% 4,889 256,698.71 244,806.94 24% 16,530 182,107.46 179,440.81

NE 19% 14,758 208,956.50 214,229.88 28% 67,778 135,885.99 152,640.79

NH 19% 11,725 295,604.26 281,427.81 25% 40,837 209,739.67 202,039.23

NJ 16% 59,938 317,608.53 342,591.37 23% 230,865 223,406.48 244,127.33

NM 34% 22,621 235,422.84 239,625.25 40% 95,812 153,633.71 167,018.80

NV 31% 50,642 313,913.75 287,112.56 32% 134,812 223,337.27 215,401.14

NY 15% 48,620 317,135.54 336,755.19 21% 309,941 194,499.58 234,846.71

OH 23% 86,534 192,315.97 207,071.81 31% 428,063 120,713.86 140,447.75

OK 37% 39,466 205,963.11 217,373.39 45% 191,163 129,914.64 152,059.95

OR 18% 40,553 325,858.26 320,325.66 21% 116,817 229,847.98 235,455.67

PA 20% 78,282 217,332.34 251,667.99 28% 395,920 142,176.13 172,720.87

RI 24% 9,756 296,653.34 277,500.00 30% 35,194 210,543.82 202,495.01

SC 31% 67,333 245,352.95 249,925.85 36% 229,463 165,528.40 178,714.16

SD 23% 8,258 233,204.17 227,306.94 31% 29,805 157,980.44 168,887.43

TN 28% 73,254 247,064.73 261,107.89 35% 284,092 157,130.90 186,859.65

TX 29% 278,836 260,191.62 273,560.44 34% 1,073,462 165,142.01 193,943.34

UT 17% 37,680 321,524.42 309,639.33 21% 107,371 226,759.71 241,436.68

VA 33% 143,262 356,002.15 341,199.50 37% 439,321 239,880.35 241,201.25

VT 16% 2,949 241,814.17 252,127.75 20% 12,374 172,567.74 170,451.72

WA 20% 89,240 368,573.06 371,734.52 23% 246,743 255,826.60 269,989.11

WI 13% 32,017 217,320.49 221,239.76 18% 126,952 144,957.51 156,024.09

WV 38% 12,969 200,995.45 200,914.86 45% 56,386 135,046.25 137,828.65

WY 31% 7,970 263,335.01 258,637.76 37% 25,558 192,726.26 192,365.70

GNMA Loan Count GNMA Avg. Loan Size GSE Avg. Loan Size

Agency Issuance (past 1 year) Agency Outstanding

GNMA Share GNMA Loan Count GNMA Avg. Loan Size GSE Avg. Loan Size GNMA Share by UPB
State of the US Housing Market

Global Markets Analysis Report

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

Size of the US Residential Mortgage Market

Value of the US Housing Market

2.4 Size and Value of the US Housing Market 

The trending increase in total value of the US housing market has been driven primarily by growing home equity 

since the recovery from the Global Financial Crisis. Mortgage debt outstanding has been relatively flat in the 

past six months, increasing from $10.8 trillion in Q3 2020 to $11.0 trillion in Q1 2021 while total household 

equity increased from $21.2 trillion to $22.7 trillion. The total value of the single-family housing market reached 

$33.8 trillion in Q1 2021. Agency MBS account for 65.5% of the total mortgage debt outstanding. 

Source: Federal Reserve Flow of Funds Data. Notes: Data as of Q1 2021.
State of the US Housing Market

Global Markets Analysis Report

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

Outstanding Agency Mortgage-Backed Securities

2.5 Outstanding Agency MBS

As of May 2021, according to the Agency MBS disclosure files, outstanding securities in the Agency market 

totaled $7.96 trillion: 40.2% Fannie Mae, 33.4% Freddie Mac, and 26.4% Ginnie Mae MBS. Within the Ginnie 

Mae market, both FHA and VA have grown rapidly since 2009, although since May 2020, FHA has contracted. 

FHA comprises 53.7% of total Ginnie Mae MBS outstanding, while VA comprises 40.4%.

Sources: Data as of May 2021 is based on outstanding balances in the Ginnie Mae/Freddie Mac/Fannie Mae Loan Level MBS Disclosure Files.

Composition of Outstanding Ginnie Mae Mortgage-Backed Securities
State of the US Housing Market

Global Markets Analysis Report

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

Outstanding Ginnie Balance, by Vintage

Outstanding Ginnie Balance, by Coupon

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

As of May 2021, the average coupon on outstanding Ginnie Mae pools was 3.09%. The share of outstanding MBS 

pools with coupons below 3.0% has grown significantly since 2020 due to declining interest rates and attendant 

refinance opportunities. The bottom chart shows that loans originated since 2019 now comprise approximately 

60% of Ginnie MBS collateral outstanding, as older vintages continue to refinance in substantial numbers.

Sources: Ginnie Mae Pool Level MBS Disclosure Files. Note: May 2021 data points reflect the current composition of balances by coupon and vintage; factor 

data is not applied to prior date balance compositions.
State of the US Housing Market

Global Markets Analysis Report

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

2.7 Characteristics of Ginnie Mae Loans in Forbearance 

In May 2021, a total of 473,767 Ginnie Mae loans were in forbearance, 36,330 of which were removed from 

pools and 437,437 which still actively remain in pools. Most liquidated loans (27,951) were FHA and within that 

subset, 23,293 of those loans were originated by nonbanks. Of the loans in forbearance that have been 

liquidated from pools, there is a higher concentration of purchase loans (as opposed to refi loans) when 

compared to loans in forbearance that have not been liquidated from pools. 

