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
CONTENTS

Relative Attractiveness of US Fixed Income and Ginnie Mae MBS

Barclays US Aggregate and Global Indices 4

Global 10-year treasury yields 5

Ginnie Mae yields and yield spreads—USD, JPY, Euro 6-8

MBS yield per duration 9

Total return and Sharpe Ratios 10 

State of the US Housing Market 

Serious delinquency rates 11

National HPI, HPI by state 11-12

Ginnie Mae Agency issuance and Agency outstanding by state 13

Size and value of the US Residential housing and mortgage markets 14

Outstanding Agency MBS 15

Origination volume over time 16

US Agency Market, Originations

Agency Gross and Net Issuance 17-19

Purchase versus refi: Percent Refi at Issuance 20

Credit Box 

First time home buyer share—purchase only loans 21-22

FICO score distribution 23

Credit box at a glance (FICO, LTV, DTI) 24-26

Historical credit box (FICO, LTV,DTI) 27-29

High LTV credit box 30-31

Ginnie Mae Nonbank Originators

Nonbank originator share (All, Purchase, Refi) 32

Ginnie Mae nonbank originator share (All, Purchase, Refi) 33

Bank vs. nonbank originators historical credit box, Ginnie Mae vs. GSE (FICO, LTV, DTI) 34-35

Bank vs. nonbank originators historical credit box, Ginnie Mae breakdown (FICO, LTV, DTI) 36-37

Holders of Ginnie Mae Mortgage Servicing Rights 

Top Holders of Ginnie Mae MSR 38-39

Non-bank Holders of Ginnie Mae MSR 40

Prepayments 

Aggregate 41

Select coupon/origination year cohorts 41-44

Other Ginnie Mae Programs

HMBS 45

Multifamily 46

Market Conditions-Agency MBS

Average daily trading volume and turnover by sector 47

Dealer net positions, repo volume 48

MBS Ownership

Ownership breakdown of total agency debt 49

MBS share of total agency debt and commercial bank ownership of MBS 50

Bank and Thrift Residential MBS Holdings 51

Foreign ownership of MBS 52-53

Fed Ownership of MBS 54
How do High DTI Loans Affect Ginnie Mae MBS? 

The debt-to-income (DTI) ratios for single-family purchase mortgages have increased steadily since early 2017 for 

all origination channels. At the end of 2018, the share of purchase originations with DTIs above 43% was close to 60 

percent for FHA, 50 percent for VA, 31 percent for Fannie Mae and 27 percent for Freddie Mac backed loans. As a 

result, mortgage market observers have become increasingly concerned about the default risk of such higher DTI 

loans, generally those with DTIs above 43 percent.

To understand this risk, it is important to first understand its main driver. The increase in DTIs is a result of recent 

house price growth far exceeding household income growth, as well as higher interest rates since the lows of 2016. 

These factors require homebuyers to borrow more in relation to incomes, pushing up DTIs. Between March 2017 

and March 2019, cumulative house price appreciation was 10.6% while cumulative wage growth (as measured by 

hourly earnings) was only 6.2%.

DTI is one of several factors assessing borrower creditworthiness and ability to repay. Mortgage underwriting 

adopts several factors to evaluate credit risk. These include FICO, LTV, household reserves, and length of credit and 

employment histories. The health of the economy also may influence prevailing lending guidelines. Historical data 

shows that DTIs rise during periods of economic growth, rising incomes, and low unemployment, as lenders become 

more confident lending to the high DTI borrower. Lending guidelines for loans pooled into GNMA MBS are set by 

FHA, VA, & Rural Housing. 

Consequently, it is too early to know if recently originated higher DTI mortgages translate directly into higher 

defaults. A look at recent delinquent repurchase data in Ginnie Mae MBS translates into a relatively small portion of 

prepayments due to borrower defaults.

Delinquent Repurchases as a Monthly Share of the Ginnie Mae Single-Family Portfolio

Source: eMBS and Ginnie Mae Calculations.

If high DTI borrowers eventually lead to a higher incidence of default, losses to credit risk takers will be eventually 

offset by the corporate reserves of Ginnie Mae MBS Issuers for any shortfalls of claims reimbursements from the 

federal loan programs. Borrower defaults are not a credit risk to MBS investors because of the full faith & credit 

guaranty provided by Ginnie Mae. However, should higher DTIs contribute to higher defaults, they are to be closely 

reviewed by investors as defaults are a component of the prepayment risk borne by investors .

Highlights this month:

• Serious delinquencies rates for single-family GSE loans, FHA loans, and VA all declined in Q1 2019 (page 11).

• The total value of the housing market increased to $27.5 trillion in Q1 2019 (page 14).

• The median FICO score for Ginnie Mae bank originations declined to 689 in April 2019, the lowest level since 

October 2014 (page 34).

HIGHLIGHTS

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

US MBS (Ginnie Mae, Fannie Mae, and Freddie Mac) comprise 28 percent of the Barclays US Aggregate Index-less 

than either the US Treasury share (39 percent) or the US Credit share (29 percent). Fannie Mae 30-year MBS 

comprises the largest percent of US MBS (10 percent), while Ginnie Mae 30-year MBS and Freddie Mac 30-year MBS 

comprise 8 percent and 6 percent of the market, respectively. Mortgages with terms of 15 and 20 years comprise the 

remaining balance (4 percent) of the US MBS share. US securities are the single largest contributor to the Barclays 

Global Aggregate, accounting for 40 percent of the global total. US MBS comprises 12 percent of the global 

aggregate. 

39%

1%

29%

8%

10%

6%

4%

2%

Barclays US 

Aggregate Index

Treasury

Agency

Credit

GNMA MBS 30y

FNMA MBS 30y

FHLMC MBS 30y

15y and 20y MBS

ABS & CMBS

54%

6%

25%

12%

1%

3%

Global Treasury

Global Agency

Global Credit

US MBS

ABS & CMBS

Collateralised

(Pfandbrief)

2% 3% 1%

40%

31%

21%

1%

0.04% 2%

0%

Australia

Canada

Middle East

United States

Europe

Asia & Pacific Rim

Latin America

Africa

Supranational

Others

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2019.

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

Sources: Bloomberg and State Street Global Advisors. 

Note: Data as of March 2019.

Sources: Bloomberg and State Street Global Advisors

Note: Data as of March 2019.

4
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

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

Yield (%)

Global 10-year Treasury Yields

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

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19

10yr US Treasury hedged yield, JPY

10y US hedged yield, JPY (left)

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

-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

6.0

7.0

May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19

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 May 2019.

Sources: Bloomberg and State Street Global Advisors

Note: Data as of May 2019.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of May 2019.

US 10-year Treasury yields have generally been the highest in the developed world over the past few years, but since 

August 2018, have been neck-in-neck with Italy. In May 2019, yield on the US 10-year note declined 38 bps to 2.12 

percent, below the 2.67 percent for the Italian 10-year note. This largely reflects weakness in economic data 

recently and worries about tariffs and potential trade wars. In the UK, Germany, and Japan, 10-year government 

bond yields decreased to 0.89, -0.20, and -0.09 percent, respectively. At the end of May, the hedged yield differential 

between the 10-year Treasury and the 10-year JGB stands at -61 bps, a decline of 22 bps since April. The hedged 

yield differential between the 10-year Treasury and the Bund and the 10-year Bund stands at -40 bps, an increase of 

2 bps since the end of April. 

Yield(%)Yield(%)

5
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19

G2SF CC yield & nominal spread, USD

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

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19

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 May 2019.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of May 2019.

The nominal yield on both the current coupon GNMA II and GNMA I securities decreased in May 2019. 

Current coupon Ginnie Mae securities outyieldtheir Treasury counterparts (relative to the average of 5-and 

10-year Treasury yields) by 63 and 64 bps on G2SF and GNSF, respectively, a tightening of 3 bps since last 

month. 

Yield(%) Yield(%)

Yield(%)

Yield(%)

6
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19

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 May 2019.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of May 2019.

If Ginnie Mae securities are hedged into foreign currencies, they look fair on a yield basis versus many sovereign 

alternatives. The figures below show that current coupon G2SF and GNSF hedged into Japanese yen have a lower 

yield than the JGB 5/10 blend by 4 and 3 bps respectively at the end of May. This reflects a 21-22 bps 

underperformance; it is the first time this yield spread has been negative since 2007.

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19

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(%)

7
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19

G2SF CC yield & nominal spread, EUR

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

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19

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 May 2019.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of May 2019.

If Ginnie Mae securities are hedged into foreign currencies, they look fair on a yield basis versus sovereign 

alternatives. The figures below show that at the end of May, the current coupon G2SF has a 1 bp lower yield 

than the than the average of the German 5/10 blend, while the GNSF hedged into euros has a spread to the 

German 5/10 blend of 0. This represents a 3 bpdecline for each since the end of April. 

Yield(%) Yield(%)

Yield(%) Yield(%)

8
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 May 2019.

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

asset classes with significantly more yield are the US and Pan-European high yield 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.

