July 2022
JULY 2022

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

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Table of Contents 

Inside this Month’s Global Market Analysis Report 1

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Highlights 2

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1 US Aggregate and Global Indices

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4

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1.1 Bloomberg US Aggregate and Global Indices 4

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2 Sovereign Debt Product Performance Comparisons

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5

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2.1 Global 10-Year Treasury Yields (Unhedged) 5

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2.2 US Treasury Hedged Yields 6

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SECONDARY MORTGAGE MARKET 7

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3 Fixed Income Product Performance Comparisons

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7

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3.1 Ginnie Mae Yields – USD .......................................................................................7

3.2 Ginnie Mae Yield Spreads – Intermediate Credit 8

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3.3 Global Treasury Yield Per Duration 9

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4 Prepayments

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10

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4.1 Aggregate Prepayments (CPR) 10

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4.2 Involuntary Prepayments (CDR) 11

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4.3 Voluntary Prepayment Rates (CRR) 12

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5 Single-Family MBS Pass-Through Issuance

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13

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5.1 Gross Issuance of Agency MBS 13

5.2 Net Issuance of Agency MBS 15

5.3 Monthly Issuance Breakdown 17

5.4 Percent Refi at Issuance – Single-Family 18

6 Agency Single-Family MBS Outstanding 19

6.1 Outstanding Single-Family Agency MBS 19

6.2 Origination Volume and Share Over Time 20

6.3 Agency Issuance and Agency Outstanding by State 21

6.4 Outstanding Ginnie Mae MBS Volume by Coupon and Vintage Over Time 22

7 Agency REMIC Securities 23

7.1 Monthly REMIC Demand for Ginnie Mae MBS 23

7.2 REMIC Market Snapshot 24

8 MBS Ownership 25

8.1 Commercial Bank Holdings of Agency MBS 25

8.2 Bank and Thrift Residential MBS Holdings 26

8.3 Foreign Ownership of MBS 28

8.4 Foreign Ownership of Agency Debt and Agency MBS 29
JULY 2022

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

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9 Fixed Income Liquidity Indicators

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30

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PRIMARY MORTGAGE MARKET 31

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10 Agency Credit Breakdown

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31

10.1 Credit Scores........................................................................................................31

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10.2 Loan-to-Value (LTV) 33

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10.3 Debt-to-Income (DTI) 35

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10.4 High LTV Loans: Ginnie Mae vs. GSEs 37

10.5 Serious Delinquency Rates 38

11 Forbearance Trends 39

12 Holders of Ginnie Mae Mortgage Servicing Rights 42

13 Agency Nonbank Originators 43

13.1 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE 45

13.1.1 (FICO, LTV, DTI) 45

U.S. HOUSING MARKET 49

14 Housing Affordability 49

14.1 Housing Affordability – Home Price Appreciation 49

14.2 Housing Affordability – Inflation, Wages, and the Price of Real Estate and 

Rent 51

14.2.1 Housing Affordability – Mortgage Rate Trends 52

14.3 Housing Inventory 53

14.4 Size and Value of the US Housing Market 54

15 Disclosure 55
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 1

Inside this Month’s Global Market Analysis Report...

This month’s Highlights section includes a discussion of the growth in MBS outstanding occurring in 

calendar year 2022. The section captures the difference between gross issuance and net issuance 

observed due to the prevalence of refinance activity during the low interest rate regime experienced 

during the COVID-19 Pandemic.

Notable insights in this month’s Global Market Analysis Report include the following. 

 Under the Global Treasury Yield Per Duration section, the yield vs. duration analysis is 

expanded to include a larger coupon stack to reflect new issuance and interest rates. 

 The Prepayments section illustrates the convergence of Ginnie Mae aggregate prepayment 

rates to those of Fannie Mae and Freddie Mac (GSE) securities.

 The Agency REMIC issuance section is a new addition which captures the current upward 

trend in coupon rates for REMIC deals. 

 In the Agency Credit Breakdown section, Ginnie Mae remains the leader in high-LTV lending 

because of a higher percentage of issuances with LTVs of 95 or above relative to the GSEs. 

 In the Agency Nonbank Originators section, an increasing nonbank origination portion of 

refinance mortgage loans for Ginnie Mae has resulted in a comparatively higher nonbank 

origination share. 

 Throughout the U.S. Housing Market section, the data details a lack of affordability within the 

housing market due to factors that include increasing home prices, rising inflation that is 

outpacing wage growth.
JULY2022

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

Highlights 

Ginnie Mae net issuance of MBS through the first six months of calendar year 2022 is $64.1 billion of 

unpaid principal balance. This represents a $70 billion increase compared to the same period in 

calendar year 2021, when net issuance was -$5.9 billion.

According to the Congressional Budget Office, “The total dollar value of outstanding MBSs grows each 

year by net issuance, which is the difference between the amount of new MBSs issued in a year and 

the amount of previously issued MBSs repaid during that year. The gap between annual new issuance 

and net issuance depends mainly on the refinancing of outstanding mortgages. That gap is small in 

years with little refinancing and large in years with a great deal of refinancing. For example, with the 

surge in refinancing in calendar year 2020 that resulted from low interest rates, new issuance of 

Ginnie Mae–guaranteed MBSs exceeded $775 billion, but net issuance declined by about $14 billion. 