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

Notes: Data as of May 2021; *Averages weighted by remaining principal balance of the loans.

FICO Score* Note Rate* Current Principal 

Balance Median FTHB Share (%) Purchase Share (%) Loan Count

659 4.0 $ 168,300.18 76.6 67.9 473,767

674 4.1 $ 132,561.83 72.2 76.6 62,200

658 4.0 $ 173,542.27 77.1 67.0 411,567

655 4.1 $ 164,842.10 78.4 72.7 336,110

666 4.2 $ 120,905.26 75.1 81.1 45,211

654 4.0 $ 171,649.96 78.7 72.0 290,899

668 3.7 $ 215,761.80 66.4 48.2 93,962

685 3.8 $ 195,033.00 64.4 66.3 13,361

665 3.7 $ 218,949.66 66.8 45.5 80,601

FICO Score* Note Rate* Current Principal 

Balance Median FTHB Share (%) Purchase Share (%) Loan Count

659 4.1 $ 167,573.52 76.7 72.3 36,330

673 4.1 $ 147,602.19 77.3 80.2 6,202

657 4.1 $ 171,233.88 76.6 70.9 30,128

656 4.2 $ 165,865.94 77.7 74.5 27,951

667 4.2 $ 142,129.96 79.5 85.1 4,658

654 4.2 $ 170,427.65 77.3 72.8 23,293

668 3.8 $ 220,654.80 68.5 57.0 5,363

685 3.9 $ 194,729.50 66.5 63.7 1,186

663 3.8 $ 228,506.18 69.0 55.4 4,177

FICO Score* Note Rate* Current Principal 

Balance Median FTHB Share (%) Purchase Share (%) Loan Count

659 4.0 $ 168,351.40 76.6 67.6 437,437

674 4.1 $ 130,850.52 71.5 76.1 55,998

658 3.9 $ 173,718.05 77.1 66.7 381,439

655 4.0 $ 164,752.22 78.4 72.6 308,159

666 4.2 $ 118,793.59 74.4 80.4 40,553

654 4.0 $ 171,755.50 78.9 71.9 267,606

668 3.7 $ 215,394.06 66.2 47.7 88,599

685 3.8 $ 195,110.29 64.2 66.6 12,175

665 3.7 $ 218,391.89 66.6 45.0 76,424

Loans in Forbearance and Removed from Pools – May 2021

All Loans in Forbearance – May 2021

Ginnie

Bank

Nonbank

FHA

Bank

Nonbank

VA

Bank

Nonbank

Ginnie

Bank

Nonbank

FHA

Bank

Nonbank

VA

Bank

Nonbank

Loans in Forbearance that Remain in Pools – May 2021

VA

Bank

Nonbank

Ginnie

Bank

Nonbank

FHA

Bank

Nonbank
State of the US Housing Market

Global Markets Analysis Report

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

Number of Loans Removed from Pools: Bank Number of Loans Removed from Pools: Nonbank

Share of Ginnie Mae Loans in Forbearance

The share of Ginnie Mae loans in forbearance hit its one-year trough (3%) in May 2021. The forbearance rate for 

Ginnie Mae MBS issued by nonbanks continues to be higher than that of Ginnie Mae MBS issued by banks. This 

is partly due to banks continuing to buy out loans in forbearance more aggressively than nonbanks. In May 2021 

of the 62,200 Ginnie Mae bank loans in forbearance, approximately 10% were liquidated from pools; whereas, 

of the 411,567 nonbank Ginnie Mae loans in forbearance, approximately 7% were liquidated. The number of 

loans liquidated from pools dropped off for both bank and nonbank issuers in May 2021 from the previous 

month (charts below).

Sources: eMBS and Urban Institute. Data beginning May 2021 sourced from Ginnie Mae forbearance disclosure files and IOPP Peer Group list. Notes: Data 

as of May 2021.

Sources: eMBS and Urban Institute. Data beginning May 2021 sourced from Ginnie Mae Loan Level MBS disclosure files and IOPP Peer Group list. Notes: 

Data as of May 2021.

Additionally, 11 loans removed due to ‘Foreclosure with Claim’ and 256 loans 

removed due to 'Other' in May 2021.

Additionally, 440 loans removed due to ‘Foreclosure with Claim’, 2 loans 

removed due to ‘Substitution’ and 157 loans removed due to 'Other' in May 

2021.
State of the US Housing Market

Global Markets Analysis Report

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

Number of Loans Removed from Pools: FHA Number of Loans Removed from Pools: VA

Number of Loans Removed from Pools by Coupon

Of the Ginnie Mae loans that are liquidated from pools due to mortgage delinquency, a higher share of the loans 

are FHA versus VA loans (top charts, yellow areas). Liquidated loans across FHA and VA are also more likely to 

have coupons greater than or equal to 3.5% (bottom charts). In May 2021, 31,616 FHA and 4,614 VA loans were 

bought out of pools (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 interest rates (blue areas).

Sources: eMBS and Urban Institute. Data beginning May 2021 sourced from Ginnie Mae Loan Level MBS disclosure files, Ginnie Mae Pool Level MBS 

disclosure files and IOPP Peer Group list. Notes: Data as of May 2021.

Additionally, 218 loans removed due to 'Foreclosure with Claim', 2 loans

removed due to 'Substitution' and 267 loans removed due to 'Other' in May 

2021.