Security Duration Yield

US 5y 4.7 1.91

US 10y 8.8 2.12

GNMA II 4.0% 4.0 3.13

GNMA II 3.5% 4.9 2.91

JPY 5y 4.8 -0.20

JPY 10y 9.9 -0.10

GER 5y 4.9 -0.58

GER 10y 9.6 -0.20

ITA 5y 4.8 1.93

ITA 10y 8.6 2.67

US credit 7.2 3.35

US credit >= A 7.4 3.13

US HY 3.5 6.57

Pan-Euro Corp 5.6 1.08

Pan-Euro HY 3.3 3.94

US 5y US 10y

G2 3.5%

G2 4.0%

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

6.00

7.00

0.0 2.0 4.0 6.0 8.0 10.0 12.0

Yield

Duration

Yield versus duration

9
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 0.44 0.51 0.61 0.27 0.46 0.23

3 year 0.16 0.15 0.32 0.14 0.58 0.31

5 year 0.19 0.19 0.30 0.24 0.37 0.32

10 year 0.27 0.25 0.50 0.46 0.76 0.87

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 0.25 0.33 0.42 0.32 0.28 0.29

3 year 0.05 0.04 0.21 0.20 0.46 0.37

5 year 0.12 0.12 0.23 0.29 0.30 0.37

10 year 0.23 0.21 0.46 0.48 0.72 0.89

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 0.80 1.11 1.18 0.77 1.78 1.47

3 year 0.67 1.03 1.10 0.80 1.25 1.16

5 year 0.59 0.98 1.12 0.97 1.58 1.33

10 year 0.69 1.01 1.23 1.19 1.83 2.28

Source: State Street

*Assumes 2% capitalization max per issuer

Sharpe Ratio

TimePeriod US MBS 

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

1 year 0.31 0.30 0.35 0.42 0.15 0.19

3 year 0.07 0.04 0.19 0.25 0.37 0.32

5 year 0.20 0.12 0.21 0.30 0.19 0.28

10 year 0.33 0.21 0.38 0.40 0.39 0.39

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

Sources: Barclays Indices, Bloomberg and State Street Global Advisors Note: Data as of May 2019.

The average return on the Ginnie Mae index over the past decade has been slightly higher than the US Treasury 

index. However, the standard deviation of the Ginnie Mae index is the lowest of any sector, as it has the least 

price volatility over a 3, 5 and 10 year horizon. The result: The Sharpe Ratio, or excess return per unit of risk over 

the 10-year horizon is only marginally lower than most of the corporate indices, although a good bit higher than 

the US Treasury Index.

10
State of the US Housing Market

6.9%

3.6%

-15%

-10%

-5%

0%

5%

10%

15%

Mar-00

Sep-00

Mar-01

Sep-01

Mar-02

Sep-02

Mar-03

Sep-03

Mar-04

Sep-04

Mar-05

Sep-05

Mar-06

Sep-06

Mar-07

Sep-07

Mar-08

Sep-08

Mar-09

Sep-09

Mar-10

Sep-10

Mar-11

Sep-11

Mar-12

Sep-12

Mar-13

Sep-13

Mar-14

Sep-14

Mar-15

Sep-15

Mar-16

Sep-16

Mar-17

Sep-17

Mar-18

Sep-18

Mar-19

Year-over-year growth rate

National Year-Over-Year HPI Growth

Black Knight HPI year-over-year Zillow HVI year-over-year

Sources: Black Knight, Zillow, and Urban Institute. Note:Data as of March 2019.

0.74%

0.67%

3.45%

1.87%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

3Q052Q061Q074Q073Q082Q091Q104Q103Q112Q121Q134Q133Q142Q151Q164Q163Q172Q181Q19

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 Q1 2019.

Serious Delinquency Rates: Single-Family Loans

Serious delinquencies rates for single-family GSE loans, FHA loans, and VA declined in Q1 2019. GSE delinquencies 

remain slightly higher relative to 2006-2007, while FHA and VA delinquencies (which are higher than their GSE 

counterparts) are at levels lower than 2006-2007. After touching 6.5 percent in early 2018, year-over-year house 

price appreciation has slowed considerably in recent months. It stood at 3.6 percent in March 2019 per Black 

Knight’s repeat sales index and at 6.9 percent per Zillow’s hedonic index. 

11
State of the US Housing Market

Debt,

household 

mortgages,

$9,833

Sources:Black Knight and Urban Institute. Note: HPI data as of March2018. 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 03/2019, the latest HPI data period.

Nationally, nominal home prices have increased by 50.2 percent since the trough, and now exceed their pre-crisis 

peak valuation on a nominal basis by 11.8 percent. The picture is very different across states, with many states well in 

excess of the prior peak, while a number of states remain more than 10 percent below peak levels: Connecticut (14.7% 

below), Florida (11.0% below), Maryland (10.9% below), and Nevada (10.5% below).

HPI Changes

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

National 75.7% -25.6% 50.2% 3.6% 11.8%

Alabama 44.0% -15.5% 27.7% 6.0% 7.9%

Alaska 69.4% -3.1% 21.8% 2.0% 17.9%

Arizona 110.2% -47.9% 75.8% 5.9% -8.5%

Arkansas 41.7% -10.6% 22.6% 2.6% 9.6%

California 155.4% -43.4% 86.1% 1.2% 5.4%

Colorado 40.1% -12.7% 76.4% 4.4% 53.9%

Connecticut 92.4% -24.6% 13.2% 2.3% -14.7%

Delaware 94.6% -23.6% 27.2% 3.1% -2.9%

District of Columbia 175.0% -13.5% 55.3% 4.4% 34.4%

Florida 129.1% -47.0% 67.9% 4.4% -11.0%

Georgia 38.3% -32.1% 62.2% 5.9% 10.1%

Hawaii 162.0% -22.1% 48.5% 2.1% 15.7%

Idaho 71.5% -28.4% 72.6% 10.0% 23.6%

Illinois 61.6% -34.6% 37.6% 2.0% -10.0%

Indiana 21.4% -7.6% 32.3% 6.4% 22.2%

Iowa 28.3% -4.9% 23.2% 2.4% 17.2%

Kansas 34.7% -9.3% 39.9% 5.8% 27.0%

Kentucky 29.4% -7.6% 30.7% 3.3% 20.8%

Louisiana 48.7% -5.1% 21.4% 1.5% 15.2%

Maine 82.4% -12.5% 35.6% 8.0% 18.6%

Maryland 129.4% -28.5% 24.7% 1.7% -10.9%

Massachusetts 92.7% -22.7% 49.9% 3.2% 15.9%

Michigan 24.1% -39.7% 73.7% 5.5% 4.7%

Minnesota 66.2% -27.7% 51.7% 4.1% 9.8%

Mississippi 41.1% -13.6% 26.3% 5.4% 9.1%

Missouri 42.6% -14.7% 32.1% 7.4% 12.7%

Montana 81.6% -10.7% 43.3% 2.8% 27.9%

Nebraska 26.5% -6.8% 37.7% 3.7% 28.4%

Nevada 126.9% -59.4% 120.4% 8.0% -10.5%

New Hampshire 90.7% -23.6% 35.4% 3.9% 3.5%

New Jersey 118.0% -27.8% 24.9% 2.5% -9.9%

New Mexico 66.9% -16.1% 19.0% 2.9% -0.2%

New York 98.9% -15.2% 37.8% 3.7% 16.9%

North Carolina 40.6% -15.5% 33.5% 5.3% 12.8%

North Dakota 53.9% -4.0% 51.6% 0.0% 45.5%

Ohio 21.2% -18.3% 28.7% 2.1% 5.1%

Oklahoma 37.4% -2.3% 16.6% 2.5% 13.9%

Oregon 82.5% -27.9% 73.7% 3.5% 25.2%

Pennsylvania 70.4% -11.6% 21.7% 3.3% 7.5%

Rhode Island 131.3% -34.4% 46.6% 4.6% -3.8%

South Carolina 44.8% -19.2% 31.9% 4.4% 6.6%

South Dakota 45.2% -4.0% 41.0% 4.8% 35.4%

Tennessee 35.2% -11.8% 39.9% 5.1% 23.4%

Texas 33.2% -5.7% 48.2% 3.3% 39.7%

Utah 54.4% -21.8% 68.1% 7.3% 31.5%

Vermont 83.5% -7.5% 27.5% 5.1% 18.0%

Virginia 99.5% -22.7% 24.9% 2.8% -3.5%

Washington 85.4% -28.6% 82.5% 3.9% 30.2%

West Virginia 43.1% -5.9% 16.1% 2.0% 9.2%

Wisconsin 44.9% -16.3% 32.5% 5.2% 11.0%

Wyoming 77.2% -5.7% 25.2% 3.2% 18.2%

12
State of the US Housing Market

Debt,

household 

mortgages,

$9,833

Agency Issuance (past 1 year) Agency Outstanding 

State Ginnie Mae Share Ginnie Mae Average

Loan Size (Thousands)

GSE Average Loan 

Size (Thousands)

Ginnie Mae 

Share

Ginnie Mae Average 

Loan Size (Thousands)

GSE Average Loan Size 

(Thousands)

