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
The Impact of Recent Policy Changes on Cash-Out Issuances

On August 1st 2019, the US Department of Housing and Urban Development (HUD) announced a policy change, reducing 

the maximum loan-to-value (LTV) ratio for FHA-insured cash-out refinance mortgages from 85 percent to 80 percent. 

This change would be effective September 1st 2019. According to HUD, this change would strengthen the equity position 

of future cash-out refinances and reduce loss severities in the event of default. In another related policy revision, on the 

same date Ginnie Mae announced that effective November 1, 2019 MBS pools, VA cash-out refinance loans with LTVs 

greater than 90 percent would generally be ineligible for Ginnie Mae I Single Issuer Pools and Ginnie Mae II Multiple 

Issuer Pools. 

Because FHA and VA mortgages are packaged into Ginnie Mae securities, these changes will have some impact on Ginnie 

Mae issuance volumes moving forward. The below chart provides a perspective that helps to understand the magnitude of 

this change. This chart shows the total FHA and VA cash-out refinance issuance in TBA eligible Multiple Issuer Pools from 

Jan to July 2019 broken out by MBS coupon. For each coupon, it also shows the portion of FHA and VA volume that would 

be ineligible had the new policies been in effect from Jan to July. 

Source: Ginnie Mae

Across all coupons, FHA and VA cash-out refinances comprised $33.4 billion out of $190 billion in total Ginnie Mae 

issuances from Jan to July 2019, roughly 17.6 percent. About 68 percent, or $22.7 billion of the $33.4 billion in cash-out 

refinance loans would be ineligible had the new policies been in effect. The $22.7 billion represents 11.9% of the total 

$190 billion in Ginnie Mae MBS issued during the January to July 2019 period.

This chart also shows the portion of historical cash-out issuance that would have been ineligible under the new policy. 

While all coupons would be impacted, the largest two – 3.5% and 4.0% – would be impacted the most. Specifically, $6.9 

billion out of the $10.6 billion in 3.5% coupon and $8.4 billion of the $12.1 billion in the 4.0 coupon would have been 

ineligible had the new policy been in place from Jan to July 2019. Ineligible loans can only be pooled in non-TBA eligible 

Custom MBS pools under these new policies.

A further breakdown by agency shows a bigger impact on FHA cash-out issuances. In the 3.5% coupon, $3.4 billion, or 

78% of FHA’s cash-out issuance of $4.5 billion would have been ineligible. For same coupon VA, $3.49 billion, or 57 

percent, of $6.1 billion issuance would be ineligible. In the 4 percent coupon, 75% of FHA’s and 64% of VA’s cash-out 

issuances from Jan to July 2019 would have been ineligible under the new policy. Thus, FHA and VA cash-outs would both 

be heavily impacted, but FHA more so than VA.

Highlights this month:

• Agency gross issuance was $572 billion in the first half of 2019, down 1.7% from the same period is 2018 (page 17).

• Mortgage rates dropped to 3.6 percent in early August as measured by Freddie Mac’s Primary Mortgage Market 

Survey, the lowest rate since 2016.

• The median DTI on Ginnie Mae originations continued to fall to 42.6 percent in June 2019, driven by falling interest 

rates (page 29).

• Nonbanks now hold over two thirds of Ginnie Mae mortgage servicing rights (page 40).

HIGHLIGHTS

$817 3,490 3,993

2,090 1,000

744

2,597 2,236

915

295

517

3,419 4,478

2,143

847

185

1,097

1,435

790

350

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

3.0% 3.5% 4.0% 4.5% 5.0%

Historical G2 FHA & VA Cashout Issuance impacted by policy changes

VA ineligible VA eligible FHA ineligible FHA eligible

$ millions

Cash out share 

of total 

issuance: 15.7%

17.8% 18.3% 17.3% 20.9%
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

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

than either the US Treasury share (40 percent) or the US Credit share (30 percent). Fannie Mae 30-year MBS 

comprises the largest percent of US MBS (9 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 (3 percent) of the US MBS share. US securities are the single largest contributor to the Barclays 

Global Aggregate, accounting for 39 percent of the global total. US MBS comprises 11 percent of the global 

aggregate. 

40%

1%

30%

8%

9%

6%

3%

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%

11%

1% 3%

Global Treasury

Global Agency

Global Credit

US MBS

ABS & CMBS

Collateralised

(Pfandbrief)

2%

3% 1%

39%

30%

21%

1%

0.04% 2% 0%

Australia

Canada

Middle East

United States

Europe

Asia & Pacific Rim

Latin America

Africa

Supranational

Others

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

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

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

Sources: Bloomberg and State Street Global Advisors. 

Note: Data as of June 2019.

Sources: Bloomberg and State Street Global Advisors

Note: Data as of June 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

Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-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

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-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

Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-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 July 2019.

Sources: Bloomberg and State Street Global Advisors

Note: Data as of July 2019.

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

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

neck-in-neck with Italy from August 2018 to June 2019. At the end of July 2019, the yield on the US 10-year note 

was 2.01 percent, unchanged since the end of June. Yield on the Italian 10-year note however fell dramatically by 56 

basis points during the month to 1.54 percent. This likely reflects weakness in recent economic data and worries 

about tariffs and potential trade wars. It also reflects greater investor demand for Italian government bonds, which 

offer higher yield compared to their UK and German counterparts. In the UK and Germany, 10-year government 

bond yields decreased to 0.61 and -0.44 bps respectively. In Japan, yields increased slightly to -0.15 bps. At the end 

of July, the hedged yield differential between the 10-year Treasury and the 10-year JGB stood at -61 bps, a decrease 

of 10 bps since June. The hedged yield differential between the 10-year Treasury and the 10-year Bund stands at -57 

bps, a decrease of 3 bps since the end of June. 

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

Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-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

Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-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 July 2019.

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

The nominal yield on both the current coupon GNMA II and GNMA I securities increased in July 2019. Current 

coupon Ginnie Mae securities outyield their Treasury counterparts (relative to the average of 5- and 10-year 

Treasury yields) by 57 and 61 bps on G2SF and GNSF, respectively, a widening of 4 and 7 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

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-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 July 2019.

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

marginally lower yield than the JGB 5/10 blend by 10 and 6 bps respectively at the end of July. The past three 

months are 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

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

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-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

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-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 July 2019.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of July 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 July, the current coupon G2SF has a 5 bp higher 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 9 bps. This represents a 1 and 4 bp increase for each respectively since the end of June. 