Additionally, 146 loans removed due to ‘Foreclosure with Claim’ and 112 loans 

removed due to 'Other' in May 2021.

Additionally, 89 loans removed due to 'Foreclosure with Claim', 2 loans removed 

due to 'Substitution' and 204 loans removed due to 'Other' in May 2021.

Additionally, 362 loans removed due to 'Foreclosure with Claim' and 209 loans 

removed due to 'Other' in May 2021.
State of the US Housing Market

Global Markets Analysis Report

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

First Lien Origination Volume & Share

2.8 Origination Volume Over Time 

2020 was a record year for first-lien mortgage originations with $4.1 trillion during the year. This mortgage loan 

origination number exceeds the 2003 volume of $3.73 trillion, the previous record holder, by $375 billion. Strong 

origination volume trends have continued into Q1 2021, with $1.3 trillion in originations, which outpaces Q1 

2020 issuance by approximately 89%. At this rate, 2021 originations would be set to outpace record-level 

origination volume of 2020. As of Q1 2021, the share of private label securitizations (PLS) is up approximately 

84% from Q4 2020 and is at its highest level ($13.4 billion) since Q4 2019. While GSE securitization share is down 

by 6.7% Q4 2020-Q1 2021, GSE share is still up 137.8% from Q1 2020-Q1 2021, which reflects the large number 

of refinances done through this channel.

Source: Inside Mortgage Finance. Note: Data as of May 2021.
US Agency Market, Originations

Global Markets Analysis Report

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

3.0 US Agency Market, Originations

2021 year to date Agency gross issuance is on pace to exceed the historic issuance observed in 2020 of $3.18 

trillion. Within the Ginnie Mae market, VA production is outpacing FHA’s significantly. Despite Agency gross 

issuance set to exceed record levels in 2021, net issuance has remained stagnant. 

Agency Gross Issuance ($ in billions)

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 $1,195.6

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

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

2021 YTD $684.7 $585.4 $1,270.0 $384.7 $1,654.7

Ginnie Mae Gross Issuance ($ in billions)

Issuance Year FHA VA Other Total

2000 $80.2 $18.8 $3.2 $102.2

2001 $133.8 $34.7 $3.1 $171.5

2002 $128.6 $37.9 $2.5 $169.0

2003 $147.9 $62.7 $2.5 $213.1

2004 $85.0 $31.8 $2.5 $119.2

2005 $55.7 $23.5 $2.1 $81.4

2006 $51.2 $23.2 $2.3 $76.7

2007 $67.7 $24.2 $3.0 $94.9

2008 $221.7 $39.0 $6.9 $267.6

2009 $359.9 $74.6 $16.8 $451.3

2010 $304.9 $70.6 $15.3 $390.7

2011 $216.1 $82.3 $16.9 $315.3

2012 $253.4 $131.3 $20.3 $405.0

2013 $239.2 $132.2 $22.2 $393.6

2014 $163.9 $111.4 $21.0 $296.3

2015 $261.5 $155.6 $19.2 $436.3

2016 $281.8 $206.5 $19.9 $508.2

2017 $257.6 $177.8 $20.2 $455.6

2018 $222.6 $160.8 $17.2 $400.6

2019 $266.9 $225.7 $16.0 $508.6

2020 $327.0 $423.5 $24.9 $775.4

2021 YTD $160.9 $213.0 $10.8 $384.7
US Agency Market, Originations

Global Markets Analysis Report

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

Agency Net Issuance ($ in billions) 

Issuance Year Fannie Mae Freddie Mac GSE 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 $165.7

2016 $60.5 $66.8 $127.4 $126.1 $253.5

2017 $83.7 $77.0 $160.7 $132.3 $293.0

2018 $81.9 $67.6 $149.4 $112.0 $261.5

2019 $87.4 $110.3 $197.7 $95.7 $293.5

2020 $289.3 $343.5 $632.8 $19.9 $652.7

2021 YTD $171.5 $222.0 $393.5 -$13.7 $379.8

Ginnie Mae Net Issuance ($ in billions)

Issuance Year FHA VA Other Total

2000 $29.0 $0.3 $0.0 $29.3

2001 $0.7 -$10.6 $0.0 -$9.9

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

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

2004 -$45.2 $5.1 $0.0 -$40.1

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

2006 -$4.7 $3.8 $1.2 $0.2

2007 $20.2 $8.7 $2.0 $30.9

2008 $173.3 $17.7 $5.4 $196.4

2009 $206.4 $35.1 $15.8 $257.4

2010 $158.6 $29.6 $10.0 $198.3

2011 $102.8 $34.0 $12.8 $149.6

2012 $58.9 $45.9 $14.3 $119.1

2013 $20.7 $53.3 $13.9 $87.9

2014 -$4.8 $53.9 $12.5 $61.6

2015 $22.5 $66.9 $7.9 $97.3

2016 $45.6 $73.2 $6.0 $124.9

2017 $50.1 $76.1 $5.0 $131.3

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 -$52.5 $71.0 $1.3 $19.9

2021 YTD -$46.5 $35.7 -$2.9 -$13.7

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

months data was sourced from eMBS and Urban Institute. 
US Agency Market, Originations

Global Markets Analysis Report

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

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

Month Fannie Mae Freddie Mac Ginnie Mae GSEs Total Fannie Mae Freddie Mac Ginnie Mae GSEs Total