National 33.1% 217.0 231.9 30.6% 165.2 187.6

Alabama 43.5% 165.7 187.5 44.9% 128.8 151.3

Alaska 51.2% 285.8 250.3 51.6% 233.8 198.6

Arizona 31.6% 218.5 221.4 31.6% 166.4 177.8

Arkansas 42.8% 145.1 170.4 44.4% 111.0 137.0

California 27.6% 353.2 335.6 21.2% 270.5 266.9

Colorado 31.7% 298.0 285.5 27.4% 219.9 223.8

Connecticut 31.8% 216.8 226.8 29.5% 183.9 188.7

Delaware 37.0% 216.3 227.3 36.3% 180.9 184.0

District of Columbia 18.6% 423.1 359.9 16.1% 302.2 302.1

Florida 39.8% 212.1 212.0 35.2% 165.1 170.0

Georgia 39.5% 189.7 212.8 38.7% 143.3 169.1

Hawaii 37.8% 492.9 398.4 30.8% 393.1 315.5

Idaho 32.4% 210.9 214.7 31.8% 154.3 165.4

Illinois 26.8% 179.4 198.6 24.7% 142.0 160.4

Indiana 37.4% 145.8 161.0 37.7% 111.5 125.7

Iowa 27.6% 147.6 163.5 25.8% 114.4 131.0

Kansas 36.1% 157.1 176.9 35.6% 120.8 138.6

Kentucky 39.4% 152.5 169.0 39.0% 122.1 132.4

Louisiana 41.8% 172.1 194.0 41.8% 137.4 158.7

Maine 35.1% 188.1 204.3 32.4% 153.5 159.9

Maryland 43.6% 285.2 266.2 39.4% 233.3 218.6

Massachusetts 24.6% 300.0 285.0 19.4% 237.6 227.5

Michigan 25.4% 150.1 171.2 25.2% 113.8 134.4

Minnesota 24.1% 203.5 215.3 24.1% 156.8 170.1

Mississippi 50.1% 155.3 174.7 50.3% 120.2 141.5

Missouri 35.4% 155.0 174.1 35.0% 121.2 138.7

Montana 29.3% 223.6 226.3 29.6% 170.3 176.0

Nebraska 32.0% 168.8 173.9 33.0% 122.9 137.6

Nevada 33.4% 258.2 240.1 35.3% 187.8 190.3

New Hampshire 31.4% 239.4 228.8 29.2% 194.1 180.6

New Jersey 29.4% 255.4 266.7 27.3% 212.0 218.7

New Mexico 41.6% 183.5 190.6 42.5% 141.5 152.6

New York 26.1% 250.9 272.3 25.3% 186.9 214.1

North Carolina 34.0% 186.1 208.2 33.9% 141.8 165.6

North Dakota 29.6% 214.5 207.1 26.2% 167.9 166.0

Ohio 34.7% 145.5 157.8 35.9% 113.0 126.3

Oklahoma 44.8% 155.8 174.3 47.9% 119.1 139.8

Oregon 27.0% 265.2 265.2 23.6% 199.7 206.4

Pennsylvania 32.1% 168.5 195.4 32.6% 137.2 158.1

Rhode Island 38.7% 236.0 226.5 33.6% 188.1 181.9

South Carolina 39.1% 188.3 197.3 37.5% 147.5 160.3

South Dakota 37.6% 179.8 189.5 35.6% 143.6 149.3

Tennessee 39.5% 188.5 205.5 39.9% 139.2 163.4

Texas 34.5% 200.7 218.7 35.6% 142.2 174.5

Utah 28.2% 253.2 261.3 28.1% 191.4 206.3

Vermont 22.4% 189.9 200.4 19.9% 165.9 159.8

Virginia 44.5% 271.4 261.2 41.2% 223.8 216.3

Washington 30.3% 296.6 296.7 27.8% 220.0 227.3

West Virginia 49.2% 155.8 155.3 45.8% 126.8 127.0

Wisconsin 22.2% 170.5 178.7 20.9% 134.8 141.2

Wyoming 41.2% 217.7 218.5 40.1% 178.3 175.8

Sources: eMBS and Urban Institute. Note: Ginnie Mae outstanding share are based on loan balance as of April 2019. Ginnie Mae issuance is based on the last 12 months, 

from May 2018 to April 2019.

Ginnie Mae MBS constitute 30.6 percent of outstanding agency issuance by loan balance and 33.1 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 16.1 percent in the District of Columbia and as high as 51.6 percent in 

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

13
State of the US Housing Market

$10.9

$16.6

$27.5

0

5

10

15

20

25

30

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

Q1

$ Trillions

Value of the US Housing Market

Debt, household mortgages Household equity Total Value

Sources: Federal Reserve Flow of Funds and Urban Institute. Data as of Q1 2019.

$0.46

$0.52

$6.64

$3.24

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

Q1

$ Trillions

Size of the US Residential Mortgage Market

Private Label Securities Second Liens Agency MBS Unsecuritized first liens

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

Note: Unsecuritized first liens includes loans held by commercial banks, GSEs, savings institutions, and credit unions. Data as of Q1 2019.

The Federal Reserve's Flow of Funds report has consistently indicated an increasing total value of the housing 

market driven by growing household equity since 2012, and 2019 Q1was no different. Total mortgage debt 

outstanding increased slightly to $10.9 trillion and household equity increased slightly to $16.6 trillion, bringing 

the total value of the housing market to $27.5 trillion, 15 percent higher than the pre-crisis peak in 2006. Agency 

MBS make up 61.3 percent of the total mortgage market, private-label securities make up 4.2 percent, and 

unsecuritized first liens at the GSEs, commercial banks, savings institutions, and credit unions make up 29.7 

percent. Second liens comprise the remaining 4.8 percent of the total.

14
State of the US Housing Market

As of April 2019, outstanding securities in the agency market totaled $6.70 trillion: 42.9 percent Fannie Mae, 27.6 

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

Within the Ginnie Mae market, both FHA and VA have grown very rapidly post-crisis. FHA comprises 59.6 percent 

of total Ginnie Mae MBS outstanding, while VA comprises 34.5 percent.

$2.88

$1.85

$1.98

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Apr-01

Oct-01

Apr-02

Oct-02

Apr-03

Oct-03

Apr-04

Oct-04

Apr-05

Oct-05

Apr-06

Oct-06

Apr-07

Oct-07

Apr-08

Oct-08

Apr-09

Oct-09

Apr-10

Oct-10

Apr-11

Oct-11

Apr-12

Oct-12

Apr-13

Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

$ Trillions

Outstanding Agency Mortgage-Backed Securities

Fannie Mae Freddie Mac Ginnie Mae

Sources: eMBS and Urban Institute. Note: Data as of April 2019.

$1.2

$0.7

$0.1

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Apr-01

Oct-01

Apr-02

Oct-02

Apr-03

Oct-03

Apr-04

Oct-04

Apr-05

Oct-05

Apr-06

Oct-06

Apr-07

Oct-07

Apr-08

Oct-08

Apr-09

Oct-09

Apr-10

Oct-10

Apr-11

Oct-11

Apr-12

Oct-12

Apr-13

Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

$ Trillions

Outstanding Ginnie Mae Mortgage-Backed Securities

FHA VA Other

Sources: eMBS and Urban Institute Note:Data as of April 2019.

15
State of the US Housing Market

$0.74

$0.37

$0.03

$0.49

$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

$ trillions

First Lien Origination Volume Portfolio

PLS securitization

FHA/VA securitization

GSE securitization

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q4 2018.

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

First Lien Origination Share

First lien originations totaled $1.63 trillion in 2018, down slightly from 2017, as higher interest rates curtailed 

refinance activity. The share of bank portfolio originations was 30.0 percent in the 2018, slightly below the 2017 

level. The GSE share was 45.7 percent, on par with 2017. The FHA/VA share remained constant at 22.9 percent.

Private-label securities comprised 1.6 percent of originations, higher than the 2017 share of 0.6 percent.

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q4 2018. 

30.0%

1.6%

22.9%

45.7%

16
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 YTD $63.3 $45.0 $3.6 $112.0

2019 YTD % Change YOY -8.3% -17.9% -34.2% -13.5%

2019 Ann. $190.0 $135.1 $10.7 $335.9

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 YTD $123.4 $97.2 $220.6 $112.0 $332.5

2019 YTD % Change YOY -22.7% 7.6% -11.7% -13.5% -12.3%

2019 Ann. $370.1 $291.6 $661.7 $335.9 $997.6

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

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

Agriculture’s Rural Development. All data is as of April 2019.

Agency gross issuance was $332.5 billion in the first four months of 2019, down 12.3 percent compared to the 

same period in 2018. Ginnie Mae gross issuance was down by 13.5 percent and GSE gross issuance was down by 

11.7 percent. Within the Ginnie Mae market, FHA was down by 8.3 percent and VA origination was down by 17.9 

percent. The decline in origination volume is the result of lower origination volumes in January and February 2019, 

versus the same period a year earlier, as well as Ginnie Mae and VA actions to curb rapid VA refinancing speeds.

17
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 YTD $13.1 $15.6 -$0.2 $28.4

2019 YTD % Change YOY 31.8% -18.7% -119.7% -5.5%

2019 Ann. $39.2 $46.7 -$0.6 $85.3

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 $57.5 $11.6 $69.1 $87.9 $157.0

2014 $0.5 $30.0 $30.5 $61.6 $92.1

2015 $10.2 $65.0 $75.1 $97.3 $172.5

2016 $68.6 $66.8 $135.5 $125.3 $260.8

2017 $90.2 $78.2 $168.5 $131.3 $299.7

2018 $79.4 $68.4 $147.7 $113.9 $261.6

2019 YTD $9.2 $27.4 $36.6 $28.4 $65.0

2019 YTD % Change YOY -65.9% 133.6% -5.5% -5.5% -5.5%

2019 Ann. $27.6 $82.1 $109.7 $85.3 $195.0

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

Housing and the Department of Agriculture’s Rural Development. All data is as of April 2019.

Agency net issuance totaled $65.0 billion in the first four months of 2019, down 5.5 percent compared to the same period in 

2018. Ginnie Mae net issuance was $28.4 billion, comprising 43.7 percent of total agency net issuance. Ginnie Mae net 

issuance was down 5.5 percent compared to the same period in 2019. Ginnie Mae net issuance in the first four months of 

2019 was comprised of 54.9 percent VA and 46.1 percent FHA. 

18
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 April 2019.

Agency gross issuance moves inversely to interest rates, generally declining as interest rates have risen, rising 

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. April 2019 gross agency issuance of $96.8 billion is slightly above the April 2018 

level of $95.2 billion. 