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 July 2019.

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

asset class with significantly more yield is the US high yield index. 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 4.8 1.83

US 10y 8.7 2.02

GNMA II 3.0% 5.1 2.56

GNMA II 3.5% 4.3 2.71

JPY 5y 4.9 -0.24

JPY 10y 10.0 0.05

GER 5y 5.3 -0.72

GER 10y 10.1 -0.44

ITA 5y 4.7 0.81

ITA 10y 8.6 1.54

US credit 7.5 3.09

US credit >= A 7.2 2.73

US HY 3.5 5.88

Pan-Euro Corp 5.7 0.62

Pan-Euro HY 3.2 3.87

US 5y US 10y

G2 3.0% G2 3.5%

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

-2.00

-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 0.52 0.61 0.84 0.50 0.57 0.39

3 year 0.17 0.10 0.30 0.17 0.55 0.38

5 year 0.21 0.21 0.35 0.26 0.43 0.35

10 year 0.27 0.25 0.47 0.43 0.71 0.78

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 0.33 0.43 0.65 0.56 0.39 0.44

3 year 0.05 -0.02 0.18 0.23 0.43 0.45

5 year 0.13 0.13 0.27 0.31 0.35 0.40

10 year 0.23 0.21 0.43 0.45 0.67 0.80

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 0.78 1.08 1.24 0.84 1.85 1.52

3 year 0.67 0.96 1.08 0.78 1.22 1.08

5 year 0.58 0.98 1.15 0.99 1.58 1.34

10 year 0.68 1.01 1.17 1.14 1.76 1.76

Source: State Street

*Assumes 2% capitalization max per issuer

Sharpe Ratio

Time Period US MBS 

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

1 year 0.43 0.39 0.52 0.66 0.21 0.29

3 year 0.07 -0.02 0.17 0.29 0.36 0.41

5 year 0.23 0.14 0.24 0.32 0.22 0.30

10 year 0.33 0.21 0.36 0.39 0.38 0.45

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

Sources: Barclays Indices, Bloomberg and State Street Global Advisors Note: Data as of July 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 1, 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

5.8%

3.5%

-15%

-10%

-5%

0%

5%

10%

15%

May-00

Nov-00

May-01

Nov-01

May-02

Nov-02

May-03

Nov-03

May-04

Nov-04

May-05

Nov-05

May-06

Nov-06

May-07

Nov-07

May-08

Nov-08

May-09

Nov-09

May-10

Nov-10

May-11

Nov-11

May-12

Nov-12

May-13

Nov-13

May-14

Nov-14

May-15

Nov-15

May-16

Nov-16

May-17

Nov-17

May-18

Nov-18

May-19

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 May 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 loans 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-overyear house price appreciation has slowed considerably in recent months. It stood at 3.5 percent in May 2019 per 

Black Knight’s repeat sales index and at 5.8 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 May 2019. 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 05/2019, the latest HPI data period.

Nationally, nominal home prices have increased by 53.0 percent since the trough, and now exceed their pre-crisis 

peak valuation on a nominal basis by 13.9 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 9 percent below peak levels: Connecticut (13.1% 

below), Florida (9.9% below), Nevada (9.4% below), and Maryland (9.1% below).

HPI Changes

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

National 75.6% -25.6% 53.0% 3.5% 13.9%

Alabama 44.0% -15.4% 30.3% 5.6% 10.3%

Alaska 69.5% -3.2% 22.9% 1.5% 19.0%

Arizona 110.2% -48.0% 79.0% 5.8% -6.8%

Arkansas 41.8% -10.7% 25.2% 3.4% 11.8%

California 155.3% -43.4% 89.6% 1.3% 7.4%

Colorado 40.2% -12.7% 79.8% 4.1% 56.9%

Connecticut 92.4% -24.6% 15.4% 2.0% -13.1%

Delaware 94.9% -23.5% 27.1% 1.7% -2.8%

District of Columbia 175.4% -13.5% 55.5% 2.0% 34.5%

Florida 129.1% -47.0% 69.9% 4.1% -9.9%

Georgia 38.3% -32.0% 65.0% 4.9% 12.2%

Hawaii 162.1% -22.1% 49.8% 2.4% 16.6%

Idaho 71.6% -28.5% 80.2% 10.7% 28.9%

Illinois 61.6% -34.6% 40.9% 2.3% -7.8%

Indiana 21.3% -7.7% 33.8% 5.1% 23.5%

Iowa 28.3% -5.0% 26.4% 3.0% 20.0%

Kansas 34.7% -9.3% 39.5% 3.1% 26.5%

Kentucky 29.5% -7.7% 35.6% 5.1% 25.2%

Louisiana 48.8% -5.1% 24.1% 2.8% 17.8%

Maine 82.4% -12.5% 32.3% 2.5% 15.7%

Maryland 129.4% -28.6% 27.3% 1.6% -9.1%

Massachusetts 92.6% -22.8% 54.8% 3.7% 19.5%

Michigan 24.1% -39.7% 77.3% 4.7% 6.9%

Minnesota 66.2% -27.7% 55.0% 3.7% 12.1%

Mississippi 41.1% -13.7% 23.6% 1.8% 6.7%

Missouri 42.8% -14.7% 33.6% 7.0% 14.0%

Montana 80.9% -10.7% 48.2% 4.4% 32.3%

Nebraska 26.5% -6.8% 39.5% 3.2% 30.0%

Nevada 126.9% -59.4% 122.9% 5.8% -9.4%

New Hampshire 90.6% -23.5% 39.5% 4.4% 6.6%

New Jersey 118.0% -27.9% 26.2% 2.2% -9.0%

New Mexico 66.9% -16.1% 22.7% 4.4% 3.0%

New York 98.8% -15.2% 38.9% 2.9% 17.8%

North Carolina 40.6% -15.6% 35.6% 4.9% 14.5%

North Dakota 54.1% -4.0% 54.7% 0.6% 48.6%

Ohio 21.1% -18.4% 29.7% -0.3% 5.9%

Oklahoma 37.5% -2.3% 19.0% 3.4% 16.3%

Oregon 82.4% -28.0% 78.9% 3.7% 28.9%

Pennsylvania 70.3% -11.7% 24.9% 4.2% 10.3%

Rhode Island 131.3% -34.5% 49.5% 4.4% -2.0%

South Carolina 44.9% -19.4% 34.3% 4.4% 8.3%

South Dakota 45.1% -4.0% 44.7% 5.3% 39.0%

Tennessee 35.3% -11.8% 44.0% 6.0% 27.0%

Texas 33.3% -5.8% 51.0% 3.3% 42.3%

Utah 54.4% -21.8% 73.4% 7.5% 35.6%

Vermont 83.5% -7.5% 30.2% 5.0% 20.5%

Virginia 99.5% -22.7% 26.8% 3.0% -2.0%

Washington 85.4% -28.7% 87.1% 3.7% 33.5%

West Virginia 43.0% -6.0% 21.7% 4.5% 14.5%

Wisconsin 44.8% -16.2% 35.2% 4.2% 13.3%

Wyoming 77.2% -5.7% 28.4% 4.9% 21.0%

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 33.0% 219.7 235.1 30.4% 165.2 188.0