Jan-18 $47.4 $21.4 $35.4 $68.8 $104.2 $12.1 $0.2 $7.7 $12.3 $20.0

Feb-18 $40.3 $21.5 $32.0 $61.8 $93.8 $8.3 $2.2 $7.1 $10.5 $17.6

Mar-18 $35.6 $21.3 $29.1 $56.9 $86.0 $4.9 $3.0 $6.3 $7.9 $14.1

Apr-18 $36.3 $26.2 $32.8 $62.5 $95.3 $1.7 $6.0 $8.8 $7.7 $16.5

May-18 $38.9 $27.5 $33.8 $66.4 $100.2 $5.1 $7.2 $10.5 $12.3 $22.8

Jun-18 $38.2 $28.8 $35.6 $67.0 $102.6 $2.5 $6.8 $10.3 $9.3 $19.6

Jul-18 $40.3 $26.2 $35.6 $66.5 $102.2 $4.2 $3.7 $10.4 $7.8 $18.3

Aug-18 $50.4 $29.9 $37.5 $80.3 $117.8 $15.8 $7.9 $12.5 $23.6 $36.1

Sep-18 $41.8 $30.1 $34.8 $71.8 $106.6 $5.9 $6.2 $9.0 $12.1 $21.1

Oct-18 $39.8 $27.4 $33.2 $67.1 $100.3 $9.7 $7.1 $11.4 $16.8 $28.2

Nov-18 $35.1 $30.1 $32.4 $65.2 $97.6 $3.6 $11.0 $9.8 $14.6 $24.4

Dec-18 $36.9 $23.9 $28.4 $60.7 $89.1 $8.2 $6.4 $8.2 $14.6 $22.8

Jan-19 $33.3 $19.2 $29.0 $52.6 $81.6 $5.9 $2.5 $9.2 $8.3 $17.6

Feb-19 $27.3 $19.9 $23.5 $47.2 $70.7 $1.4 $3.4 $4.6 $4.7 $9.3

Mar-19 $29.6 $27.3 $26.6 $56.9 $83.5 $1.8 $10.3 $5.6 $12.0 $17.6

Apr-19 $33.1 $30.8 $32.9 $63.9 $96.8 $1.3 $10.8 $8.3 $12.0 $20.4

May-19 $44.5 $34.3 $38.8 $78.8 $117.6 $6.7 $9.8 $9.4 $16.6 $26.0

Jun-19 $44.6 $34.0 $43.3 $78.6 $121.9 $1.9 $5.9 $9.0 $7.8 $16.8

Jul-19 $51.7 $36.9 $45.9 $88.6 $134.5 $10.9 $10.1 $11.0 $21.0 $32.0

Aug-19 $71.1 $50.4 $51.2 $121.4 $172.6 $20.8 $17.1 $8.7 $37.9 $46.6

Sep-19 $67.1 $43.0 $52.0 $110.1 $162.1 $14.1 $7.5 $6.5 $21.5 $28.0

Oct-19 $65.0 $46.2 $58.4 $111.2 $169.6 $7.4 $7.1 $11.9 $14.6 $26.5

Nov-19 $68.1 $50.7 $54.3 $118.7 $173.1 $5.2 $8.6 $4.1 $13.8 $18.0

Dec-19 $62.1 $52.5 $52.7 $114.6 $167.3 $10.1 $17.3 $7.4 $27.3 $34.7

Jan-20 $61.7 $51.4 $56.0 $113.1 $169.0 $9.1 $16.5 $8.6 $25.6 $34.2

Feb-20 $56.5 $39.5 $51.2 $96.0 $147.2 $9.4 $7.9 $7.1 $17.4 $24.4

Mar-20 $69.5 $41.4 $53.0 $110.8 $163.9 $17.9 $6.3 $8.8 $24.2 $33.0

Apr-20 $101.6 $76.3 $61.4 $177.9 $239.3 $30.5 $27.5 $10.2 $58.0 $68.2

May-20 $124.3 $70.6 $60.8 $194.9 $255.7 $35.2 $8.2 $5.7 $43.4 $49.1

Jun-20 $118.9 $78.1 $58.5 $197.0 $255.4 $30.0 $15.9 $1.3 $45.9 $47.2

Jul-20 $125.0 $108.1 $66.5 $233.1 $299.5 $23.4 $38.0 -$15.5 $61.4 $45.9

Aug-20 $137.6 $113.6 $73.6 $251.3 $324.8 $34.2 $43.4 -$4.1 $77.6 $73.5

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

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

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

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

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

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

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

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

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

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

month data was sourced from eMBS and Urban Institute.
US Agency Market, Originations

Global Markets Analysis Report

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

Percent Refi at Issuance

The FHA refinance share stood at 37% in May 2021, below the 68% refi share for Freddie originations, the 65% 

share for Fannie, and the 64% share for the VA. The total Ginnie refinance share stood at 52% in May. 

Refinances as a share of all originations grew during 2019 and 2020 as interest rates fell. Thus far in 2021, 

refinance as a share has begun to drop off from the increase witnessed in 2019 and 2020.

Sources: eMBS and Urban Institute; Beginning January 2021 data sourced from Ginnie Mae loan level disclosure files and IOPP. Notes: Data as of May 

2021.
Nonbank Originators

Global Markets Analysis Report

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

4.0 Agency Nonbank Originators

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 89.3% in May 2021. Fannie’s nonbank 

share remained steady in May at 75.1%, while Freddie’s declined slightly, to 68.9%. Freddie Mac’s nonbank 

share is the lowest among the three Agencies for both purchase and refi loans. 