The result was a small decrease in the total value of outstanding Ginnie Mae–guaranteed MBSs 

between the end of December 2019 and the end of December 2020.”1

As displayed in Figure 1, Refinance volume outpaced purchase volume throughout 2021 but 

decreased below purchase volume in the first quarter of 2022. In 2021, Ginnie Mae MBS net issuance 

was just $2.7 billion; its lowest annual level since 2006. This represented an 86% decline in net 

issuance compared to 2020. 

Factors that contributed to the decline in net issuance in 2021 include increased involuntary 

prepayments through early buyouts of delinquent loans, increased voluntary prepayments in a 

declining rate environment, and refinance volume outpacing purchase volume in the originations 

market.

Figure 1. Mortgage Bankers Association Purchase & Refinance Origination Volume (in $ billions)2

As interest rates have risen in 2022 and home prices continue to rise, purchase volume has begun 

outpacing refinance volume. Additionally, as forbearance levels decline, both involuntary and

1 https://www.cbo.gov/publication/57176

2 https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/mortgage-finance-forecast-june2022.pdf?sfvrsn=e3eb1d80_1

$0

$200

$400

$600

$800

$1,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2020 2021 2022

Purchase Volume Refinance Volume

The mortgage loan 

origination volume for

2022 Q2 and beyond are 

estimated values
JULY2022

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

voluntary prepayment rates are declining. A combination of these factors has led to the increase in 

Ginnie Mae MBS net issuance through the first six months of 2022. Figure 2, below, details the 

quarterly Ginnie Mae gross and net issuance trend since the first quarter of 2018. Market participants 

expect interest rates to continue to rise and the Mortgage Bankers Association forecasts that 

purchase volume will continue to outpace refinance volume throughout 2022 and into 2023.

Figure 2. Ginnie Mae Gross versus Net Issuance (in $ billions)3

Figure 3 below displays changes to the spread between Ginnie Mae II Single Family MBS and US 10-

year Treasury securities as net MBS issuance increased in 2022. In June 2021 the spread between 

these two securities was just 14 basis points. The spread hit a high of 116 basis points on April 26, 

2022, declined slightly to 85 basis points in early June and rebounded to 112 as of June 30, 2022.

Figure 3. Ginnie Mae II Single Family Index versus US Treasury 10-Yr Yields4

3

 Data sourced from Recursion

4

 Data sourced from Bloomberg

$97 $102 $108 $94 $79

$115

$149 $165 $160

$181

$213 $222 $227 $225

$204

$182

$144

$122

$21 $30 $32 $29 $19 $27 $26 $23 $25 $17

-$19 -$3 -$6 -$5

$3 $11 $19

$45

($50)

$0

$50

$100

$150

$200

$250

2018

Q1

2018

Q2

2018

Q3

2018

Q4

2019

Q1

2019

Q2

2019

Q3

2019

Q4

2020

Q1

2020

Q2

2020

Q3

2020

Q4

2021

Q1

2021

Q2

2021

Q3

2021

Q4

2022

Q1

2022

Q2

Ginnie Mae Gross Issuance Ginnie Mae Net Issuance

4.12%

3.02%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

GN II CC SF Yield US 10-YR Treasury
JULY 2022

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

1 US AGGREGATE AND GLOBAL INDICES

1.1 Bloomberg US Aggregate and Global Indices

Figure 4. Bloomberg US Aggregate Index.

US Treasuries contribute approximately 40% to the Bloomberg US Aggregate Index. US MBS (Ginnie 

Mae, Fannie Mae, and Freddie Mac) contributes approximately 28% to the Barclays US Aggregate 

Index. For the US Aggregate Index, the month over month (MoM) changes to the index components 

were no larger than 1%.

Figure 5. Bloomberg Global Aggregate Index by Country.

In the Bloomberg Global Aggregate Index by Country, the US share of fixed income remains the 

largest share of total outstanding issuance, representing approximately 40% of the total Barclays 

Global Aggregate Index. All categories remained stable when compared to the prior month. 

Source: Bloomberg [both charts]. Note: Data as of July 2022. Figures in charts may not add to 100% due to rounding.

40%

28%

14%

8%

2%

2% 2%1% 1% 1% 0% Treasury - 40%

MBS Passthrough - 28%

Industrial - 14%

Financial Institutions - 8%

Agency - 2%

Utility - 2%

CMBS - 2%

Supranational - 1%

Sovereign - 1%

40%

13% 9%

5%

5%

4%

4%

3%

2%

2% 14%

United States - 40%

Japan - 13%

China - 9%

France - 5%

United Kingdom - 5%

Germany - 4%

Canada - 4%

Italy - 3%

Spain - 2%

Netherlands - 2%

Other - 14%
JULY 2022

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

2 SOVEREIGN DEBT PRODUCT PERFORMANCE COMPARISONS

2.1 Global 10-Year Treasury Yields (Unhedged) 

The US 10-year Treasury yield moved to 3.02% at month end June 2022, a MoM increase of 17 bps.