Date

Gross Issuance Net Issuance

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

Jan-16 $35.6 $22.5 $32.5 $90.6 -$0.6 $1.0 $7.3 $7.8

Feb-16 $32.4 $21.2 $30.5 $84.1 $2.4 $3.1 $8.4 $13.9

Mar-16 $39.7 $27.5 $32.9 $100.1 $7.9 $8.2 $9.6 $25.8

Apr-16 $43.8 $26.2 $40.1 $110.1 $0.8 -$0.2 $8.8 $9.4

May-16 $44.2 $29.9 $41.6 $115.6 $2.4 $4.4 $11.4 $18.3

Jun-16 $46.7 $30.1 $43.9 $120.8 $2.7 $3.0 $11.9 $17.7

Jul-16 $49.8 $35.3 $46.1 $131.1 $2.3 $6.3 $10.8 $19.4

Aug-16 $54.9 $37.9 $46.7 $139.5 $10.4 $11.0 $13.8 $35.2

Sep-16 $65.8 $44.0 $52.5 $162.4 $8.7 $9.0 $12.5 $30.2

Oct-16 $66.0 $35.9 $47.4 $149.3 $11.8 $2.7 $9.3 $24.5

Nov-16 $48.8 $40.2 $47.2 $136.3 -$3.5 $7.9 $10.3 $14.8

Dec-16 $72.7 $40.5 $46.8 $160.0 $23.3 $10.4 $10.8 $44.6

Jan-17 $55.6 $38.5 $42.6 $136.6 $10.3 $10.7 $10.3 $31.9

Feb-17 $37.6 $27.4 $33.1 $98.1 $3.1 $6.5 $9.2 $18.9

Mar-17 $39.5 $24.4 $31.3 $95.2 $10.3 $6.2 $9.6 $26.3

Apr-17 $39.3 $21.2 $36.4 $97.0 $4.8 $0.4 $11.7 $17.3

May-17 $40.3 $22.6 $36.4 $99.3 $7.6 $2.7 $13.1 $23.6

Jun-17 $45.7 $25.1 $39.9 $110.7 $8.3 $2.4 $13.2 $24.1

Jul-17 $45.3 $27.6 $40.6 $113.5 $5.8 $3.5 $12.1 $21.5

Aug-17 $49.1 $29.3 $42.8 $121.1 $12.0 $6.7 $15.6 $33.9

Sep-17 $47.3 $27.9 $40.2 $115.5 $7.4 $3.8 $10.5 $21.7

Oct-17 $42.9 $34.6 $38.4 $115.9 $6.4 $12.5 $10.7 $29.6

Nov-17 $43.5 $37.2 $37.8 $118.5 $4.6 $13.6 $8.2 $26.4

Dec-17 $45.3 $30.0 $36.2 $111.5 $9.6 $8.2 $6.8 $24.6

Jan-18 $47.4 $21.4 $35.2 $104.0 $12.4 $0.3 $7.8 $20.6

Feb-18 $40.3 $21.5 $31.9 $93.7 $8.0 $2.3 $7.1 $17.4

Mar-18 $35.6 $21.3 $29.0 $85.9 $4.9 $3.0 $6.1 $14.0

Apr-18 $36.3 $26.2 $32.7 $95.2 $1.7 $6.1 $9.1 $16.8

May-18 $38.9 $27.5 $33.7 $100.1 $4.5 $7.2 $10.6 $22.4

Jun-18 $38.2 $28.8 $35.6 $102.5 $2.2 $6.8 $10.5 $19.5

Jul-18 $40.3 $26.2 $35.6 $102.1 $4.2 $3.7 $10.7 $18.6

Aug-18 $50.4 $29.9 $37.5 $117.8 $14.9 $7.9 $12.8 $35.6

Sep-18 $41.8 $30.1 $34.8 $106.6 $5.7 $6.2 $9.1 $21.0

Oct-18 $39.8 $27.4 $33.2 $100.3 $10.1 $7.6 $12.1 $29.7

Nov-18 $35.1 $30.1 $32.4 $97.6 $2.6 $10.8 $9.6 $22.9

Dec-18 $36.9 $23.9 $28.4 $89.1 $8.2 $6.4 $8.4 $23.0

Jan-19 $33.3 $19.2 $29.0 $81.6 $5.5 $2.5 $9.5 $17.5

Feb-19 $27.3 $19.9 $23.5 $70.7 $1.2 $3.6 $4.6 $9.5

Mar-19 $29.6 $27.3 $26.6 $83.5 $1.9 $10.3 $5.8 $18.0

Apr-19 $33.1 $30.8 $32.9 $96.8 $0.6 $11.0 $8.5 $20.1

Monthly Agency Issuance

19
US Agency Market, Originations

0%

1%

2%

3%

4%

5%

6%

7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Oct-04

Apr-05

Oct-05

Apr-06

Oct-06

Apr-07

Oct-07

Apr-08

Oct-08

Apr-09

Oct-09

Apr-10

Oct-10

Apr-11

Oct-11

Apr-12

Oct-12

Apr-13

Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

Mortgage Rate

Percent Refi

Percent Refi at Issuance

Freddie Mac (left) Fannie Mae (left) Ginnie Mae (left) Mortgage rate (right)

25.2%

38.3%

0% 0.01%

10%

20%

30%

40%

50%

60%

70%

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Percent Refi

Percent Refi at Issuance: Ginnie Mae Breakdown

FHA VA Other

Sources: eMBS and Urban Institute. Note: Based on at-issuance balance. Data as of April 2019.

Sources: eMBS and Urban Institute.

Note: Based on at-issuance balance. “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 April 2019.

The Ginnie Mae refi share stood at 29 percent in April 2019, below the 36-37 percent share for both Fannie Mae 

and Freddie Mac. Within Ginnie Mae, VA had the highest refi share at 38 percent in April 2019, followed by FHA’s 

25 percent. In the spring and summer of 2018, refi share for all agencies fell sharply due to rising interest rates and 

seasonal upticks in purchase activity. The refi share stabilized after the summer surge in purchase activity ended; it 

ticked up in early 2019 as rates trended down.

20
Credit Box

43.2%

45.7%

71.3%

54.4%

20%

30%

40%

50%

60%

70%

80%

Aug-13Dec-13Apr-14Aug-14Dec-14Apr-15Aug-15Dec-15Apr-16Aug-16Dec-16Apr-17Aug-17Dec-17Apr-18Aug-18Dec-18Apr-19

First-time homebuyer share (%)

First Time Homebuyer Share: Purchase Only Loans

Freddie Fannie Ginnie All

Sources: eMBS and Urban Institute. Note: Data as of April 2019.

The first time homebuyer share of Ginnie Mae purchase loans was 71.3 percent in April 2019, just below the 

72.4 percent historical high reached in May 2018. First time homebuyers comprise a significantly higher share 

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

for 45.7 percent and 43.2 percent of Fannie Mae and Freddie Mac purchase originations respectively. The 

bottom table shows that based on mortgages originated in April 2019, the average first-time homebuyer was 

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

LTV and similar DTI.

Fannie Mae Freddie Mac Ginnie Mae All

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

Loan Amount ($ ) 243,488 270,072 251,604 273,614 212,670 257,684 230,512 267,882 

Credit Score 738.3 753.1 743.0 757.6 675.2 698.1 708.8 739.2

LTV (%) 88.7 80.0 87.0 79.3 96.9 95.4 92.3 84.1

DTI (%) 36.3 37.2 35.1 36.3 42.2 43.3 38.9 38.6

Loan Rate (%) 4.7 4.6 4.6 4.5 4.8 4.6 4.7 4.6

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 April 2019.

21
Credit Box

82.4%

56.2%

77.7%

71.3%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

Aug-13Dec-13Apr-14Aug-14Dec-14Apr-15Aug-15Dec-15Apr-16Aug-16Dec-16Apr-17Aug-17Dec-17Apr-18Aug-18Dec-18Apr-19

First-time homebuyer share (%)

First Time Homebuyer Share: 

Ginnie Mae Purchase Only Loans Breakdown by Source

FHA VA Other All

Sources: eMBS and Urban Institute. Note: Data as of April 2019. “Other“ refers to loans insured by HUD’s Office of Public and Indian Housing and the 

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

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

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

Within the Ginnie Mae purchase market, 77.7 percent of FHA loans, 56.2 percent of VA loans and 82.4 percent of 

other loans represent financing for first-time home buyers in April 2019. The bottom table shows that based on 

mortgages originated in April 2019, the average first-time homebuyer was more likely than an average repeat 

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

FHA VA Other Ginnie Mae Total

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

Loan Amount ($) 207,135 223,444 250,589 301,096 142,646 156,096 212,670 257,684 

Credit Score 666.1 670.2 695.0 726.5 690.4 693.2 675.2 698.1

LTV (%) 95.5 94.0 99.8 96.6 99.2 99.0 96.9 95.4

DTI (%) 43.5 44.3 41.1 42.9 35.1 36.0 42.2 43.3

Loan Rate (%) 4.8 4.7 4.6 4.4 4.7 4.7 4.8 4.6

Sources: eMBS and Urban Institute. Note: Data as of April 2019.

22
Credit Box

Sources: Credit Bureau Data and Urban Institute. 

Note: Data as of August 2017.

FICO Score Distribution: Mortgage Owners vs All Consumers

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

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

All Consumers Mortgage owners

All Consumers- Percentiles

Minimum P5 P10 P25 P50 P75 P90 P95 Maximum

300 503 524 587 682 774 813 822 839

Mortgage Owners-Percentiles

Minimum P5 P10 P25 P50 P75 P90 P95 Maximum

300 570 615 682 752 801 818 824 839

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

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

mortgage (682).