4.1 Agency Nonbank Originator Share (All, Purchase, Refi)

Sources: eMBS and Urban Institute; Beginning January 2021 data sourced from Ginnie Mae loan level disclosure files and IOPP. Notes: Data as of May 

2021.

Nonbank Origination Share: All Loans

Nonbank Origination Share: Purchase Loans Nonbank Origination Share: Refi Loans
Nonbank Originators

Global Markets Analysis Report

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

In May 2021, Ginnie Mae’s total nonbank originator share declined to 89.3%, down approximately 150 basis 

points from the prior month. In May 2021 there was a slight decline in nonbank origination share for both 

purchase and refi loans. The primary driver for the decline in the nonbank origination share for Ginnie Mae refi 

loans was the “other” category which had a decline by approximately 13% over the prior month.

4.2 Ginnie Mae Nonbank Originator Share (All, Purchase, Refi)

Sources: eMBS and Urban Institute; Beginning January 2021 data sourced from Ginnie Mae loan level disclosure files and IOPP. Notes: “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 May 2021.

Ginnie Mae Nonbank Originator Share: All Loans

Ginnie Mae Nonbank Share: Purchase Loans Ginnie Mae Nonbank Share: Refi Loans
Nonbank Originators

Global Markets Analysis Report

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

4.3 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE (FICO, LTV, DTI) 

Nonbank originators have played a key role in opening access to credit, as evidenced by the consistently lower 

median FICO score for nonbanks across all Agencies. Within the Ginnie Mae space, FICO scores for bank 

originations has been consistently higher than their nonbank counterparts. The bank/nonbank FICO differential 

has narrowed over the past 2 years, as nonbanks are relatively more active in refi lending. 

Sources: eMBS and Urban Institute; Beginning January 2021 data sourced from Ginnie Mae loan level disclosure files and IOPP. Notes: Data as of May 2021.

Ginnie Mae FICO: Bank vs. Nonbank

Agency FICO: Bank vs. Nonbank

GSE FICO: Bank vs. Nonbank
Nonbank Originators

Global Markets Analysis Report

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

Between early 2017 and early 2019, there was a substantial increase in DTIs for Ginnie Mae collateral, for both 

banks and nonbanks. Over the subsequent two years, this has mostly reversed in the Ginnie Mae space. As 

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

in interest rates over the past two and a half years, DTIs have dropped.

Sources: eMBS and Urban Institute; Beginning January 2021 data sourced from Ginnie Mae loan level disclosure files and IOPP. Notes: Data as of May 2021.

GSE LTV: Bank vs Nonbank Ginnie Mae LTV: Bank vs. Nonbank

GSE DTI: Bank vs Nonbank Ginnie Mae DTI: Bank vs. Nonbank
Nonbank Originators

Global Markets Analysis Report

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

The median FICO score for Ginnie Mae bank and nonbank originators has been on a steady decline since the 

beginning Q1 2021, reverting to pre-COVID levels. Beginning Q2 2020 there was a shift in the distribution of 

median FICO scores for new FHA originations. Originations with borrower FICO scores within the 500-619 and 

620-639 range decreased steadily throughout 2020 while borrowers with FICO scores in the ranges of 680-719 

and 720-850 increased steadily. This rise in median FICO scores is partly due to borrowers increasing savings 

during the COVID-19 pandemic, government stimulus and unemployment benefits. Beginning Q1 2021 and 

through Q2 2021 FICO scores of new FHA originations have shifted to be more heavily distributed in the lower 

range buckets (see footnote). The gap between banks and non-banks is very apparent for all categories of 

government lending. 

Sources: eMBS and Urban Institute; Beginning January 2021 data sourced from Ginnie Mae loan level disclosure files and IOPP. Notes: "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 May 2021. Credit score data 

sourced from FHA Single Family Origination Trends; May 2021.

Ginnie Mae FICO Score: Bank vs. Nonbank Ginnie Mae FHA FICO Score: Bank vs. Nonbank

Ginnie Mae VA FICO Score: Bank vs. Nonbank Ginnie Mae Other FICO Score: Bank vs. Nonbank
Nonbank Originators

Global Markets Analysis Report

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

As evidenced in the charts below, median DTI’s for Ginnie Mae nonbank originations have been consistently 

higher than bank DTIs. This is a trend evident for all loans except for the “other” category, where the spread 

between bank and nonbank DTI is relatively small. The spread between nonbank and bank DTIs has been most 

prominent in FHA and VA originations.

Sources: eMBS and Urban Institute; Beginning January 2021 data sourced from Ginnie Mae loan level disclosure files and IOPP. Notes: “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 May 2021.

Ginnie Mae DTI: Bank vs. Nonbank Ginnie Mae FHA DTI: Bank vs. Nonbank

Ginnie Mae VA DTI: Bank vs. Nonbank Ginnie Mae Other DTI: Bank vs. Nonbank
Market Conditions

Global Markets Analysis Report

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

5.0 Market Conditions

Agency MBS average daily trading volume was $303 billion from January 2021 to June 2021. Agency MBS 

turnover is at its highest since 2013 at 3.01%. As of June 2021, year to date Agency MBS average turnover was 5 

basis points higher than the 2020 average. In 2020 and thus far in 2021 Agency MBS turnover has been higher 

than US treasury turnover, which has not occurred since the reporting of this data in 2002. Both average daily 

mortgage and Treasury turnover are down from their pre-crisis peaks. Corporate turnover remains minimal 

relative to either Agency MBS or Treasury turnover.