US Treasury yields are the second highest of all the government treasury yields depicted in the figure 

below, behind Italian Treasury yields. 

The yield on the UK 10-year government notes increased to 2.23% at month-end May, a MoM

increase of 13 bps. 

The yield on the German 10-year note increased to 1.33% at month-end May, a MoM increase

of 21 bps. 

The yield on the Italian 10-year note increased to 3.26% at month-end May, a MoM increase of

14 bps. 

The yield on the Japanese 10-year government notes decreased to 0.23% at month-end May, a

MoM decrease of 1 bp. 

Figure 6. Global 10-Year Treasury Yields.

Source: Bloomberg. Note: Data as of June 2022.

3.02%

2.23%

1.33%

3.26%

0.23%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

%

Yield

USA 10-Year UK 10-Year Germany 10-Year Italy 10-Year Japan 10-Year
JULY 2022

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

2.2 US Treasury Hedged Yields 

The hedged yield for the 10-year Treasury JPY decreased MoM 3 bps to 2.31% at month-end June.

The hedged yield for the 10-year Treasury EUR increased MoM 2 bps to 1.32% at month-end June.

Figure 7. 7–10yr Total Return Hedged Index, JPY.

Figure 8. 7–10yr Total Return Hedged, EUR.

Source: Bloomberg. Note: Data as of June 2022.

231.18

220

230

240

250

260

270

280

131.82

120

130

140

150

160

170
JULY 2022

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

SECONDARY MORTGAGE MARKET

3 FIXED INCOME PRODUCT PERFORMANCE COMPARISONS

3.1 Ginnie Mae Yields – USD

Ginnie Mae fixed rate MBS yields increased MoM in June 2022. Ginnie Mae II yields were at 3.76% at 

month end May, down by 23 bps MoM, but have rebounded to 4.12% at month-end June. Ginnie 

Mae I yields were at 3.72%, down by 17 bps MoM, but have similarly rebounded 36 bps to 4.08%. 

Over the past year, Ginnie Mae spreads over the 10-year Treasury yields have widened. Ginnie Mae 

II spreads over the US 10-year Treasury yield, just 24 bps at month end June 2021, had increased 86 

bps to 110 bps over the US 10-year Treasury yield at month end June 2022. The yields on the Ginnie

Mae I SF were 106 bps higher than the US 10-year Treasury yield at month end June, an increase in

spread of 19 bps MoM and 64 YoY.

Figure 9. Ginnie Mae II SF Yield, USD

Figure 10. Ginnie Mae I SF Yield, USD

Sources Bloomberg. Note: Data as of June 2022

4.12%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

%

Yield

4.08%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

%

Yield
JULY 2022

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

3.2 Ginnie Mae Yield Spreads – Intermediate Credit 

The yield differential between US Intermediate Credit and GNMA II 30-year OAS increased by 7 bps

to 0.77% at month end June. The Ginnie Mae II 30-year OAS increased 24 bps MoM. The US

Intermediate credit OAS has increased 17 bps MoM.

Figure 11. US GNMA II 30yr MBS OAS versus US Intermediate Credit OAS.

Figure 12. Spread between US Intermediate Credit and US GNMA II 30yr MBS OAS.

Source: Bloomberg. Note: Data as of June 2022.

0.46%

1.22%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

% Yield

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

0.77%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

% Yield
JULY 2022

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

3.3 Global Treasury Yield Per Duration 

GNMA MBS continue to offer a higher yield in comparison to other government fixed income 

securities of various tenors with similar or longer duration. Prepayment risk is a feature of MBS. In 

June, the GNMA II 2.5% securities duration increased MoM by 0.5 units and yield increased MoM by 

31 bps. In June, the GNMA II 5% securities duration increased MoM by 0.11 units and yield increased 

MoM by 11 bps. 

Figure 13. Yield vs. Duration.

Security Duration Yield

US 5y 4.59 3.14

US 10y 8.50 3.09

JPY 5y 4.72 0.04

JPY 10y 9.74 N/A

GER 5y 5.10 1.41

GER 10y 9.26 N/A

ITA 5y 4.52 2.73

ITA 10y 9.12 3.55

UK 5y 4.85 2.07

UK 10y 8.27 2.38

GNMA II 2% 6.57 3.72

GNMA II 2.5% 6.64 3.77

GNMA II 3.0% 6.18 3.91

GNMA II 3.5% 5.76 3.97

GNMA II 4.0% 5.47 4.04

GNMA II 4.5% 4.98 4.13

GNMA II 5.0% 3.78 4.22

GNMA II 5.5% N/A 4.69

GNMA II 6.0% N/A 5.24

Source: Bloomberg. Note: Yield and modified duration for GNMA II securities is from illustrative TBA using base prepayment 

assumptions. All other data is as of June 2022. Yields are in base currency of security and unhedged. “N/As” are shown where a

security had no listed value on the end-of-month as-of date.