Alabama 43.7% 167.5 189.1 44.7% 128.8 151.6

Alaska 51.6% 284.4 254.0 51.4% 233.5 198.7

Arizona 31.8% 222.0 224.5 31.1% 166.4 178.5

Arkansas 43.1% 146.4 171.1 44.2% 111.0 137.3

California 27.7% 357.5 341.5 20.9% 269.8 267.1

Colorado 32.0% 302.6 289.4 26.9% 220.2 224.9

Connecticut 31.7% 217.7 228.7 29.5% 183.6 188.4

Delaware 37.4% 219.4 229.1 36.2% 180.7 184.1

District of Columbia 18.1% 422.9 364.2 15.9% 302.6 302.1

Florida 39.9% 214.3 213.8 35.0% 165.7 170.8

Georgia 39.7% 191.7 214.9 38.3% 143.4 169.7

Hawaii 38.9% 500.6 402.6 30.4% 391.7 316.0

Idaho 32.2% 215.0 216.9 31.5% 155.1 166.4

Illinois 26.3% 180.4 201.5 24.6% 141.9 160.4

Indiana 36.9% 147.5 162.9 37.5% 111.6 126.1

Iowa 27.5% 148.4 166.0 25.7% 114.4 131.3

Kansas 35.9% 158.3 179.0 35.4% 120.7 138.8

Kentucky 39.2% 153.6 170.8 38.8% 122.0 132.5

Louisiana 42.4% 172.8 195.3 41.7% 137.4 158.8

Maine 34.9% 189.1 206.2 32.4% 153.4 160.0

Maryland 43.5% 287.3 269.1 39.2% 233.0 218.6

Massachusetts 24.5% 301.9 290.3 19.3% 237.7 227.7

Michigan 25.1% 152.2 174.0 25.1% 114.0 134.6

Minnesota 24.1% 205.6 217.6 23.9% 157.0 170.5

Mississippi 50.4% 157.0 176.1 50.2% 120.4 141.8

Missouri 35.2% 157.1 176.3 34.7% 121.2 138.9

Montana 29.6% 225.5 229.0 29.4% 170.4 176.5

Nebraska 32.3% 170.2 176.0 32.9% 123.2 137.8

Nevada 34.4% 261.8 243.7 34.7% 188.5 191.4

New Hampshire 31.6% 241.9 231.4 29.1% 194.2 180.9

New Jersey 29.3% 258.0 270.3 27.2% 211.6 218.6

New Mexico 41.6% 185.1 192.9 42.2% 141.5 152.9

New York 25.0% 251.9 278.2 25.1% 187.1 214.8

North Carolina 34.0% 187.9 210.5 33.6% 141.9 166.1

North Dakota 31.6% 214.6 207.4 26.2% 168.1 165.9

Ohio 34.4% 147.2 159.6 35.7% 113.0 126.5

Oklahoma 44.9% 157.5 176.1 47.6% 119.3 140.1

Oregon 27.3% 268.6 268.2 23.4% 200.1 207.3

Pennsylvania 31.9% 169.7 197.5 32.4% 137.1 158.2

Rhode Island 38.4% 237.8 228.5 33.6% 188.6 182.3

South Carolina 39.2% 190.9 199.4 37.2% 147.7 160.7

South Dakota 37.6% 180.1 190.2 35.6% 143.7 149.6

Tennessee 39.6% 191.0 207.3 39.5% 139.4 164.1

Texas 34.1% 203.1 221.0 35.3% 142.7 175.1

Utah 27.9% 257.5 265.6 27.5% 191.9 207.4

Vermont 22.6% 191.3 203.0 20.0% 165.8 159.7

Virginia 44.3% 273.9 264.6 40.9% 223.2 216.3

Washington 30.8% 301.0 300.5 27.4% 220.2 228.3

West Virginia 48.8% 157.1 157.9 45.8% 126.8 127.0

Wisconsin 22.1% 173.2 181.4 20.7% 134.5 141.3

Wyoming 41.4% 219.7 219.2 39.9% 178.2 176.0

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

from June 2018 to June 2019.

Ginnie Mae MBS constitute 30.4 percent of outstanding agency issuance by loan balance and 33.0 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 15.9 percent in the District of Columbia and as high as 51.4 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

$6.68

$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 Q1 was 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 June 2019, outstanding securities in the agency market totaled $6.75 trillion: 42.7 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 59.5 percent 

of total Ginnie Mae MBS outstanding, while VA comprises 34.6 percent.

$2.88

$1.86

$2.00

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Jun-01

Dec-01

Jun-02

Dec-02

Jun-03

Dec-03

Jun-04

Dec-04

Jun-05

Dec-05

Jun-06

Dec-06

Jun-07

Dec-07

Jun-08

Dec-08

Jun-09

Dec-09

Jun-10

Dec-10

Jun-11

Dec-11

Jun-12

Dec-12

Jun-13

Dec-13

Jun-14

Dec-14

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

$ Trillions

Outstanding Agency Mortgage-Backed Securities

Fannie Mae Freddie Mac Ginnie Mae

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

$1.2

$0.7

$0.1

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Jun-01

Dec-01

Jun-02

Dec-02

Jun-03

Dec-03

Jun-04

Dec-04

Jun-05

Dec-05

Jun-06

Dec-06

Jun-07

Dec-07

Jun-08

Dec-08

Jun-09

Dec-09

Jun-10

Dec-10

Jun-11

Dec-11

Jun-12

Dec-12

Jun-13

Dec-13

Jun-14

Dec-14

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

$ Trillions

Outstanding Ginnie Mae Mortgage-Backed Securities

FHA VA Other

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

15
State of the US Housing Market

$0.14

$0.07

$0.01

$0.13

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

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

Q1

$ trillions

First Lien Origination Volume Portfolio

PLS securitization

FHA/VA securitization

GSE securitization

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Q1

First Lien Origination Share

In the first quarter of 2019, first lien originations totaled $355 billion, down slightly from $380 billion in Q1 2018. 