5.1 Average Daily Trading Volume and Turnover by Sector

Source: SIFMA. Note: Data as of June 2021.

Average Daily Turnover by Sector

Average Daily Fixed Income Trading Volume by Sector
Prepayments

Global Markets Analysis Report

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

6.0 Prepayments

Prepayment speeds for fixed rate Ginnie Mae and GSE MBS have increased significantly from early 2020 due to 

lower interest rates and an increase in voluntary and involuntary prepays due to refinances and loan buyouts. 

However, in May 2021, Ginnie Mae and GSE fixed-rate 30- and 15-year prepayments decreased significantly for 

the second month in a row, though not as sharply as in April 2021. Fannie Mae and Freddie Mac 30-year 

prepayment speeds decreased 16-17% (vs 20-22% decreases in April), while Ginnie Mae 30-year prepayments 

decreased 12%, compared to a 15% decrease in April. 

ARM MBS prepayments for both Ginnie Mae and the GSEs continued to decrease in May 2021 for all products 

except for Fannie Treasury indexed IOs. Prepayments on Freddie Mac ARM MBS saw the largest dip in May 

2021, down 14% MoM, to 33.8CPR from 39.3CPR in the prior month. Fannie Mae prepayment speeds in May 

2021 decreased by 9% MoM and Ginnie Mae prepayments were down by 8% MoM in the same period.

6.1 Aggregate Prepayments

Source: eMBS. Note: Data as of May 2021.

ARM Prepayments

Fixed Prepayments
MBS Ownership

Global Markets Analysis Report

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

7.0 MBS Ownership

The largest holders of Agency debt (Agency MBS + Agency notes and bonds) include commercial banks (26%), 

the Federal Reserve (22%), and foreign investors (11%). The Federal Reserve’s share increased from 15% in the 

first quarter of 2020 to 22% in the first quarter of 2021 due to substantial purchases of MBS in response to the 

COVID-19 crisis ($1.8 trillion in Fed purchases during this time period). Despite large Federal Reserve purchases, 

commercial banks continue to be the largest holders of Agency MBS. Out of their $2.8 trillion in holdings as of 

the end of June 2021, $2.1 trillion was held by the top 25 domestic banks.

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

and nonprofits. Data as of Q1 2021. 

7.1 Commercial Bank Holdings of Agency MBS

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

2021.

Who Owns Total Agency Debt?

Jun-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 June 09 June 16 June 23 June 30

Largest 25

Domestic Banks

Small Domestic 

Banks 520.7 595.0 609.7 621.7 640.4 656.6 675.0 683.3 681.7 681.3 683.8 687.5

Foreign Related

Banks

Total,

Seasonally

Adjusted

Commercial Bank Holdings ($Billions) Week Ending

1,655.1 1,886.2 1,929.2 1,970.1 1,999.5 2,022.5 2,053.0 2,059.5 2,054.0 2,053.3 2,059.6 2,069.9

43.9 47.7 49.0 52.3 50.6 46.4 45.5 44.9 47.0 48.0

2,219.7 2,528.9 2,587.9 2,644.1 2,690.5 2,730.1 2,777.3 2,789.2 2,781.2 2,779.5 2,790.4 2,805.4

51.0 49.3
MBS Ownership

Global Markets Analysis Report

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

7.2 Bank and Thrift Residential MBS Holdings 

Out of the $2.7 trillion in MBS holdings at banks and thrifts as of Q1 2021, $2.1 trillion were Agency passthroughs, $1.7 trillion were GSE pass-throughs and $374 billion were Ginnie Mae pass-throughs. Another $555 

billion were Agency CMOs, while non-Agency holdings totaled $47 billion. In Q1 2021, MBS holdings at banks 

and thrifts increased for the tenth 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. Total bank and 

thrift MBS holdings increased by 7% from Q4 2020.

Source: Inside Mortgage Finance. Notes: Data as of Q1 2021.

Year Total GSE PT GNMA PT Private MBS Agency CMO Private CMO Banks Thrifts

2000 683.90 234.01 84.26 21.57 198.04 71.43 470.47 212.65

2001 810.50 270.59 109.53 37.62 236.91 76.18 606.91 203.37

2002 912.36 376.11 101.46 20.08 244.98 89.88 702.44 209.66

2003 982.08 461.72 75.11 19.40 236.81 106.86 775.66 206.45

2004 1,113.89 572.40 49.33 20.55 208.18 160.55 879.75 234.31

2005 1,033.77 566.81 35.92 29.09 190.70 211.25 897.06 242.69

2006 1,124.46 628.52 31.13 42.32 179.21 243.28 983.49 223.42

2007 1,149.10 559.75 31.58 26.26 174.27 357.24 971.42 264.59

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

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

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

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

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

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

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

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

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

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

1Q18 1,809.98 991.57 360.71 3.92 412.41 41.37 1,635.52 174.46

2Q18 1,806.58 976.92 368.88 7.45 414.41 38.92 1,631.65 174.93

3Q18 1,794.39 966.52 373.21 2.42 416.20 36.04 1,618.29 176.10

4Q18 1,814.97 980.56 380.43 2.69 416.59 34.69 1,634.99 179.98

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

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

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

4Q19 1,985.38 1,089.41 426.85 4.62 428.99 35.52 1,796.29 189.09

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

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

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

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

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

Change:

4Q20-1Q21 7% 11% -4% 24% 1% 5% 6% 9%

1Q20-1Q21 28% 46% -16% 5% 25% 13% 23% 69%

All Banks & Thrifts

($ in billions)

All MBS

($ in billions)

Bank and Thrift Residential MBS Holdings 
MBS Ownership

Global Markets Analysis Report

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

Source: Inside Mortgage Finance. Notes: Data as of Q1 2021.