US 5y

US 10y

GER 5y

ITA 5y

ITA 10y

UK 5y

UK 10y

GNMA II 2%

GNMA II 2.5%

GNMA II 3.0%

GNMA II 3.5%

GNMA II 4.0%

GNMA II 4.5%

GNMA II 5.0%

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

0.00 2.00 4.00 6.00 8.00 10.00

Yield

Duration
JULY 2022

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

4 PREPAYMENTS

4.1 Aggregate Prepayments (CPR) 

Fixed rate aggregate prepayment speeds decreased for each of the Agencies in June, driven primarily 

by lower voluntary prepayment rates (see below on Voluntary Prepayments). Fannie Mae and 

Freddie Mac CPRs have dropped by 4.8% and 1.7% MoM to 9.3 and 9.1 CPR, respectively. ARM 

prepayments have dropped significantly also, due to decreased refinance activity in the current 

higher interest rate environment.

Figure 14. Fixed Rate Aggregate 1-Month CPR.

Figure 15. ARM Aggregate 1-Month CPR.

Source: Recursion, Note: Data as of June 2022

9.3

9.1

12.7

0

10

20

30

40

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

C

o

n

sta

nt Pre

p

a

y

m

e

nt R

ate (%)

Fannie Mae Freddie Mac Ginnie Mae

16.5

18.6

18.2

-5

5

15

25

35

45

55

65

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

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Feb-20

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Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

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Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

C

o

n

sta

nt Pre

p

a

y

m

e

nt R

ate (%)

 Fannie Mae Freddie Mac Ginnie Mae
JULY 2022

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

4.2 Involuntary Prepayments (CDR) 

Fixed rate involuntary prepayments (CDR) remain higher for Ginnie Mae than for the GSEs. The spread 

in prepayment speeds between Ginnie Mae’s and GSE prepayments has converged significantly since 

Ginnie Mae’s CDR peak of 8.1 CDR in July 2020. ARM CDRs for Ginnie’s are also typically higher than 

those of the GSEs, due to the lower credit quality of the Ginnie Mae loans, although current ARM 

CDRs for Ginnie Mae’s are equal to those of Freddie Mac ARM MBS (1.5 CDR for Freddie Mac vs. 1.5 

CDR for Ginnie Mae).

Figure 16. Fixed Rate Aggregate CDR.

Figure 17. ARM Aggregate CDR.

Source: Recursion, Note: Data as of June 2022

0.6

0.5

1.0

0

5

10

15

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

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Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

C

D

R (%)

Fannie Mae Freddie Mac Ginnie Mae

0.6

1.5

1.5

-5

5

15

25

35

45

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

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Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

C

D

R (%)

 Fannie Mae Freddie Mac Ginnie Mae
JULY 2022

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

4.3 Voluntary Prepayment Rates (CRR) 

Voluntary prepayments (CRR) are higher for Ginnie Mae compared to the GSEs. In the current 

environment of rising interest rates and prices (see section on Housing Affordability - Mortgage Rate 

Trends), voluntary prepayments are facing downward pressure from homeowners’ diminished 

incentive to refinance into higher rate mortgages, and upward pressure from homeowners’ increased 

incentive to cash-out or trade-up using their growing home equity as purchase capital. As such the 

direction and magnitude of changes in voluntary prepayment rates is currently very challenging to 

anticipate.

Figure 18. Fixed Rate Aggregate CRR.

Figure 19. ARM Aggregate CRR.

Source: Recursion, Note: Data as of June 2022

8.9

8.5

11.8

0

10

20

30

40

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

C

R

R (%)

Fannie Mae Freddie Mac Ginnie Mae

16.0

17.4

17.1

0

10

20

30

40

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

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Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

Apr-21

Jun-21

Aug-21

Oct-21

Dec-21

Feb-22

Apr-22

Jun-22

C

R

R (%)

 Fannie Mae Freddie Mac Ginnie Mae
JULY 2022

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

5 SINGLE-FAMILY MBS PASS-THROUGH ISSUANCE

5.1 Gross Issuance of Agency MBS 

Agency gross MBS issuance decreased MoM by 2.3% (from May to June). All three agencies saw 

decreases in gross issuance as compared to June.

Table 1. Agency Gross Issuance ($ in billions).

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

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

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

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

2004 $517.5 $355.2 $872.6 $119.2 $991.9

2005 $514.1 $379.9 $894.0 $81.4 $975.3

2006 $500.2 $352.9 $853.0 $76.7 $929.7

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

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

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

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

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

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

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

2014 $392.9 $258.0 $650.9 $296.3 $947.2

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

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

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

2018 $480.9 $314.1 $795.0 $400.6 $1,195.6

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

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

2021 $1,388.0 $1,245.1 $2,633.1 $840.9 $3,474.0

2022 YTD $417.8 $352.5 $770.3 $291.9 $1,062.2

2022 Annualized $835.6 $705.0 $1,540.6 $583.8 $2,124.4

Figure 20. Agency Gross Issuance

*2022 values have been annualized – the annualization methodology is not seasonally adjusted.

Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact 

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$836

$705

$584

$0.00

$200.00

$400.00

$600.00

$800.00

$1,000.00

$1,200.00

$1,400.00

$1,600.00

$ in billions

Fannie Mae Freddie Mac Ginnie Mae
JULY 2022

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

Ginnie Mae’s $43.6 billion in gross issuance in June was approximately 38% below the average 

monthly issuance for 2021. Thus far in 2022, Ginnie Mae is on pace to have lower gross issuance than 

2021 by approximately $41.5 billion.