The share of portfolio originations was 37.3 percent in Q1 2019, up significantly from 29.0 percent in the same 

period of 2018. The GSE share was down at 37.3 percent, compared to 46.3 percent in Q1 2018. The FHA/VA 

share fell slightly, at 20.2 percent compared to 22.9 percent in the same period last year. Private-label 

securitization at 2.9 percent was relatively high compared to the share of 1.6 percent one year ago and 0 percent 

ten years ago, but remains a fraction of its share in the pre-bubble years.

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

37.3%

2.9%

20.2%

39.6%

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 $109.0 $78.7 $6.4 $194.0

2019 YTD % Change YOY 0.5% -3.9% -23.6% -2.4%

2019 Ann. $218.0 $157.3 $12.7 $388.1

Agency Gross Issuance

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

2000 $202.8 $157.9 $360.6 $102.2 $462.8

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

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

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

2004 $517.5 $355.2 $872.6 $119.2 $991.9

2005 $514.1 $379.9 $894.0 $81.4 $975.3

2006 $500.2 $352.9 $853.0 $76.7 $929.7

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

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

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

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

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

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

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

2014 $392.9 $258.0 $650.9 $296.3 $947.2

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

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

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

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

2019 YTD $212.5 $165.5 $378.0 $194.0 $572.0

2019 YTD % Change YOY -10.2% 12.9% -1.4% -2.4% -1.7%

2019 Ann. $425.0 $331.0 $755.9 $388.1 $1,144.0

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 June 2019.

Agency gross issuance was $572.0 billion in the first six months of 2019, down 1.7 percent compared to the same 

period in 2018. Ginnie Mae gross issuance was down by 2.4 percent and GSE gross issuance was down by 1.4 

percent. Within the Ginnie Mae market, FHA was up by 0.5 percent and VA origination was down by 3.9 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 $21.6 $25.0 $0.4 $47.0

2019 YTD % Change YOY 6.5% -13.9% -78.2% -8.2%

2019 Ann. $43.3 $49.9 $0.8 $94.0

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 $17.8 $43.8 $61.6 $47.0 $108.6

2019 YTD % Change YOY -47.3% 70.0% 3.5% -8.2% -1.9%

2019 Ann. $35.5 $87.7 $123.2 $94.0 $217.2

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 June 2019.

Agency net issuance totaled $108.6 billion in the first half of 2019, down 1.9 percent compared to the same period in 2018. 

Ginnie Mae net issuance was $47.0 billion, comprising 43.3 percent of total agency net issuance. Ginnie Mae net issuance 

was down 8.2 percent compared to the same period in 2018. Ginnie Mae net issuance in the first half of 2019 was comprised 

of 53.1 percent VA and 46.0 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 June 2019.

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

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

month in previous years. In 2019, January and February were lower than 2018, March was about the same, while 

April, May and June have been much higher, benefitting from the decline in interest rates. The June 2019 gross 

agency issuance of $121.9 billion is well above the June 2018 level of $102.5 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

May-19 $44.5 $34.3 $38.8 $117.6 $7.0 $10.3 $9.4 $26.7

Jun-19 $44.6 $34.0 $43.3 $121.9 $1.6 $6.2 $9.2 $16.9

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%

Dec-04

Jun-05

Dec-05

Jun-06

Dec-06

Jun-07

Dec-07

Jun-08

Dec-08

Jun-09

Dec-09

Jun-10

Dec-10

Jun-11

Dec-11

Jun-12

Dec-12

Jun-13

Dec-13

Jun-14

Dec-14

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Mortgage Rate

Percent Refi

Percent Refi at Issuance

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

26.0%

40.0%

0.01% 0%

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

Jun-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 June 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 June 2019.

The Ginnie Mae refi share stood at 31 percent in June 2019, below the 37-39 percent share for Fannie Mae and 

Freddie Mac. Within Ginnie Mae, VA had the highest refi share at 40 percent in June 2019, followed by FHA’s 26 

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 spring 2019 as rates trended down.

20
Credit Box

41.2%

45.7%

71.1%

54.2%

20%

30%

40%

50%

60%

70%

80%

Oct-13Feb-14 Jun-14 Oct-14Feb-15 Jun-15 Oct-15Feb-16 Jun-16 Oct-16Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18Feb-19 Jun-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 June 2019.

The first time homebuyer share of Ginnie Mae purchase loans was 71.1 percent in June 2019, down slightly 

from its historical high in May. 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 

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

based on mortgages originated in June 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 ($ ) 242,015 272,636 251,547 276,988 218,714 272,602 232,261 274,050 

Credit Score 739.8 755.3 744.5 758.4 676.7 703.6 709.1 741.5

LTV (%) 88.4 79.3 87.3 80.1 96.9 95.3 92.4 84.2

DTI (%) 35.9 36.5 35.1 36.1 41.9 42.5 38.7 38.1

Loan Rate (%) 4.5 4.4 4.4 4.3 4.5 4.3 4.5 4.3

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 June 2019.

21
Credit Box

83.9%

53.6%

78.5%

71.1%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

Oct-13Feb-14 Jun-14 Oct-14Feb-15 Jun-15 Oct-15Feb-16 Jun-16 Oct-16Feb-17 Jun-17 Oct-17Feb-18 Jun-18 Oct-18Feb-19 Jun-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 June 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, 78.5 percent of FHA loans, 53.6 percent of VA loans and 83.9 percent of 

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

mortgages originated in June 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 similar DTI.