23
Debt,

household 

mortgages,

$9,833

Purchase FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 255,957 641 680 732 775 797 725 

Fannie 83,496 684 716 754 784 800 747 

Freddie 77,637 691 723 760 787 801 752 

Ginnie 94,824 619 642 673 719 767 682 

Refi FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 130,057 642 680 725 768 793 720 

Fannie 50,081 665 699 739 775 797 735 

Freddie 43,901 676 709 747 779 798 741 

Ginnie 36,075 607 639 673 714 757 676 

All FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 386,014 641 680 729 773 796 723 

Fannie 133,577 677 709 749 781 799 743 

Freddie 121,538 685 718 755 785 801 748 

Ginnie 130,899 616 641 673 717 764 680 

Purchase FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 94,824 619 642 673 719 767 682 

FHA 58,462 611 635 661 696 734 667 

VA 29,752 629 659 707 762 792 709 

Other 6,610 631 654 686 727 762 691 

Refi FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 36,075 607 639 673 714 757 676 

FHA 18,701 600 630 659 692 727 661 

VA 17,310 620 652 692 737 774 692 

Other 64 578 677 726 769 800 712 

All FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 130,899 616 641 673 717 764 680 

FHA 77,163 609 633 661 695 732 666 

VA 47,062 626 656 700 753 787 702 

Other 6,674 631 654 686 728 762 691 

April 2019 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 April 2019.

In April 2019, the median Ginnie Mae FICO score was 673 versus 749 for Fannie and 755 for Freddie. Note that the 

FICO score for the 10th percentile was 616 for Ginnie Mae, versus 677 for Fannie and 685 for Freddie. Within the 

Ginnie Mae market, FHA loans have a median FICO score of 661, VA loans have a median FICO score of 700 and 

other loans have a median FICO score of 686.

24
April 2019 Credit Box at a Glance

Debt,

household 

mortgages,

$9,833

Purchase LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 256,895 73.0 80.0 95.0 96.5 100.0 87.8 

Fannie 83,591 66.0 80.0 86.0 95.0 97.0 83.5 

Freddie 78,270 63.0 79.0 80.0 95.0 95.0 82.0 

Ginnie 95,034 93.2 96.5 96.5 100.0 102.1 96.5 

Refi LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 131,400 45.0 60.0 75.0 84.0 95.0 71.5 

Fannie 50,085 41.0 56.0 69.0 78.0 80.0 65.1 

Freddie 44,502 42.0 57.0 70.0 79.0 80.0 66.0 

Ginnie 36,813 70.2 82.4 86.5 98.2 100.0 87.1 

All LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 388,295 58.0 75.0 86.3 96.5 99.0 82.3 

Fannie 133,676 51.0 68.0 80.0 91.0 97.0 76.6 

Freddie 122,772 51.0 69.0 80.0 90.0 95.0 76.2 

Ginnie 131,847 83.2 93.6 96.5 100.0 101.0 93.8 

Purchase LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 95,034 93.2 96.5 96.5 100.0 102.1 96.5 

FHA 58,586 93.3 96.5 96.5 96.5 96.5 95.2 

VA 29,802 91.7 100.0 100.0 102.2 103.0 98.4 

Other 6,646 94.8 98.9 101.0 101.0 102.0 99.2 

Refi LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 36,813 70.2 82.4 86.5 98.2 100.0 87.1 

FHA 18,618 67.6 80.0 86.5 86.5 97.1 82.9 

VA 18,122 73.3 86.7 96.6 100.0 102.0 91.3 

Other 73 66.4 78.9 90.9 98.1 99.2 87.5 

All LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 131,847 83.2 93.6 96.5 100.0 101.0 93.8 

FHA 77,204 83.0 89.9 96.5 96.5 96.5 92.2 

VA 47,924 82.2 95.0 100.0 100.9 102.7 95.7 

Other 6,719 94.5 98.8 101.0 101.0 102.0 99.0 

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 April 2019.

In April 2019, the median loan-to-value ratio (LTV) was 96.5 percent for Ginnie Mae, and 80 percent for both Fannie 

Mae and Freddie Mac. The 90th percentile was 101 percent for Ginnie Mae, and 95-97 percent for Fannie Mae and 

Freddie Mac. Within the Ginnie Mae market, the median LTV was 96.5 for FHA, 100.0 for VA and 101.0 for other 

programs. 

25
Debt,

household 

mortgages,

$9,833

Purchase DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 256,494 25.0 32.0 39.7 45.8 50.0 38.4 

Fannie 83,586 23.0 30.0 38.0 44.0 48.0 36.6 

Freddie 78,258 22.0 29.0 37.0 43.0 47.0 35.5 

Ginnie 94,650 29.5 36.2 43.3 49.8 54.6 42.5 

Refi DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 123,727 23.0 30.0 38.0 44.6 49.0 37.1 

Fannie 49,975 23.0 30.0 38.0 44.0 48.0 36.3 

Freddie 44,428 22.0 28.0 36.0 43.0 46.0 35.0 

Ginnie 29,324 27.8 34.9 43.1 49.9 54.8 41.9 

All DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 380,221 24.0 31.0 39.0 45.0 49.9 38.0 

Fannie 133,561 23.0 30.0 38.0 44.0 48.0 36.4 

Freddie 122,686 22.0 29.0 37.0 43.0 47.0 35.3 

Ginnie 123,974 29.1 35.9 43.2 49.8 54.6 42.4 

Purchase DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 94,650 29.5 36.2 43.3 49.8 54.6 42.5 

FHA 58,593 31.0 37.8 44.7 50.8 54.8 43.7 

VA 29,469 28.1 35.1 42.5 49.2 54.7 41.9 

Other 6,588 26.3 31.1 36.1 40.0 43.0 35.2 

Refi DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 29,324 27.8 34.9 43.1 49.9 54.8 41.9 

FHA 15,764 28.7 36.2 44.5 50.8 55.0 42.9 

VA 13,515 26.8 33.4 41.5 48.8 54.3 40.9 

Other 45 20.8 27.0 33.9 38.7 41.9 32.2 

All DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 123,974 29.1 35.9 43.2 49.8 54.6 42.4 

FHA 74,357 30.5 37.5 44.6 50.8 54.9 43.5 

VA 42,984 27.7 34.6 42.2 49.1 54.6 41.6 

Other 6,633 26.3 31.0 36.1 40.0 43.0 35.2 

April 2019 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 April 2019.

In April 2019, the median Ginnie Mae debt-to-income ratio (DTI) was 43.2 percent, considerably higher than the 37-

38 percent median DTI for Freddie Mac and Fannie Mae. The 90th percentile for Ginnie Mae was 54.6 percent, also 

much higher than the 47-48 percent DTI for the GSEs. Within the Ginnie Mae market, the median FHA DTI ratio was 

44.6 percent, versus 42.2 percent for VA and 36.1 percent for other lending programs. 

26
Credit Box: Historical

660

680

700

720

740

760

780

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

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

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

FICO Scores for Refinance Loans

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

749

755

673

729

660

680

700

720

740

760

780

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

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 April 2019. Sources: eMBS and Urban Institute. Note: Data as of April 2019.

Sources: eMBS and Urban Institute. Note: Data as of April 2019.

The median FICO score for all agency loans originated in April 2019 was 729, slightly higher than in March 

2019. The figures show that the median FICO score for GinnieMae borrowers has always been considerably 

lower than for GSE borrowers. Since early 2019, the median FICO score for Ginnie borrowers has trended 

down, while those for Fannie and Freddie are fairly flat. The difference betweenGinnieMae and GSE 

borrowers is wider in purchase loans than in refi loans.

27
Credit Box: Historical

96.5

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Aug-13

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Loan-to-Value Ratio

LTV Ratio for All Loans

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

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

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

LTV Ratio for Refinance Loans

Freddie Median LTV Fannie Median LTV

Ginnie Median LTV All Median LTV

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

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

Loan-to-Value Ratio

LTV Ratio for Purchase 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 80 percent 

LTVs for the GSEs. Through time, both Ginnie Mae and GSE refinances have LTVs about 6-20 points lower 

than their purchase counterparts. 

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 April 2019.

86.3

80

28
Credit Box: Historical

37.0

38.0

43.2

39.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

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

Debt-to-Income Ratio

DTI Ratio for All Loans

Freddie Median DTI Fannie Median DTI Ginnie Median DTI All Median DTI

30.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

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

DTI Ratio for Refinance Loans 

Freddie Median DTI Fannie Median DTI

Ginnie Median DTI All Median DTI

30.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

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

Debt-to-income Ratio

DTI Ratio for Purchase Loans

Freddie Median DTI Fannie Median DTI

Ginnie Median DTI All Median DTI

Sources: eMBS and Urban Institute. Note: Data as of April 2019.

Sources: eMBS and Urban Institute. 

Note: Data as of April 2019.

Sources: eMBS and Urban Institute. 

Note: Data as of April 2019.

Median debt-to-income ratios on Ginnie Mae loans have historically been in the low 40s, considerably higher 

than for the GSEs. DTIs have increased over the past two years 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 a slight decline in DTIs in spring 2019 driven 

by lower interest rates.

29
96%

86%

68%

51%

37%

96%

83%

57%

38%

30%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

<640 640–680 680–700 700–750 ≥ 750

94%

86%

69%

51%

36%

95%

82%

59%

39%

31%

0%

20%

40%

60%

80%

100%

120%

<640 640–680 680–700 700–750 ≥ 750

February 2017- April 2017 February 2019- April 2019

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% 97%

91%

84%

71%

99% 94%

81%

62%

48%

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 February 2019−April 

2019, Ginnie Mae accounted for 95 percent of agency issuance for DTIs under 35 and FICOs below 640, 

compared to just 31 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 February 2019−April 2019, 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 81 percent; it was 57-59 percent for the same FICO 

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

higher LTV lending in all but the lowest FICO buckets, taking market share from Ginnie Mae. 