Table 2. Ginnie Mae Gross Issuance Collateral Composition ($ in billions)

Issuance Year FHA VA Other Total

2001 $133.8 $34.7 $3.1 $171.5

2002 $128.6 $37.9 $2.5 $169.0

2003 $147.9 $62.7 $2.5 $213.1

2004 $85.0 $31.8 $2.5 $119.2

2005 $55.7 $23.5 $2.1 $81.4

2006 $51.2 $23.2 $2.3 $76.7

2007 $67.7 $24.2 $3.0 $94.9

2008 $221.7 $39.0 $6.9 $267.6

2009 $359.9 $74.6 $16.8 $451.3

2010 $304.9 $70.6 $15.3 $390.7

2011 $216.1 $82.3 $16.9 $315.3

2012 $253.4 $131.3 $20.3 $405.0

2013 $239.2 $132.2 $22.2 $393.6

2014 $163.9 $111.4 $21.0 $296.3

2015 $261.5 $155.6 $19.2 $436.3

2016 $281.8 $206.5 $19.9 $508.2

2017 $257.6 $177.8 $20.2 $455.6

2018 $222.6 $160.8 $17.2 $400.6

2019 $266.9 $225.7 $16.0 $508.6

2020 $327.0 $423.5 $24.9 $775.4

2021 $392.2 $422.1 $26.7 $840.9

2022 YTD $153.0 $129.9 $9.0 $291.9

2022 Annualized $306.0 $259.8 $18.0 $583.8

Figure 21. Ginnie Mae Gross Issuance

Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact 

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$306

$260

$18 $0.00

$50.00

$100.00

$150.00

$200.00

$250.00

$300.00

$350.00

$400.00

$450.00

$ in billions

FHA VA Other
JULY 2022

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

5.2 Net Issuance of Agency MBS 

Agency net issuance in June was approximately $41.5 billion, which represents a 0.2% MoM decrease 

in net issuance. Ginnie Mae net issuance was $16.0 billion in June. VA net issuance continues to 

outpace FHA. 

Table 3. Agency Net Issuance ($ in billions)

Issuance Year Fannie Mae Freddie Mac GSE Ginnie Mae Total

2000 $92.0 $67.8 $159.8 $29.3 $189.1

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

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

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

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

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

2006 $164.3 $149.3 $313.6 $0.2 $313.8

2007 $296.1 $218.8 $514.9 $30.9 $545.7

2008 $213.0 $101.8 $314.8 $196.4 $511.3

2009 $208.1 $42.5 $250.6 $257.4 $508.0

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

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

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

2013 $53.5 $11.8 $65.3 $89.6 $154.9

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

2015 $3.5 $65.0 $68.4 $97.3 $165.7

2016 $60.5 $66.8 $127.4 $126.1 $253.5

2017 $83.7 $77.0 $160.7 $132.3 $293.0

2018 $81.9 $67.6 $149.4 $112.0 $261.5

2019 $87.4 $110.3 $197.7 $95.7 $293.5

2020 $289.3 $343.5 $632.8 $19.9 $652.7

2021 $384.9 $498.0 $882.9 $2.7 $885.6

2022 YTD $137.4 $130.8 $268.2 $75.4 $343.6

2022 Annualized $274.9 $261.6 $536.5 $150.8 $687.2

Figure 22. Agency Net Issuance

Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact 

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$275

$262

$151

-$200.00

-$100.00

$0.00

$100.00

$200.00

$300.00

$400.00

$500.00

$600.00

$ in billions

Fannie Mae Freddie Mac Ginnie Mae
JULY 2022

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

Table 4. Ginnie Mae Net Issuance Collateral Composition ($ in billions)

Issuance Year FHA VA Other Total

2000 $29.0 $0.3 $0.0 $29.3

2001 $0.7 -$10.6 $0.0 -$9.9

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

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

2004 -$45.2 $5.1 $0.0 -$40.1

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

2006 -$4.7 $3.8 $1.2 $0.2

2007 $20.2 $8.7 $2.0 $30.9

2008 $173.3 $17.7 $5.4 $196.4

2009 $206.4 $35.1 $15.8 $257.4

2010 $158.6 $29.6 $10.0 $198.3

2011 $102.8 $34.0 $12.8 $149.6

2012 $58.9 $45.9 $14.3 $119.1

2013 $20.7 $53.3 $13.9 $87.9

2014 -$4.8 $53.9 $12.5 $61.6

2015 $22.5 $66.9 $7.9 $97.3

2016 $45.6 $73.2 $6.0 $124.9

2017 $50.1 $76.1 $5.0 $131.2

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 -$52.5 $71.0 $1.3 $19.9

2021 -$64.2 $74.2 -$7.3 $2.7

2022 YTD $35.4 $41.4 -$1.4 $75.4

2022 Annualized $70.7 $82.8 -$2.7 $150.8

Figure 23. Ginnie Mae Net Issuance

Note: Numbers are rounded to the nearest hundred million. For sums, like “GSE Total”, the values are rounded after the exact 

underlying values are summed. As a result, some sums may not appear to match the sum of their rounded component values.