Top Bank & Thrift Residential MBS 

Investors ($ in millions) Institution Total GSE PT GNMA PT Agency CMO Non-Agency Share

1 Bank Of America Corporation 562,474.00 449,150.00 101,103.00 11,969.00 252.00 21%

2 Wells Fargo & Company 259,187.00 188,326.00 64,441.00 5,994.00 426.00 10%

3 Jpmorgan Chase & Co. 204,088.00 118,246.00 70,487.00 154.00 15,201.00 8%

4 Charles Schwab Bank 171,739.00 84,782.00 13,336.00 73,621.00 - 6%

5 Truist Bank 116,435.00 46,913.00 13,485.00 56,037.00 - 4%

6 U.S. Bancorp 116,049.72 82,567.06 17,779.43 15,702.78 0.45 4%

7 Citigroup Inc. 98,691.00 90,354.00 2,390.00 4,402.00 1,545.00 4%

8 Capital One Financial Corporation 75,021.92 42,658.39 9,173.50 22,612.89 577.14 3%

9 Bank Of New York Mellon Corp 61,338.00 45,554.00 2,891.00 10,384.00 2,509.00 2%

10 Pnc Bank, National Association 52,989.33 44,323.35 5,950.69 1,292.15 1,423.13 2%

11 Silicon Valley Bank 44,909.40 35,394.54 534.68 8,980.18 - 2%

12 Usaa Federal Savings Bank 44,529.10 39,219.05 2,064.33 3,245.72 - 2%

13 State Street Bank And Trust Company 43,141.84 17,869.00 5,849.00 16,928.84 2,495.00 2%

14 E*Trade Bank 38,091.08 28,463.36 6,156.67 3,471.05 - 1%

15 Morgan Stanley 33,957.00 21,722.00 3,981.00 8,254.00 - 1%

16 Td Bank Usa/Td Bank Na 26,046.00 1,526.53 133.02 24,290.02 96.42 1%

17 Ally Bank 24,197.00 18,367.00 961.00 2,594.00 2,275.00 1%

18 Bmo Harris Bank National Association 23,317.94 4,777.27 431.34 18,107.47 1.85 1%

19 Hsbc Bank Usa, National Association 23,285.77 7,790.54 7,486.95 8,006.48 1.80 1%

20 Keybank National Association 22,140.05 3,852.79 419.30 17,867.96 - 1%

Total Top 20 2,041,628.14 1,371,855.89 329,053.91 313,914.54 26,803.80 76%

Bank and Thrift Residential MBS Holdings 
MBS Ownership

Global Markets Analysis Report

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

7.3 Foreign Ownership of MBS 

Foreign investors held 15% of Agency MBS in April 2021, up from a low of 12% in July 2014, but down from 17% 

in spring 2020. For the month of April 2021, this represents $1.18 trillion in Agency MBS, $545 billion held by 

foreign private institutions and $633 billion held by foreign official institutions. This represents an overall decline 

of $39 billion in foreign holdings of Agency MBS from the peak in spring 2020.

Sources: SIFMA and Treasury International Capital (TIC) and eMBS. Beginning April 2021 MBS outstanding sourced from eMBS. Note: Data as of April 2021.

Sources: Treasury International Capital (TIC). Notes: 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. Data as of April 2021. 

Foreign Share of MBS Market

Monthly Foreign MBS Holdings 
MBS Ownership

Global Markets Analysis Report

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

7.4 Agency MBS + Agency Debt

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

MBS holdings. Between September 2019 and March 2021, we estimate that these top three have increased their 

Agency MBS holdings by $6 billion, Japan has decreased their holdings by $2.2 billion, Taiwan has increased their 

holdings by $4.8 billion and China has increased their holdings by $3.8 billion. China has increased Agency MBS 

holdings in Q1 2021 by approximately $23.6 billion over Q4 2020; the largest increase in holdings for China since 

Q1 2020.

All Agency Debt

Agency MBS

Sources: Treasury International Capital (TIC). Notes: Level of Holding by month data as of Q1 2021. Top 10 Holders of MBS list as of June 2018. 

9/1/2019 12/1/2019 3/1/2020 6/1/2020 9/1/2020 12/1/2020 3/1/2021 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Mar-21

Japan 307,738 302,212 319,241 306,963 301,622 304,865 305,580 -5,526 17,029 -12,278 -5,341 3,243 715

Taiwan 262,732 261,470 268,881 267,700 264,043 262,244 267,492 -1,262 7,411 -1,181 -3,657 -1,799 5,248

China 228,240 226,526 255,596 235,078 202,730 208,516 232,076 -1,714 29,070 -20,518 -32,348 5,786 23,560

Luxembourg 43,023 35,603 33,602 40,207 33,354 34,133 34,255 -7,420 -2,001 6,605 -6,853 779 122

Ireland 33,322 31,145 19,045 21,091 19,635 23,102 25,336 -2,177 -12,100 2,047 -1,457 3,467 2,234