30
High LTV Loans: Ginnie Mae vs. 

GSEs

Sources: eMBS and Urban Institute.

February 2017-April 2017

FICO

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

< 35 2.9% 6.0% 3.4% 8.1% 9.6% 29.9%

35 −45 5.3% 10.5% 5.6% 12.3% 10.2% 43.8%

≥ 45 3.5% 8.1% 3.7% 6.7% 4.3% 26.3%

All 11.7% 24.6% 12.7% 27.1% 24.0% 100.0%

February 2019-April 2019

FICO

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

< 35 2.8% 4.2% 2.4% 6.3% 7.8% 23.6%

35 −45 5.7% 8.8% 4.7% 11.2% 9.8% 40.1%

≥ 45 5.7% 9.6% 4.6% 9.7% 6.8% 36.3%

All 14.2% 22.7% 11.6% 27.2% 24.4% 100.0%

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

Share of Loans with LTV ≥ 95

GinnieMae GSE All

February2017-April 2017 70.2% 14.2% 31.5%

February 2019-April 2019 69.6% 20.3% 36.2%

Ginnie Mae dominates high-LTV lending, with 69.6 percent of its issuances since in February 2019−April 2019 

having LTVs of 95 or above, compared to 20.3 percent for the GSEs. The GSEs have increased their high-LTV 

lending share from 14.2 percent in February 2017−April 2017, while Ginnie Mae has seen a slight decline, down 

from 70.2 percent. As home prices and interest rates have increased, the share of high-DTI lending (loans with 

DTI ≥ 45) has increased across the FICO spectrum.

31
Nonbank Originators

Sources: eMBS and Urban Institute

Note: Data as of April 2019.

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 April 2019.

The nonbank origination share has been generally increasing since 2013. In April 2019, the Ginnie Mae 

nonbank originator share increased to 86 percent, the highest recorded share. This is considerably higher than 

the GSEs’ 51-61 percent share. For Ginnie Mae, the nonbank share for refis was higher than for purchases. 

The differences were more modest for the GSEs.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Aug-13

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Nonbank Origination Share: All Loans

All Fannie Freddie Ginnie

86%

66%

61%

51%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

All Fannie Freddie Ginnie

Nonbank Origination Share: 

Refinance Loans

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

All Fannie Freddie Ginnie

Nonbank Origination Share: 

Purchase Loans

32
Ginnie Mae Nonbank Originators 

Sources: eMBS and Urban Institute

Note: Data as of April 2019.

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 April 2019.

In April 2019, Ginnie Mae’s nonbank share stood at 86 percent, a historical high. The nonbank originator share 

for FHA remained at its historical high of 90 percent. The nonbank originator share for VA was 81 percent, and 

the nonbank originator share for other loans, which can fluctuate quite a bit month to month, decreased to 82 

percent.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Aug-13

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

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%

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

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%

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

Ginnie Mae Nonbank Share: 

Refinance Loans

All FHA VA Other

90%

86%

82%

81%

33
Sources: eMBS and Urban Institute. 

Note: Data as of April 2019. 

Sources: eMBS and Urban Institute. 

Note: Data as of April 2019. 

730

749

717

680

690

700

710

720

730

740

750

760

770

Aug-13

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Agency FICO: Bank vs. Nonbank

FICO All Median FICO Bank Median FICO Nonbank Median FICO

Sources: eMBS and Urban Institute. Note: Data as of April 2019. 

650

670

690

710

730

750

770

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

All Median FICO

Bank Median FICO

Nonbank Median FICO

Ginnie Mae FICO: Bank vs. 

Nonbank

650

670

690

710

730

750

770

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

All Median FICO Bank Median FICO

Nonbank Median FICO

GSE FICO: Bank vs. Nonbank

Nonbank Credit Box

FICO FICO

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

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

and nonbank FICOs have declined since 2014 with a further relaxation in FICOs since early 2017. In contrast, within 

the Ginnie Mae space, FICO scores for bank originations are flat since 2014 while nonbank FICOs have declined. This 

largely reflects the sharp cut-back in FHA lending by many banks. 

34
Sources: eMBS and Urban Institute. Note: Data as of April 2019. Sources: eMBS and Urban Institute. Note: Data as of April 2019. 

66

68

70

72

74

76

78

80

82

84

86

88

90

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

GSE LTV: Bank vs. Nonbank

All Median LTV Bank Median LTV

Nonbank Median LTV

Sources: eMBS and Urban Institute. Note: Data as of April 2019. 

90

91

92

93

94

95

96

97

98

99

100

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

All Median LTV Bank Median LTV

Nonbank Median LTV

Sources: eMBS and Urban Institute. Note: Data as of April 2019. 

30

32

34

36

38

40

42

44

46

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

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

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

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 LTV ratios for loans originated by nonbanks are similar to that of their bank counterparts, while the median 

DTIs for nonbank loans are higher, indicating that nonbanks are more accommodating in this dimension as well as in 

the FICO dimension. Note that since early 2017, there has been a measurable increase in DTIs. This is true for both 

bank and non-bank originations. Rising DTIs are to be expected amid rising rates and strong house price appreciation. 

DTIs trended down in early 2019 as rates fell.

35
650

660

670

680

690

700

710

720

730

740

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

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 April 2019.

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 April 2019.

The FICO scores for Ginnie Mae nonbank originators were flat, while FICO scores for bank originations 

continued to fall in April 2019. The spread in the FICO scores between banks and nonbanks has increased since 

2013, but narrowed in 2019 as bank FICOs have fallen. The gap between banks and non-banks is very apparent 

in all programs backing Ginnie Mae securities: FHA, VA, and Other.

650

660

670

680

690

700

710

720

730

740

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

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

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

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

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

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 April 2019. Sources: eMBS and Urban Institute Note: Data as of April 2019.

36
90

92

94

96

98

100

102

104

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

Loan-to-value ratio

Ginnie Mae VA LTV: Bank vs. 

Nonbank

VA All Median LTV VA Bank Median LTV

VA Nonbank Median LTV

Ginnie Mae Nonbank Originators: 

Credit Box

Sources: eMBS and Urban Institute

Note: Data as of April 2019.

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 April 2019.

An analysis of the loans backing Ginnie Mae origination indicates that there are virtually no differences in 

median LTV ratios between bank originated loans and nonbank originated loans. 

90

91

92

93

94

95

96

97

98

99

100

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

Loan-to-value ratio

Ginnie Mae LTV: 

Bank vs. Nonbank

All Median LTV Bank Median LTV

Nonbank Median LTV

90

91

92

93

94

95

96

97

98

99

100

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

Ginnie Mae FHA LTV: Bank vs. 

Nonbank

FHA All Median LTV FHA Bank Median LTV

FHA Nonbank Median LTV

90

92

94

96

98

100

102

104

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

Ginnie Mae Other LTV: Bank vs. 

Nonbank

Other All Median LTV Other Bank Median LTV

Other Nonbank Median LTV

Sources: eMBS and Urban Institute Note: Data as of April 2019. Sources: eMBS and Urban Institute Note: Data as of April 2019.

37
34

35

36

37

38

39

40

41

42

43

44

45

46

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

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 April 2019.

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 April 2019.

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 loans experienced notable increases since early 2017 for both 

bank and nonbank originations, while the Other origination DTIs stayed relatively flat. Rising DTIs are expected 

in a rising rate environment. Ginnie Mae DTIs trended down in March 2019 amid lower rates, but picked back 

up slightly in April.

34

35

36

37

38

39

40

41

42

43

44

45

46

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

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

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

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

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

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 April 2019. Sources: eMBS and Urban Institute Note: Data as of April 2019.

38
Holders of Ginnie Mae MSRs

Sources: eMBS and Urban Institute. Note:Data as of April 2019.

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

Rank MSR Holder UPB ($ millions) Share Cumulative 

Share

1 Wells Fargo $248,593 14.2% 14.2%

2 Lakeview $188,707 10.8% 25.0%

3 PennyMac $177,202 10.1% 35.2%

4 Freedom Home Mortgage $119,700 6.8% 42.0%

5 Nationstar $96,506 5.5% 47.5%

6 Quicken Loans $66,498 3.8% 51.3%

7 US Bank $60,954 3.5% 54.8%

8 JPMorgan Chase $55,088 3.2% 58.0%

9 Caliber Home Loans $47,388 2.7% 60.7%

10 Carrington Home Mortgage $43,705 2.5% 63.2%

11 USAA Federal Savings Bank $37,924 2.2% 65.4%

12 Newrez $28,127 1.6% 67.0%

13 Navy Federal Credit Union $25,118 1.4% 68.4%

14 MidfirstBank $23,545 1.3% 69.7%

15 AmerihomeMortgage $22,589 1.3% 71.0%

16 The Money Source $22,010 1.3% 72.3%

17 M&T Bank $21,260 1.2% 73.5%

18 Suntrust $18,916 1.1% 74.6%

19 Ditech Financial $17,933 1.0% 75.6%

20 Home Point Financial $17,331 1.0% 76.6%

21 Branch Banking and Trust $16,276 0.9% 77.5%

22 Guild Mortgage $16,095 0.9% 78.5%

23 Roundpoint $15,993 0.9% 79.4%

24 Pingora $14,641 0.8% 80.2%

25 Loan Depot $14,375 0.8% 81.0%

26 Flagstar Bank $14,093 0.8% 81.8%

27 Ocwen $13,153 0.8% 82.6%

28 Bank of America $12,222 0.7% 83.3%

29 Citizens Bank $12,138 0.7% 84.0%

30 PNC $10,987 0.6% 84.6%

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

of April 2019, over half (51.3 percent) of the Ginnie Mae MSRs are owned by the top six firms. The top 30 firms 

collectively own 84.6 percent. Eighteen of these 30 are non-depositories, the remaining 12 are depository 

institutions. 