$71

$83

-$3

-$100.00

-$50.00

$0.00

$50.00

$100.00

$150.00

$200.00

$250.00

$ in billions

FHA VA Other
JULY 2022

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

5.3 Monthly Issuance Breakdown

Table 5. Ginnie Mae Net Issuance Collateral Composition ($ in billions)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Jun-21 $108.5 $91.2 $67.7 $199.7 $267.4 $34.0 $33.7 $2.6 $67.8 $70.4

Jul-21 $95.4 $84.6 $69.0 $180.0 $249.0 $27.6 $31.9 -$1.4 $59.5 $58.0

Aug-21 $104.8 $109.3 $66.6 $214.1 $280.8 $27.5 $48.5 $1.4 $76.1 $77.4

Sep-21 $102.9 $105.3 $68.0 $208.3 $276.3 $26.4 $45.6 $3.1 $72.0 $75.1

Oct-21 $105.1 $102.7 $62.5 $207.8 $270.3 $34.6 $46.9 $1.9 $81.5 $83.4

Nov-21 $93.6 $81.1 $60.8 $174.7 $235.5 $29.5 $34.9 $3.1 $64.4 $67.6

Dec-21 $93.7 $85.4 $58.9 $179.1 $238.0 $33.8 $34.4 $5.7 $68.3 $73.9

Jan-22 $93.1 $64.1 $49.0 $157.2 $206.2 $44.0 $46.2 $8.3 $90.2 $97.3

Feb-22 $73.3 $62.3 $47.3 $135.6 $182.8 $28.7 $28.3 $4.2 $57.0 $60.2

Mar-22 $76.8 $62.9 $47.4 $139.7 $187.1 $23.1 $22.6 $6.9 $45.7 $52.6

Apr-22 $65.3 $53.5 $47.8 $118.8 $166.6 $17.7 $19.5 $13.2 $37.2 $50.3

May-22 $54.7 $43.7 $45.0 $98.4 $143.4 $12.5 $13.6 $15.5 $26.1 $41.6

Jun-22 $54.5 $42.0 $43.6 $96.5 $140.1 $14.8 $10.7 $16.0 $41.5 $41.5

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

level disclosure files. Net issuance is defined here as the difference between prior period UPB and current period UPB. Data as of 

June 2022. Beginning with the October 2021 GMAR, the Fannie Mae and Freddie Mac net issuance data have been updated to reflect 

the current UPB of the portfolios. July 2021 through May 2022 GMAR net issuance data reflect the UPB at security issuance for Fannie 

Mae and Freddie Mac. Note: Numbers are rounded to the nearest hundred million.
JULY 2022

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

5.4 Percent Refi at Issuance – Single-Family 

Refinance activity has dropped for all of the agencies, but the rate of decline has been greater in the 

conventional mortgage market space, as Fannie and Freddie’s refinance percentages have declined 

approximately 30% and 26%, respectively. Ginnie Mae’s MoM decline has been approximately 20%, 

with the greater decline taking place with VA lending which was down almost 22% in June MoM. 

FHA’s refinance share declined just 10% in June MoM. The decline in refinance activity is leading to, 

particularly in the case of Ginnie Mae, a sharp increase in net issuance. 

Freddie Mac’s refinance percentage has dropped to 29% in June, down from 39% in May. 

Fannie Mae’s refinance percentage has dropped to 26% in June, down from 37% in May. 

Ginnie Mae’s refinance percentage dropped to 20% in June, down from 25% in May. 

FHA’s refinance percentage has dropped to 18% in June, down from 20% in May. 

VA’ s refinance percentage has dropped to 25% in June, down from 32% in May. 

Figure 24. Percent Refinance at Issuance – Single-Family.

Sources: Recursion. Notes: Data as of June 2022

29%

26%

20%

18%

25%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Dec/13

Mar/14

Jun/14

Sep/14Dec/14

Mar/15

Jun/15

Sep/15Dec/15

Mar/16

Jun/16

Sep/16Dec/16

Mar/17

Jun/17

Sep/17Dec/17

Mar/18

Jun/18

Sep/18Dec/18

Mar/19

Jun/19

Sep/19Dec/19

Mar/20

Jun/20

Sep/20Dec/20

Mar/21

Jun/21

Sep/21Dec/21

Mar/22

Jun/22

Freddie Fannie Ginnie FHA VA
JULY 2022

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

6 AGENCY SINGLE-FAMILY MBS OUTSTANDING

6.1 Outstanding Single-Family Agency MBS 

As of June 2022, outstanding single-family MBS in the Agency market totaled $8.403 trillion: 42.2% 

Fannie Mae, 33.7% Freddie Mac, and 24.2% Ginnie Mae MBS. Over the past twelve months, Freddie 

Mac’s, Fannie Mae’s and Ginnie Mae’s total outstanding MBS increased by approximately 13.2%, 

7.4% and 5.4%, respectively. Despite this, Fannie Mae outstanding MBS remains larger than either 

Freddie or Ginnie by approximately $711 billion and $1.5 trillion, respectively.