FHA VA Other Ginnie Mae Total

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

Loan Amount ($) 212,360 234,047 263,934 316,646 147,811 163,071 218,714 272,602 

Credit Score 666.7 671.2 699.7 733.1 691.5 699.6 676.7 703.6

LTV (%) 95.6 94.0 99.6 96.1 99.4 99.4 96.9 95.3

DTI (%) 43.2 44.1 40.6 41.6 34.9 36.2 41.9 42.5

Loan Rate (%) 4.6 4.5 4.3 4.1 4.4 4.4 4.5 4.3

Sources: eMBS and Urban Institute. Note: Data as of June 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 311,915 642 680 733 776 798 726 

Fannie 109,518 686 718 756 786 801 749 

Freddie 83,218 692 725 761 788 802 754 

Ginnie 119,179 621 643 675 723 771 684 

Refi FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 156,144 644 682 729 772 795 724 

Fannie 62,564 675 707 748 781 799 741 

Freddie 47,311 675 709 749 780 799 742 

Ginnie 46,269 612 642 676 718 763 680 

All FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 468,059 642 681 732 775 797 725 

Fannie 172,082 682 714 754 784 801 746 

Freddie 130,529 686 720 757 786 801 749 

Ginnie 165,448 619 643 675 721 769 683 

Purchase FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 119,179 621 643 675 723 771 684 

FHA 72,669 614 636 662 695 732 668 

VA 37,407 630 663 718 770 796 715 

Other 9,103 636 655 689 729 762 693 

Refi FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 46,269 612 642 676 718 763 680 

FHA 23,512 605 633 661 693 728 664 

VA 22,673 622 655 696 743 780 697 

Other 84 612 655 700 735 774 693 

All FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 165,448 619 643 675 721 769 683 

FHA 96,181 612 635 662 694 731 667 

VA 60,080 627 660 708 761 792 708 

Other 9,187 635 655 689 729 762 693 

June 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 June 2019.

In June 2019, the median Ginnie Mae FICO score was 675 versus 754 for Fannie Mae and 757 for Freddie Mac. Note 

that the FICO score for the 10th percentile was 619 for Ginnie Mae, versus 682 for Fannie Mae and 686 for Freddie 

Mac. Within the Ginnie Mae market, FHA loans have a median FICO score of 662, VA loans have a median FICO score 

of 708 and other loans have a median FICO score of 689.

24
June 2019 Credit Box at a Glance

Debt,

household 

mortgages,

$9,833

Purchase LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 312,065 73.0 80.0 95.0 96.5 100.0 88.0 

Fannie 109,406 64.0 80.0 85.0 95.0 97.0 83.1 

Freddie 83,288 65.0 80.0 81.0 95.0 95.0 82.5 

Ginnie 119,371 92.9 96.5 96.5 100.0 102.0 96.4 

Refi LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 157,972 48.0 63.0 75.0 86.4 96.9 73.3 

Fannie 62,568 42.0 57.0 70.0 79.0 82.0 66.2 

Freddie 47,323 43.0 59.0 72.0 80.0 84.0 67.5 

Ginnie 48,081 72.2 83.5 88.5 98.3 100.0 88.0 

All LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 470,037 59.0 75.0 87.1 96.5 99.0 83.1 

Fannie 171,974 52.0 69.0 80.0 90.0 97.0 77.0 

Freddie 130,611 53.0 70.0 80.0 90.0 95.0 77.1 

Ginnie 167,452 83.8 94.0 96.5 100.0 101.0 94.0 

Purchase LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 119,371 92.9 96.5 96.5 100.0 102.0 96.4 

FHA 72,777 93.6 96.5 96.5 96.5 96.5 95.2 

VA 37,449 90.0 100.0 100.0 102.2 103.0 98.0 

Other 9,145 95.7 99.2 101.0 101.0 102.0 99.4 

Refi LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 48,081 72.2 83.5 88.5 98.3 100.0 88.0 

FHA 24,100 70.0 81.4 86.5 92.1 97.9 84.5 

VA 23,891 75.0 86.9 96.6 100.0 101.2 91.7 

Other 90 71.7 83.5 96.7 100.0 101.0 89.7 

All LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 167,452 83.8 94.0 96.5 100.0 101.0 94.0 

FHA 96,877 83.9 92.0 96.5 96.5 96.5 92.5 

VA 61,340 82.1 94.1 100.0 100.0 102.4 95.5 

Other 9,235 95.6 99.2 101.0 101.0 102.0 99.3 

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 June 2019.

In June 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, 97 percent for Fannie Mae and 95 

percent for 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 311,885 24.0 31.3 39.0 45.2 50.0 38.2 

Fannie 109,609 23.0 29.0 37.0 44.0 48.0 36.0 

Freddie 83,285 22.0 29.0 37.0 43.0 47.0 35.5 

Ginnie 118,991 29.0 35.7 42.7 49.4 54.3 42.1 

Refi DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 142,619 23.0 30.0 38.0 44.0 49.0 36.7 

Fannie 62,542 22.0 29.0 37.0 43.0 47.0 35.3 

Freddie 47,311 22.0 29.0 37.0 43.0 47.0 35.4 

Ginnie 32,766 26.5 33.3 42.1 49.3 54.5 41.0 

All DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 454,504 24.0 31.0 39.0 45.0 49.5 37.7 

Fannie 172,151 22.0 29.0 37.0 43.0 47.0 35.8 

Freddie 130,596 22.0 29.0 37.0 43.0 47.0 35.5 

Ginnie 151,757 28.5 35.2 42.6 49.4 54.3 41.8 

Purchase DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 118,991 29.0 35.7 42.7 49.4 54.3 42.1 

FHA 72,772 30.9 37.6 44.4 50.4 54.7 43.4 

VA 37,149 27.0 34.1 41.6 48.6 54.1 41.1 

Other 9,070 25.8 30.8 36.1 40.1 43.0 35.1 

Refi DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 32,766 26.5 33.3 42.1 49.3 54.5 41.0 

FHA 18,613 28.9 35.7 43.9 50.5 54.9 42.5 

VA 14,079 23.9 31.8 39.8 47.3 53.3 39.1 

Other 74 17.4 22.8 31.2 40.3 46.5 32.1 

All DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 151,757 28.5 35.2 42.6 49.4 54.3 41.8 

FHA 91,385 30.5 37.2 44.3 50.4 54.7 43.2 

VA 51,228 26.2 33.1 41.1 48.2 53.9 40.5 

Other 9,144 25.7 30.8 36.0 40.1 43.0 35.1 

June 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 June 2019.

In June 2019, the median Ginnie Mae debt-to-income ratio (DTI) was 42.6 percent, considerably higher than the 37 

percent median DTI for both Freddie Mac and Fannie Mae. The 90th percentile for Ginnie Mae was 54.3 percent, also 

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

44.3 percent, versus 41.1 percent for VA and 36.0 percent for other lending programs. 