39
64.8%

0%

10%

20%

30%

40%

50%

60%

70%

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Share of outstanding loans by UPB

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

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

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

to $249 billion. Lakeview, PennyMac, Freedom Home Mortgage, and Nationstar (all nonbanks) make up the 

remainder of the top five largest holders of MSRs, owning $189 billion, $177 billion, $119 billion, and $97 billion 

respectively as of April 2019. JPMorgan Chase is no longer in the top five. As of April 2019, nonbanks collectively 

owned servicing rights for 64.8 percent of all outstanding unpaid principal balance guaranteed by Ginnie Mae. In 

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

Holders of Ginnie Mae MSRs

Sources: eMBS and Urban Institute. Note:Data as of April 2019.

Share of Ginnie Mae MSRs held by Nonbanks

Top 5 MSR Holders: Outstanding Ginnie Mae Loans by UPB

$248,593

$188,707

$177,202

$119,700

$96,506

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

1. Wells Fargo 2. Lakeview

3. PennyMac 4. Freedom Home Mortgage

UPB ($ millions) 5. Nationstar

40
Prepayments

0%

5%

10%

15%

20%

25%

30%

35%

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

Constant Prepayment Rate (%)

2011 Issued 4.0 Coupon CPR

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

Sources: Credit Suisse and Urban Institute. Note: Data as of May 2019.

Sources: Credit Suisse and Urban Institute. Note: Data as of May 2019.

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

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

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

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

insurance premium can also be applied to the refinanced loan. 

With the increase in interest rates since November 2016, the prepayment speeds for all agencies have slowed 

down considerably. Over the past 18 months, with the bulk of the mortgage universe finding it non-economical 

to refinance, the small month to month variation in speeds reflects seasonality, changes in day count and changes 

in rates. With the drop in rates beginning in late 2018, we have seen some pick up in prepayment activity in 

recent months; we expect more as borrowers realize and act on the opportunity to refinance at attractive rates.

15%

12%

0%

5%

10%

15%

20%

25%

30%

Ap r-11 Oct-11 Ap r- 12 Oct-12 Ap r-13 Oct- 13 Ap r-14 Oct-14 Ap r-15 Oct-15 Ap r-16 Oct-16 Ap r-17 Oct-17 Ap r-18 Oct-18 Ap r-19

Constant prepayment rate (%)

Aggregate Prepayments

Fannie CPR Freddie CPR Ginnie I CPR Ginnie II CPR

17%

14%

13%

41
Prepayments

0%

5%

10%

15%

20%

25%

30%

35%

May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19

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%

2%

4%

6%

8%

10%

12%

14%

16%

18%

May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19

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 May 2019.

Sources: Credit Suisse and Urban Institute. Note: Data as of May 2019.

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

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

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

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

After a sharp mortgage rate increase in November 2016, the prepayment speeds of Ginnie Mae and 

conventional loans both fell dramatically. Over the past year, with the bulk of the mortgage universe finding it 

non-economic to refinance, the muted month to month variations in speeds reflect seasonality, changes in day 

count and changes in mortgage interest rates. With the drop in rates beginning in late 2018, we have seen some 

pick up in prepayment activity in recent months; we expect more as borrowers realize and act on the opportunity 

to refinance at attractive rates.

16%

11%

18%

13%

42
Prepayments

0%

5%

10%

15%

20%

25%

30%

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

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%

2%

4%

6%

8%

10%

12%

14%

16%

May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19

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 May 2019.

Sources: Credit Suisse and Urban Institute. Note: Data as of May 2019.

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

prepayments in the early months. The charts below show the behavior of the 2017-issued 3.5s and the 2018-

issued 4.0s, the largest coupon cohorts of those vintage years. Despite slower seasoning, 2017 Ginnie II 3.5s 

have been prepaying faster than their conventional counterparts since late 2017, due primarily to fast VA 

prepayment speeds. In comparison, the 2018 Ginnie II 4.0s prepaid more slowly than their conventional 

counterparts until January of 2019. In 2019, speeds of all 2018 4.0s have accelerated, and Ginnie II speeds 

have accelerated more than their conventional counterparts.

15%

11%

24% 

18%

43
Prepayments

0%

5%

10%

15%

20%

25%

30%

35%

40%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

Constant Prepayment Rate (%)

2017 Issued 4.0 Coupon CPR, by Loan Age

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

Loan age

Sources: Credit Suisse and Urban Institute. Note: Data as of May 2019.

Sources: Credit Suisse and Urban Institute. Note: Data as of May 2019.

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

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

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

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

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

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

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

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

ineligible for securitization. In addition, VA has implemented a net tangible benefit test, requiring the lender to 

show the borrower has obtained a benefit from the refinance. Even so, the recent experience of the 2018 

Ginnie II 4.5s indicates they are much more responsive to interest rate changes than conventional mortgages.

21.2%

15.4%

14.4%

0%

5%

10%

15%

20%

25%

30%

35%

40%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17

Constant Prepayment Rate (%)

2018 Issued 4.5 Coupon CPR, by Loan Age

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

Loan age

37.1%

19.7%

18.6%

44
Reverse Mortgage Volumes

$0.57

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

Aug-11

Oct-11

Dec-11

Feb-12

Apr-12

Jun-12

Aug-12

Oct-12

Dec-12

Feb-13

Apr-13

Jun-13

Aug-13

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

$ Billions

HMBS Issuance Volume

$54.3

$0

$10

$20

$30

$40

$50

$60

Oct-11

Dec-11

Feb-12

Apr-12

Jun-12

Aug-12

Oct-12

Dec-12

Feb-13

Apr-13

Jun-13

Aug-13

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

$ Billions

HMBS Outstanding 

Other Ginnie Mae Programs

Sources: Ginnie Mae and Urban Institute. Note: Data as of April 2019.

Sources: Ginnie Mae and Urban Institute. Note: Data as of April 2019.

Ginnie Mae reverse mortgage issuance has been volatile in recent months. The April 2019 volume increased 

slightly to $0.57 billion, near the lower end of the range in recent years. Issuance has been declining since early 

2018 largely due to the implementation of the new, lower principal limit factors. In April 2019, outstanding 

reverse mortgage securities totaled $54.3 billion, lower compared to recent past, reflecting a lower volume of 

new issuances. 

45
Multifamily Market

$1.4

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

Oct-11

Dec-11

Feb-12

Apr-12

Jun-12

Aug-12

Oct-12

Dec-12

Feb-13

Apr-13

Jun-13

Aug-13

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

$ Billions

Ginnie Mae Multifamily MBS Issuance

$120.3

$0

$20

$40

$60

$80

$100

$120

$140

Oct-11

Dec-11

Feb-12

Apr-12

Jun-12

Aug-12

Oct-12

Dec-12

Feb-13

Apr-13

Jun-13

Aug-13

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

$ Billions

Ginnie Mae Multifamily MBS Outstanding 

Other Ginnie Mae Programs

Sources: Ginnie Mae and Urban Institute. Note: Data as of April 2019.

Sources: Ginnie Mae and Urban Institute. Note: Data as of April 2019.

Ginnie Mae multifamily issuance volume in April 2019 totaled $1.4 billion, below average issuance levels over the 

past 18 months, but an increase from last month. Outstanding multifamily securities totaled $120.3 billion in 

April.

46
Market Conditions

Sources: SIFMA and Urban Institute. Note: Data as of May 2019.

$246 

$591 

$37 

$0

$100

$200

$300

$400

$500

$600

$700

1997 2000 2003 2006 2009 2012 2015 2018

$ Billions

Average Daily Fixed Income Trading Volume by Sector

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

3.69%

3.79%

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 was $246 billion/day on average 2019 YTD, more robust than in the 2014-2018 

period. Agency MBS turnover in 2019 YTD also has been slightly higher than the 2014-2018 period; in the first 

four months of 2019, average daily MBS turnover was 3.69 percent, above the 2018 average of 3.39 percent. 

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

miniscule relative to either Agency MBS or Treasury turnover. 

Sources: SIFMA and Urban Institute. Note: Data as of May 2019.

47
Market Conditions

$226.7

150

200

250

300

350

400

450

500

550

600

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

$ Billions

Repo Volume: Securities In

$71.0

0

10

20

30

40

50

60

70

80

90

100

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

$ Billions

Dealer Net Positions: Federal Agency and GSE MBS

Sources: Federal Reserve Bank of New York Primary Dealer Statistics and Urban Institute. Note: Data as of May 2019.

Sources: Federal Reserve Bank of New York Primary Dealer Statistics and Urban Institute. Note: Data as of May 2019.

While dealer net positions are down from the 2012-2013 period, they are at the top end of their range since 

2014. Gross dealer positions have fallen more than net positions. The volume of repurchase activity is up from 

the near 13-year low in 2017. The large decline through time reflects banks cutting back on lower margin 

businesses. 

48
MBS Ownership

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017 Q1 2018 Q1 2019 Q1

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: Data as of Q1 2019.

Credit Unions

Foreign Investors

The largest holders of agency debt (Agency MBS + Agency notes and bonds) include the Federal Reserve (18 

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

are a fraction of what they once were. 

Share of Total Agency Debt by Owner

49
MBS Ownership

Debt,

household 

mortgages,

$9,833

Sources: Federal Reserve Flow of Funds and Urban Institute. Note: Data as of Q1 2019.