Ginnie Mae MBS collateral composition has changed dramatically over the past ten years. In 

December 2011, 76% of Ginnie Mae outstanding collateral was FHA and 19.5% was VA. In June 2022, 

FHA collateral comprised 52.4% of Ginnie Mae MBS outstanding and VA collateral comprised 42.4% 

of Ginnie Mae MBS outstanding. 

Figure 25. Outstanding Agency Mortgage-Backed Securities.

Figure 26. Composition of Outstanding Ginnie Mae Mortgage-Backed Securities.

Sources: Recursion. Notes: Data as of June 2022.

$3,543

$2,832

$2,031

$8,403

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

$ in Billions

Fannie Mae Freddie Mac Ginnie Mae Total

$1,065

$862

$107

0

200

400

600

800

1000

1200

1400

Jun/14 Jun/15 Jun/16 Jun/17 Jun/18 Jun/19 Jun/20 Jun/21 Jun/22

$ in Billions

FHA VA OTHER
JULY 2022

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

6.2 Origination Volume and Share Over Time 

Origination volume declined in Q1 2022, with $725 billion in originations in Q1, which represents a 

decline in issuance from Q4 2021 of approximately 34%. Ginnie Mae’s share of total origination 

increased 20.0% from 14.5% to 17.4% in Q1 2022. 

Figure 27. First Lien Origination Volume

Figure 28. First Lien Origination Share

Source: Inside Mortgage Finance. Note: Data as of Q1 2022.

$0.46

$0.13

$0.04

$0.11

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$ in Trillions

GSE securitization FHA/VA securitization PLS securitization Portfolio

63.0%

17.4%

4.8%

14.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Portfolio PLS securitization FHA/VA securitization GSE securitization
JULY 2022

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

6.3 Agency Issuance and Agency Outstanding by State 

Ginnie Mae MBS represent approximately 25% of new Agency issuance over the past year. The share 

of Ginnie Mae’s new Agency issuance varies across states, with the highest Ginnie Mae share still 

being in Alaska (50%) and the lowest still in the District of Columbia (15%). The highest Ginnie Mae 

outstanding share is still in Alaska and Mississippi (47%) and the lowest in the District of Columbia 

(13%). There is currently a 1% difference between Ginnie Mae’s share of new Agency issuance and 

Ginnie Mae’s share of Agency outstanding.

Table 6. Agency Issuance Breakdown by State

Agency Issuance (past 1 year) Agency Outstanding (past 1 year) 

National GNMA 

Share 

GNMA Loan 

Count 

GNMA Avg. 

Loan Size (000) 

GSE Avg. 

Loan Size 

(000) 

GNMA Share by 

UPB 

GNMA Loan 

Count 

GNMA Avg. Loan 

Size (000) 

GSE Avg. Loan 

Size (000) 