26
Credit Box: Historical

660

680

700

720

740

760

780

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

FICO Scores for Refinance Loans

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

754

757

675

732

660

680

700

720

740

760

780

Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19

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

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

The median FICO score for all agency loans originated in June 2019 was 732, flat from the previous month. 

The figures show that the median FICO score for Ginnie Mae borrowers has always been considerably lower 

than for GSE borrowers. Since early 2019, the median FICO score for Ginnie borrowers has remained flat 

trended down, while FICOs for Fannie and Freddie are marginally higher. The difference between Ginnie Mae 

and GSE borrower FICOs is slightly wider for purchase loans than for refi loans.

27
Credit Box: Historical

96.5

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

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

Jun-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

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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 June 2019.

87.1

80

28
Credit Box: Historical

37.0

37.0

42.6

39.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19

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

46.0

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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 June 2019.

Sources: eMBS and Urban Institute. 

Note:Data as of June 2019.

Sources: eMBS and Urban Institute. 

Note:Data as of June 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 have witnessed measurable declines in DTIs in spring 

and summer 2019 driven by lower interest rates.

29
96%

87%

68%

50%

36%

96%

85%

59%

38%

29%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

<640 640–680 680–700 700–750 ≥ 750

95%

87%

70%

50%

37%

96%

83%

59%

39%

30%

0%

20%

40%

60%

80%

100%

120%

<640 640–680 680–700 700–750 ≥ 750

April 2017- June 2017 April 2019- June 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% 92%

84%

71%

99% 95%

82%

63%

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 April 2019−June 2019, 

Ginnie Mae accounted for 96 percent of agency issuance for DTIs under 35 and FICOs below 640, compared to 

just 30 percent for DTIs below 35 and FICO 750 and higher. The Ginnie/GSE split in the 35-45 DTI bucket looks a 

lot like the below 35 percent DTI bucket. In April 2019− June 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 82 percent; it was 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.

April 2017-June 2017

FICO

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

< 35 3.1% 6.0% 3.3% 8.0% 9.3% 29.8%

35 −45 5.5% 10.4% 5.4% 12.1% 10.0% 43.4%

≥ 45 3.8% 8.3% 3.7% 6.8% 4.2% 26.8%

All 12.4% 24.7% 12.5% 26.9% 23.5% 100.0%

April 2019-June 2019

FICO

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

< 35 3.0% 4.6% 2.5% 7.0% 9.3% 26.5%

35 −45 5.7% 8.6% 4.6% 11.3% 10.1% 40.3%

≥ 45 5.2% 8.8% 4.2% 8.7% 6.3% 33.2%

All 13.9% 21.9% 11.4% 27.0% 25.7% 100.0%

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

Share of Loans with LTV ≥ 95

Ginnie Mae GSE All

April 2017-June 2017 71.2% 17.0% 35.9%

April 2019-June 2019 70.9% 21.0% 37.2%

Ginnie Mae dominates high-LTV lending, with 70.9 percent of its issuances in the April 2019-June 2019 period 

having LTVs of 95 or above, compared to 21.0 percent for the GSEs. The GSEs have increased their high-LTV 

lending share from 17 percent in April 2017−June 2017. Ginnie Mae’s high-LTV lending is down slightly over the 

same period from 71.2 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 June 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 June 2019.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Jun-19

Nonbank Origination Share: All Loans

All Fannie Freddie Ginnie

85%

66%

60%

53%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

All Fannie Freddie Ginnie

Nonbank Origination Share: 

Refinance Loans

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

All Fannie Freddie Ginnie

Nonbank Origination Share: 

Purchase Loans

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

nonbank share has been consistently higher than the GSEs, falling slightly below its record high of 86 to 85 

percent in June 2019. Freddie and Fannie’s nonbank shares both grew in June, to 53 and 60 percent 

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

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

Mac’s nonbank share is the lowest among the three agencies for both purchase and refinance loans.

32
Ginnie Mae Nonbank Originators 

Sources: eMBS and Urban Institute

Note:Data as of June 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 June 2019.

In June 2019, Ginnie Mae’s nonbank share fell just slightly to 85 percent. The nonbank originator share for FHA 

continued to grow, reaching a historical high of 91 percent. The nonbank originator share for VA was 79 

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

increased to 83 percent.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Jun-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%

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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%

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Ginnie Mae Nonbank Share: 

Refinance Loans

All FHA VA Other

91%

85%

83%

79%

33
Sources: eMBS and Urban Institute. 

Note: Data as of June 2019. 

Sources: eMBS and Urban Institute. 

Note: Data as of June 2019. 

732

752

720

680

690

700

710

720

730

740

750

760

770

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

Jun-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 June 2019. 

650

670

690

710

730

750

770

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

All Median FICO

Bank Median FICO

Nonbank Median FICO

Ginnie Mae FICO: Bank vs. 

Nonbank

650

670

690

710

730

750

770

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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 been relatively flat since 2014. 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 June 2019. Sources: eMBS and Urban Institute. Note: Data as of June 2019. 

66

68

70

72

74

76

78

80

82

84

86

88

90

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

GSE LTV: Bank vs. Nonbank

All Median LTV Bank Median LTV

Nonbank Median LTV

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

90

91

92

93

94

95

96

97

98

99

100

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

All Median LTV Bank Median LTV

Nonbank Median LTV

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

30

32

34

36

38

40

42

44

46

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

GSE DTI: Bank vs. Nonbank

All Median DTI Bank Median DTI

Nonbank Median DTI

Nonbank Credit Box

Ginnie Mae LTV: Bank vs. Nonbank

Ginnie Mae DTI: Bank vs. Nonbank

LTV LTV

DTI DTI

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

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

early 2017, there has been a substantial increase in DTIs, which has partially reversed in the past few months. This is 

true for both Ginnie Mae and the GSEs, for banks and nonbanks. As interest rates increased, DTIs rose, because 

borrower payments were driven up relative to incomes. With the fall in interest rates in 2019, DTIs have dropped.

35
650

660

670

680

690

700

710

720

730

740

750

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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 June 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 June 2019.

The FICO scores for both Ginnie Mae nonbank and bank originators increased in June 2019; bank FICOs 

increased more than nonbank FICOs. FICO spreads between banks and nonbanks have generally increased 

since 2013. 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

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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

36
90

92

94

96

98

100

102

104

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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 June 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 June 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

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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

37
34

35

36

37

38

39

40

41

42

43

44

45

46

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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 June 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 June 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. After peaking in January 2019, Ginnie DTIs have trended downward, as rates have 

declined. 