South Korea 33,682 33,452 34,091 28,743 29,736 32,903 34,313 -230 639 -5,347 992 3,167 1,410

Cayman Islands 24,538 27,110 22,748 28,431 29,364 28,386 29,682 2,572 -4,362 5,684 933 -978 1,296

Bermuda 26,253 31,133 25,208 25,111 25,635 25,422 24,245 4,880 -5,925 -97 523 -213 -1,177

Netherlands 10,381 10,744 10,738 12,739 10,427 11,850 13,351 363 -6 2,001 -2,312 1,423 1,501

Malaysia 15,303 16,334 21,150 20,028 19,432 18,801 19,949 1,031 4,817 -1,122 -597 -631 1,148

Other 105,371 124,063 175,591 173,716 167,661 189,631 190,011 18,692 51,527 -1,874 -6,055 21,970 380

Total 1,090,579 1,099,788 1,185,887 1,159,808 1,103,636 1,121,052 1,156,341 9,209 86,099 -26,079 -56,172 17,416 35,289

Country

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

9/1/2019 12/1/2019 3/1/2020 6/1/2020 9/1/2020 12/1/2020 3/1/2021 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021

Japan 311,047 305,332 322,155 310,268 305,064 308,033 319,771 -5,715 16,823 -11,887 -5,204 2,969 11,738

Taiwan 263,018 261,740 269,133 267,918 264,270 262,453 253,036 -1,278 7,393 -1,215 -3,648 -1,817 -9,417

China 233,783 231,753 260,479 239,045 206,861 212,317 200,972 -2,030 28,726 -21,434 -32,184 5,456 -11,345

Luxembourg 46,641 39,015 36,789 42,389 35,626 36,223 34,371 -7,626 -2,226 5,600 -6,763 597 -1,852

Ireland 41,367 38,731 26,131 29,399 28,286 31,064 26,965 -2,636 -12,600 3,268 -1,113 2,778 -4,099

South Korea 41,485 40,810 40,964 38,891 40,303 42,628 43,032 -675 154 -2,073 1,412 2,325 404

Cayman Islands 29,540 31,827 27,154 34,564 34,495 34,264 37,111 2,287 -4,673 7,410 -69 -231 2,847

Bermuda 29,184 33,897 27,790 27,790 35,751 27,988 26,443 4,713 -6,107 0 7,961 -7,763 -1,545

Netherlands 10,549 10,902 10,886 13,255 10,964 12,344 13,049 353 -16 2,369 -2,291 1,380 705

Malaysia 15,585 16,600 21,399 20,390 19,808 19,147 19,047 1,015 4,799 -1,009 -582 -661 -100

Other 135,515 152,489 202,143 201,165 196,246 197,462 173,905 16,974 49,654 -978 -4,919 1,216 -23,557

Total 1,157,714 1,163,096 1,245,023 1,225,074 1,171,603 1,183,923 1,147,702 5,382 81,927 -19,949 -53,471 12,320 -36,221

Country

Level of Holdings ($ Millions) Change in Holdings ($ Millions)
MBS Ownership

Global Markets Analysis Report

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

In March 2020, in response to COVID-19, the Fed announced they would purchase unlimited amounts of 

Treasuries and Agency MBS to support the flow of credit to households. In March 2020, the Fed bought $292.2 

billion in Agency MBS, and April 2020 clocked in at $295.1 billion, the largest two months of mortgage purchases 

by the Fed ever; which is approximately 78% and 23% over gross issuance for those two months, respectively. 

The Fed slowed its purchases to around $100 billion per month in May through August of 2020. More recently, 

Fed purchases have ramped up again slightly; purchases totaled $113.2 billion in May 2021 (38% of monthly 

gross issuance). As of March 2021, total Agency MBS owned by the Fed equaled $2.22 trillion. Prior to the 

COVID-19 intervention, the Fed was winding down its MBS portfolio from its 2014 prior peak.

Sources: eMBS and Federal Reserve Bank of New York. Notes: Data as of May 2021.

Total Fed Absorption

Fed Absorption of GSE MBS Fed Absorption of Ginnie Mae MBS
MBS Ownership

Global Markets Analysis Report

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

Disclosure:

“The data provided in the Global Markets Analysis Report (hereinafter, the “report”) should be considered as 

general information only and is current only as of its specified date, unless otherwise noted. No information 

contained herein is, and should not be construed to be, investment advice. Nor does any information contained 

herein constitute an offer to sell, or is a solicitation of an offer to buy, securities.

The information contained herein is based upon information generally available to the public from sources 

believed to be reliable as of the specified date. The accuracy of the information contained herein is based on the 

corresponding accuracy of the issuer data as reported to the Government National Mortgage Association 

(hereinafter, “Ginnie Mae”). 

Therefore, if there is insufficient or inaccurate data to support calculations of any specific disclosure 

information, Ginnie Mae disclaims any and all liability relating to that information, including, without limitation, 

any express or implied representations or warranties for statements or errors contained in, or omissions from, 

the report.

The forward-looking statements, and underlying assumptions, speak only as of the date of July 15, 2021. Ginnie 

Mae expressly disclaims any obligation or undertaking to update or revise any forward-looking statement or 

underlying assumption contained in the report to reflect any change in its expectations or any change in 

circumstances upon which such statement is based.

Past performance is not a guarantee of future results. Accordingly, there are no assurances given, nor 

representations or warranties made, that any and all estimated returns or projections will be realized, or that 

actual returns or performance results will not materially differ from those estimated herein.