72.9%

50%

55%

60%

65%

70%

75%

2007Q1 2008Q1 2009Q1 2010Q1 2011Q1 2012Q1 2013Q1 2014Q1 2015Q1 2016Q1 2017 Q1 2018 Q1 2019 Q1

Percent of MBS over Outstanding Agency Debt

MBS Share of Total Agency Debt

Sources: Federal Reserve Bank and Urban Institute. Note: Data as of May 2019.

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

fund that activity, hence the MBS share of total agency debt increases. As of Q1 2019, the MBS share of total 

agency debt stood at 72.9 percent. Commercial banks are now the largest holders of Agency MBS. Out of their 

nearly $2.0 trillion in holdings as of the end of May 2019, $1.4 trillion was held by the top 25 domestic banks.

CommercialBank Holdings ($Billions) Week Ending

Apr-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-18 Apr-18 May 1 May 8 May 15 May 22

Largest Domestic 

Banks 1,284.4 1,319.8 1,332.9 1,360.1 1,389.2 1,398.8 1,413.1 1,434.8 1,439.6 1,440.4 1,435.1 1,432.2

Small Domestic 

Banks 481.5 484.8 482.2 485.3 490.6 492.0 495.0 499.5 501.6 499.9 499.7 501.3

Foreign Related 

Banks 33.6 12.3 24.6 27.7 25.4 25.4 25.6 26.3 26.8 26.5 28.7 32.7

Total, 

Seasonally

Adjusted 1,799.5 1,816.9 1,839.7 1,873.1 1,905.2 1,916.2 1,933.7 1,960.6 1,968.0 1,966.8 1,963.5 1,966.2

50
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 $309,006 $185,044 $112,425 $11,429 $108 16.7%

2 Wells Fargo & Company $236,916 $166,022 $65,826 $3,612 $1,456 12.8%

3 JP Morgan Chase & Co. $100,099 $64,579 $25,134 $273 $10,113 5.4%

4 U S. Bancorp. $82,516 $39,490 $18,179 $24,847 $1 4.5%

5 Charles Schwab Bank $77,668 $46,991 $12,097 $18,580 $0 4.2%

6 Capital One Financial Corporation $67,175 $29,135 $14,641 $22,477 $922 3.6%

7 Citigroup Inc. $66,897 $52,945 $4,265 $7,244 $2,443 3.6%

8 Bank of New York Mellon Corp. $52,218 $30,982 $2,363 $17,519 $1,354 2.8%

9 PNC Bank, National Association $47,069 $38,505 $3,661 $2,625 $2,277 2.6%

10 Branch Banking and Trust Company $41,642 $15,966 $15,964 $7,341 $2,371 2.3%

11 State Street Bank and Trust Company $39,389 $14,416 $5,969 $18,507 $497 2.1%

12 E*TRADE Bank $27,097 $14,395 $7,818 $4,884 $0 1.5%

13 HSBC Banks USA, National Association $25,230 $12,317 $3,594 $9,319 $0 1.4%

14 KeyBank National Association $24,252 $7,164 $7,284 $9,801 $3 1.3%

15 SunTrust Bank $23,284 $1,741 $871 $20,673 $0 1.3%

16 Morgan Stanley $23,147 $11,736 $11,180 $231 $1 1.3%

17 Ally Bank $21,913 $12,930 $3,085 $3,144 $2,754 1.2%

18 The Northern Trust Company $21,769 $10,481 $6,101 $4,258 $930 1.2%

19 MUFG Union Bank $18,268 $11,383 $4,215 $2,668 $2 1.0%

20 Regions Bank $17,685 $5,367 $3,836 $7,549 $932 1.0%

Total Top 20 $1,323,241 $771,588 $328,509 $196,980 $26,164 71.8%

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q1 2019.

Out of the $1.8 trillion in MBS holdings at banks and thrifts as of Q1 2019, $1.4 trillion was agency pass-through: 

$1.0 trillion in GSE pass-throughs and $383.5 billion in Ginnie Mae pass-throughs. Another $422.2 billion was 

agency CMOs, while non-agency holdings totaled $37.7 billion. MBS holdings at banks and thrifts increased for the 

second quarter in a row in Q1 2019. This increase was broad based, coming from Ginnie Mae and GSE pass -

throughs, agency CMOs as well as non-agency holdings. 

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 

1Q16 $1,660.58 $1,133.29 $833.25 $300.04 $448.63 $10.27 $68.39 

2Q 16 $1,684.33 $1,169.67 $867.64 $302.03 $440.25 $9.11 $65.29 

3Q16 $1,732.36 $1,227.52 $924.81 $302.71 $435.77 $7.90 $61.17 

4Q16 $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 

Bank and Thrift Residential MBS Holdings

51
Sources: SIFMA and Treasury International Capital (TIC). Note: Data as of Q4 2018.

14.9%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018

Percent of Agency MBS Owned by Foreigners

Foreign Share of Agency MBS

MBS Ownership

$994.4

$389.5

$604.9

0

200

400

600

800

1,000

1,200

Feb-13

Apr-13

Jun-13

Aug-13

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

Dec-14

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

$ 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 February 2019. In December 2017, there was a data 

correction that moved about $120 billion from privately held U.S. agency bonds to officially held U.S. agency bonds; this res ulted 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 14.9 percent of agency MBS in Q4 2018, up from a low of 11.8 percent in Q1 2014. For 

the month of February 2019, this represents $994.4 billion in Agency MBS; $389.5 billion held by foreign 

private institutions and $604.9 billion held by foreign official investors. 

52
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 February 2019.

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

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

MBS holdings by $24.9 .0 billion, Taiwan has increased their holdings by $12.2 billion, and Japan has increased 

their holdings by $1.6 billion.

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

Country Jun-18 Sep-18 Dec-18 Jan-19 Feb-19 Q3 2018 Q4 2018 Jan-19 Feb-19

Japan 257,547 254,511 262,772 261,455 259400 -3,036 8,261 -1,317 -2,055

Taiwan 250,009 250,639 261,231 261,674 262222 630 10,592 443 548

China 180,635 190,203 188,921 202,985 205776 9,568 -1,282 14,064 2,791

Ireland 46,817 48,220 48,045 46,539 46150 1,403 -175 -1,506 -389

Luxembourg 36,372 38,800 50,079 51,171 43875 2,428 11,279 1,092 -7,296

South Korea 44,039 43,944 44,735 43,027 43124 -95 791 -1,708 97

Bermuda 27,866 27,610 28,004 27,664 28598 -256 394 -340 934

Cayman Islands 31,017 31,638 31,379 31,900 29621 621 -259 521 -2,279

Malaysia 12,710 12,874 12,671 12,624 12447 164 -203 -47 -177

Netherlands 11,995 12,229 9,618 9,586 9257 234 -2,611 -32 -329

Rest of World 125,197 128,761 130,294 130,887 129090 3,564 1,533 593 -1,797

Total 1,024,200 1,039,429 1,067,749 1,079,512 1,069,560 15,229 28,320 11,763 -9,952

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

Country Jun-18 Sep-18 Dec-18 Jan-19 Feb-19 Q3 2018 Q4 2018 Jan-19 Feb-19

Japan 253,972 250,853 258,898 257,525 255,594 -3,119 8,045 -1,374 -1,931

Taiwan 249,773 250,398 260,975 261,415 261,971 625 10,578 439 556

China 176,345 185,814 184,272 198,268 201,209 9,469 -1,541 13,996 2,940

Ireland 37,832 39,027 38,309 36,661 36,584 1,195 -718 -1,648 -77

Luxembourg 34,012 36,385 47,522 48,576 41,362 2,373 11,136 1,055 -7,214

South Korea 33,064 32,715 32,843 30,961 31,440 -349 128 -1,882 479

Bermuda 24,969 24,646 24,865 24,479 25,514 -323 219 -386 1,035

Cayman Islands 24,384 24,851 24,192 24,608 22,559 467 -660 416 -2,048

Malaysia 12,319 12,474 12,247 12,194 12,031 155 -227 -53 -163

Netherlands 11,437 11,658 9,013 8,973 8,663 221 -2,645 -41 -310

Rest of World 95,510 98,386 98,126 98,248 97,484 2,876 -260 123 -765

Total 953,612 967,205 991,261 1,001,906 994,409 13,593 24,056 10,645 -7,497

53
0

50

100

150

200

250

300

350

400

Aug-08

Dec-08

Apr-09

Aug-09

Dec-09

Apr-10

Aug-10

Dec-10

Apr-11

Aug-11

Dec-11

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

$ Billions

Total Fed Absorption

Total Fed Purchases Gross Issuance

MBS Ownership

0

50

100

150

200

250

Apr-11

Oct-11

Apr-12

Oct-12

Apr-13

Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

$ 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 April 2019.

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

Institute. Note: Data as of April 2019.

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

Note: Data as of April 2019.

0

10

20

30

40

50

60

70

Apr-11

Oct-11

Apr-12

Oct-12

Apr-13

Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

$ Billions

Fed Absorption of Ginnie Mae MBS

Total Fed Purchases Gross Issuance

The Federal Reserve is actively winding down its mortgage portfolio, absorbing very little new issuance. During 

the period October 2014-September 2017, the Fed ended its purchase program, but was reinvesting proceeds 

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

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

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

month in Q3; and $20 billion per month ins Q4, 2018 and thereafter. With the Fed now at its maximum taper, Fed 

absorption of gross issuance is 0.2 percent. 

54
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 June 10th, 2019 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.   

© 2019 State Street Corporation. All Rights Reserved.

2582141.1.1.GBL.INST

Expiration Date: 06/30/2020

Disclosures