34

35

36

37

38

39

40

41

42

43

44

45

46

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

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

38
Holders of Ginnie Mae MSRs

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

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

Rank MSR Holder UPB ($ millions) Share Cumulative 

Share

1 Wells Fargo $243,667 14.0% 14.0%

2 Lakeview $198,858 11.4% 25.4%

3 PennyMac $192,742 11.0% 36.4%

4 Freedom Home Mortgage $119,357 6.8% 43.2%

5 Nationstar $97,684 5.6% 48.8%

6 Quicken Loans $66,958 3.8% 52.7%

7 US Bank $60,266 3.5% 56.1%

8 JPMorgan Chase $44,919 2.6% 58.7%

9 Carrington Home Mortgage $42,915 2.5% 61.2%

10 USAA Federal Savings Bank $38,221 2.2% 63.3%

11 Caliber Home Loans $36,895 2.1% 65.5%

12 Newrez $27,452 1.6% 67.0%

13 Navy Federal Credit Union $25,718 1.5% 68.5%

14 Amerihome Mortgage $23,864 1.4% 69.9%

15 Midfirst Bank $22,806 1.3% 71.2%

16 The Money Source $22,465 1.3% 72.5%

17 M&T Bank $20,677 1.2% 73.6%

18 Suntrust $19,009 1.1% 74.7%

19 Ditech Financial $18,119 1.0% 75.8%

20 Roundpoint $17,704 1.0% 76.8%

21 Home Point Financial $17,528 1.0% 77.8%

22 Branch Banking and Trust $16,091 0.9% 78.7%

23 Guild Mortgage $16,087 0.9% 79.6%

24 PHH Mortgage $15,173 0.9% 80.5%

25 Loan Depot $14,969 0.9% 81.4%

26 Flagstar Bank $14,583 0.8% 82.2%

27 Pingora $14,196 0.8% 83.0%

28 Citizens Bank $12,499 0.7% 83.7%

29 Bank of America $11,908 0.7% 84.4%

30 Fifth Third Bank $11,751 0.7% 85.1%

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

of June 2019, over half (52.7 percent) of the Ginnie Mae MSRs are owned by the top six firms. The top 30 firms 

collectively own 85.1 percent. Nineteen of these 30 are non-depositories, the remaining 12 are depository 

institutions. 

39
66.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

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

Jun-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 November 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 $244 billion. Lakeview, PennyMac Freedom Home Mortgage, and Nationstar (all nonbanks) make up the 

remainder of the top five largest holders of MSRs, owning $199 billion, $193 billion, $119 billion, and $98 billion 

respectively as of June 2019. As of June 2019, nonbanks collectively owned servicing rights for 66.7 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 June 2019.

Share of Ginnie Mae MSRs held by Nonbanks

Top 5 MSR Holders: Outstanding Ginnie Mae Loans by UPB

$243,667

$192,742

$198,858

$119,357

$97,684

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

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

Jun-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%

Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-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 July 2019.

Sources: Credit Suisse and Urban Institute. Note:Data as of Jult 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. From late 2016 to late 2018, with the bulk of the mortgage universe finding it noneconomical to refinance, the small month to month variation in speeds reflected 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%

13%

0%

5%

10%

15%

20%

25%

30%

Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19

Constant prepayment rate (%)

Aggregate Prepayments

Fannie CPR Freddie CPR Ginnie I CPR Ginnie II CPR

21%

17%

16%

15%

41
Prepayments

0%

5%

10%

15%

20%

25%

30%

35%

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

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%

20%

Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-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 July 2019.

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

With the increase in interest rates over the 2 year period beginning in November 2016, the prepayment speeds 

for all agency MBS had slowed. From late 2016 to late 2018, with the bulk of the mortgage universe finding it 

non-economic to refinance, the muted month to month variations in speeds reflected 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 pickup as borrowers realize and act on the 

opportunity to refinance at attractive rates.

18%

13%

12%

20%

15%

42
Prepayments

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

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

5%

10%

15%

20%

25%

Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-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 July 2019.

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

20%

15%

14%

40% 

30%

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 30 31

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 July 2019.

Sources: Credit Suisse and Urban Institute. Note: Data as of July 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. Ginnie’s latest action on this front, effective for securities issued on or after Nov 1 

2019, will bar the securitization of over 90% LTV cash-out refinances into Ginnie I and Ginnie II pools (custom 

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

25.5%

21.1%

18.3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

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

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

40.4%

20.1%

16.5%

44
Reverse Mortgage Volumes

$0.56

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

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

Jun-19

$ Billions

HMBS Issuance Volume

$54.2

$0

$10

$20

$30

$40

$50

$60

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

Jun-19

$ Billions

HMBS Outstanding 

Other Ginnie Mae Programs

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

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

Ginnie Mae reverse mortgage issuance has been volatile in recent months; after increasing in May, the June 

2019 volume fell to $0.56 billion. Issuance has been declining since early 2018 largely due to the implementation 

of the new, lower principal limit factors. In June 2019, outstanding reverse mortgage securities totaled $54.2 

billion, lower compared to recent past, reflecting a lower volume of new issuances. 

45
Multifamily Market

$1.0

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

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

Jun-19

$ Billions

Ginnie Mae Multifamily MBS Issuance

$121.2

$0

$20

$40

$60

$80

$100

$120

$140

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

Jun-19

$ Billions

Ginnie Mae Multifamily MBS Outstanding 

Other Ginnie Mae Programs

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

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

Ginnie Mae multifamily issuance volume in June 2019 totaled $1.0 billion, a small decrease from the past month 

and below average issuance levels over the past 18 months. Outstanding multifamily securities totaled $121.2 

billion in June.

46
Market Conditions

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

$247 

$600 

$36 

$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%

3.80%

0.39% 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 $247 billion/day on average 2019 YTD, more robust than in the 2014-2018 

period, but well below the pre-crisis peak of $345 billion in 2008. In contrast, average daily trading volume for 

Treasuries now exceeds the pre-crisis peak. Agency MBS turnover in 2019 YTD also has been slightly higher 

than the 2014-2018 period; in the first five 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 July 2019.

47
Market Conditions

$236.1

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

$80.8

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 July 2019.

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

Dealer net positions are near their post-crisis highs. By contrast, dealer gross positions have fallen 

dramatically. 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: Small domestic banks includes all domestically chartered commercial banks not 

included in the top 25. Data as of July 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 $2.0 

trillion in holdings as of the end of July 2019, $1.5 trillion was held by the top 25 domestic banks.

Commercial Bank Holdings ($Billions) Week Ending

Jun-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19May-19 Jun-19 Jul 3 Jul 10 Jul 17 Jul 24

Largest 25 

Domestic Banks 1,307.8 1,359.5 1,388.3 1,399.2 1,411.9 1,431.5 1,433.6 1,456.3 1,465.5 1,466.0 1,449.6 1,456.2

Small Domestic 

Banks 484.2 484.5 491.5 492.0 494.9 498.9 499.3 506.3 512.0 511.0 512.7 514.1

Foreign Related 

Banks 31.2 27.4 25.9 25.8 26.3 25.4 28.9 28.3 27.6 25.9 28.9 29.7

Total, 

Seasonally

Adjusted 1,823.2 1,871.4 1,905.7 1,917.0 1,933.1 1,955.8 1,961.8 1,990.9 2,005.1 2,002.9 1,991.2 2,000.0

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-throughs: 

$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 passthroughs, 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 Q1 2019.

15.4%

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 2018Q1 2019

Percent of Agency MBS Owned by Foreigners

Foreign Share of Agency MBS

MBS Ownership

$1,025.0

$409.4

$615.6

0

200

400

600

800

1,000

1,200

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

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 April 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 resulted in a series 

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

Foreign investors held 15.4 percent of agency MBS in Q1 2019, up from a low of 11.8 percent in Q1 2014. For 

the month of April 2019, this represents $1.03 trillion in Agency MBS; $409.4 billion held by foreign private 

institutions and $615.6 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 April 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 April 2019, we estimate China has increased their agency MBS 

holdings by $31.9 billion, Taiwan has increased their holdings by $14.3 billion, and Japan has increased their 

holdings by $17.9 billion.

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

Country Jun-18 Sep-18 Dec-18 Mar-19 Apr-19 Q3 2018 Q4 2018 Q1 2019 Apr-19

Japan 257,547 254,511 262,771 284,323 276,622 -3,036 8,260 21,552 -7,701

Taiwan 250,009 250,639 261,231 265,992 264,460 630 10,592 4,761 -1,532

China 180,635 190,203 188,921 208,540 213,992 9,568 -1,282 19,619 5,452

Ireland 46,817 48,220 48,045 46,623 50,412 1,403 -175 -1,422 3,789

Luxembourg 36,372 38,800 50,079 44,561 47,524 2,428 11,279 -5,518 2,963

South Korea 44,039 43,944 44,735 42,604 42,755 -95 791 -2,131 151

Bermuda 27,866 27,610 27,721 29,104 29,294 -256 111 1,383 190

Cayman Islands 31,017 31,638 31,379 30,375 33,588 621 -259 -1,004 3,213

Malaysia 12,710 12,874 12,671 12,395 12,430 164 -203 -276 35

Netherlands 11,995 12,229 9,618 9,400 10,522 234 -2,611 -218 1,122

Rest of World 125,197 128,807 130,345 129,998 137,661 3,610 1,538 -347 7,663

Total 1,024,200 1,039,475 1,067,516 1,103,915 1,119,260 15,275 28,041 36,399 15,345

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

Country Jun-18 Sep-18 Dec-18 Mar-19 Apr-19 Q3 2018 Q4 2018 Q1 2019 Apr-19

Japan 253,972 250,851 258,909 280,366 271,847 -3,121 8,058 21,457 -8,519

Taiwan 249,773 250,397 260,976 265,731 264,145 624 10,579 4,755 -1,586

China 176,345 185,811 184,287 203,791 208,262 9,466 -1,524 19,504 4,471

Ireland 37,832 39,021 38,339 36,677 38,411 1,189 -682 -1,662 1,734

Luxembourg 34,012 36,384 47,530 41,949 44,372 2,372 11,146 -5,581 2,423

South Korea 33,064 32,708 32,879 30,455 28,096 -356 171 -2,424 -2,359

Bermuda 24,969 24,644 24,592 25,897 25,425 -325 -53 1,306 -473

Cayman Islands 24,384 24,847 24,214 23,033 24,729 463 -634 -1,181 1,696

Malaysia 12,319 12,474 12,249 11,962 11,908 155 -225 -286 -54

Netherlands 11,437 11,658 9,015 8,782 9,777 221 -2,643 -233 994

Rest of World 95,510 98,414 98,276 97,137 98,010 2,904 -138 -1,139 873

Total 953,612 967,209 991,264 1,025,779 1,024,980 13,597 24,055 34,515 -799

53
0

50

100

150

200

250

300

350

400

Oct-08

Feb-09

Jun-09

Oct-09

Feb-10

Jun-10

Oct-10

Feb-11

Jun-11

Oct-11

Feb-12

Jun-12

Oct-12

Feb-13

Jun-13

Oct-13

Feb-14

Jun-14

Oct-14

Feb-15

Jun-15

Oct-15

Feb-16

Jun-16

Oct-16

Feb-17

Jun-17

Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

$ Billions

Total Fed Absorption

Total Fed Purchases Gross Issuance

MBS Ownership

0

50

100

150

200

250

Jun-11

Dec-11

Jun-12

Dec-12

Jun-13

Dec-13

Jun-14

Dec-14

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

$ 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 June 2019.

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

Institute. Note: Data as of June 2019.

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

Note: Data as of June 2019.

0

10

20

30

40

50

60

70

Jun-11

Dec-11

Jun-12

Dec-12

Jun-13

Dec-13

Jun-14

Dec-14

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

$ Billions

Fed Absorption of Ginnie Mae MBS

Total Fed Purchases Gross Issuance

The Federal Reserve is actively winding down its mortgage portfolio; MBS purchases are very low. 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 in Q4, 2018 and thereafter. With the Fed now at its maximum taper, Fed 

absorption of gross issuance is 1.17 percent. 

54
Disclosures 

All the information contained in this document is as of date Indicated unless otherwise noted. 

The information provided does not constitute investment advice and it should not be relied on as 

such. All information has been obtained from sources believed to be reliable, but its accuracy is 

not guaranteed. The views expressed in this material are the views of the staff of the 

Urban Institute's Housing Finance Policy Center and State Street Global Advisors as of August 

23rd, 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.

Tracking Code: 2699147.1.1.GBL.INST

08/31/2020