26% 3,542,811 266.40 274.07 25% 10,412,004 199.74 209.62

AK 50% 12,279 321.49 285.17 47% 36,539 258.16 220.40

AL 39% 73,934 210.66 227.13 40% 229,854 152.30 176.20

AR 36% 39,379 179.69 209.05 38% 134,099 128.61 159.37

AZ 24% 112,120 285.71 292.96 23% 264,272 211.35 223.30

CA 18% 267,080 420.25 413.26 16% 659,158 321.01 321.49

CO 25% 85,737 372.32 354.02 23% 207,716 283.51 275.18

CT 25% 33,437 250.53 269.90 25% 102,831 198.78 209.06

DC 15% 3,004 507.50 438.75 13% 8,655 375.67 352.65

DE 31% 17,307 254.27 271.45 31% 50,132 200.76 209.75

FL 31% 312,737 267.62 271.79 31% 818,277 204.82 208.07

GA 33% 174,686 233.37 267.78 33% 483,027 173.43 203.69

HI 36% 12,796 590.94 470.77 31% 32,707 464.33 358.79

IA 22% 23,467 178.92 193.92 21% 80,580 131.12 148.90

ID 22% 21,576 311.58 298.85 22% 62,145 210.24 220.60

IL 22% 115,130 204.73 238.25 21% 352,798 156.95 179.01

IN 29% 85,193 179.43 196.94 29% 271,583 129.79 149.17

KS 28% 28,121 188.05 215.80 28% 94,433 136.77 162.97

KY 33% 50,228 188.87 203.49 33% 160,294 139.98 155.00

LA 41% 62,264 200.23 229.65 39% 193,058 155.31 177.20

MA 17% 40,516 353.50 352.00 15% 109,659 278.59 269.59

MD 35% 104,684 327.48 317.92 33% 282,678 261.83 249.68

ME 25% 12,051 `228.62 251.80 25% 36,842 173.31 190.56

MI 19% 82,205 178.76 206.17 19% 267,544 130.35 156.29

MN 17% 47,093 237.37 259.73 17% 156,332 178.89 197.63

MO 27% 72,555 189.50 210.69 28% 238,866 138.42 161.28

MS 46% 35,640 192.86 207.78 47% 118,598 139.88 160.20

MT 23% 10,362 284.08 289.00 23% 31,858 203.21 214.38

NC 28% 139,115 231.82 264.43 28% 403,691 170.11 199.45

ND 26% 5,765 239.78 237.15 23% 16,607 190.93 185.25

NE 24% 17,734 205.06 209.24 26% 63,714 144.89 160.06

NH 21% 12,229 287.94 282.61 22% 37,505 221.18 213.80

NJ 22% 79,575 298.19 323.68 21% 223,904 235.43 254.28

NM 36% 27,560 225.92 235.81 37% 92,801 162.59 176.79

NV 30% 53,475 314.31 302.71 29% 128,177 241.38 232.79

NY 19% 75,449 296.91 337.66 19% 299,893 204.80 247.67

OH 27% 120,149 174.75 196.88 28% 411,635 127.05 148.27

OK 39% 51,342 191.85 211.41 41% 185,485 137.61 160.63

OR 20% 39,960 329.03 332.74 19% 107,562 248.34 251.86

PA 23% 103,331 195.46 239.16 25% 379,625 146.72 181.18

RI 31% 12,106 297.17 277.10 29% 34,294 227.55 212.50

SC 33% 84,415 234.97 247.63 33% 225,951 177.78 190.07

SD 28% 8,376 229.33 228.59 29% 28,650 168.82 176.82

TN 29% 88,903 239.33 262.04 31% 264,309 169.34 201.39

TX 30% 343,081 242.04 277.05 31% 1,056,124 176.19 208.69

UT 19% 36,615 341.66 340.74 18% 92,716 251.17 261.05

VA 37% 154,080 325.53 316.11 35% 432,945 252.95 250.60

VI 17% 151 365.95 393.79 23% 761 239.83 299.55

VT 19% 3,530 228.36 248.30 18% 11,847 178.52 179.70

WA 22% 85,241 373.93 375.66 21% 226,964 278.07 288.01

WI 17% 38,754 201.70 217.77 16% 120,337 153.46 163.56

WV 42% 17,410 189.82 193.88 43% 57,393 141.29 144.92

WY 35% 8,884 253.54 255.23 34% 24,579 203.19 201.01

Sources: Recursion. Notes: Outstanding balance is based on loan balance as of June 2022. Ginnie Mae issuance is based on the 

last 12 months, from May 2021 to June 2022. Values above are based on loan level disclosure data, thus excluding loan balances
JULY 2022

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

for the first six months that loans are in a pool. This accounts for the difference in the share of outstanding MBS represented above 

and in Outstanding Single-Family Agency MBS. 

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

As of June 2022, the weighted average coupon on outstanding Ginnie Mae increased slightly from 

2.90% in May 2022 to 2.92%. With rates rising to over 6.0% in June, this expansion is likely to stop. 

The bottom chart illustrates that loans originated since 2019 account for 75% of Ginnie MBS collateral 

outstanding.

Figure 29. Outstanding Ginnie Mae MBS Balance, by Coupon.

Figure 30. Outstanding Ginnie Mae MBS Balance, by Vintage.

Sources: Recursion. Note: June 2022 data points reflect the current composition of balances by coupon and vintage; factor data is 

not applied to prior date balance compositions. Average coupon is weighted by remaining principal balance.

2.7

2.9

3.1

3.3

3.5

3.7

3.9

4.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec/15

Mar/16

Jun/16

Sep/16Dec/16

Mar/17

Jun/17

Sep/17Dec/17

Mar/18

Jun/18

Sep/18Dec/18

Mar/19

Jun/19

Sep/19Dec/19

Mar/20

Jun/20

Sep/20Dec/20

Mar/21

Jun/21

Sep/21Dec/21

Mar/22

Jun/22

Avg Coupon %

<3 >=3 and <3.5 >=3.5 and <4 >=4 Average Coupon %

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Sep/14Dec/14

Mar/15

Jun/15

Sep/15Dec/15

Mar/16

Jun/16

Sep/16Dec/16

Mar/17

Jun/17

Sep/17Dec/17

Mar/18

Jun/18

Sep/18Dec/18

Mar/19

Jun/19

Sep/19Dec/19

Mar/20

Jun/20

Sep/20Dec/20

Mar/21

Jun/21

Sep/21Dec/21

Mar/22

Jun/22

Pre 2008 2008-2013 2014-2018 2019-2022
JULY 2022

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

7 AGENCY REMIC SECURITIES

7.1 Monthly REMIC Demand for Ginnie Mae MBS 

In June 2022, $7.4 billion of Ginnie Mae MBS were securitized into Real Estate Mortgage Investment 

Conduits (REMICs) as underlying collateral, a 25% MoM increase. Of that, approximately $1.8 billion 

were Multifamily MBS having coupons between 2.5% and 3.5%. $5.6 billion were Single- Family MBS 

with 81% of the Single-Family MBS having coupons over 4%. 

Through the first half of Calendar Year 2022 approximately $66 billion of Ginnie Mae Single-Family 

and Multifamily MBS were securitized into Ginnie Mae REMIC transactions. This represents a roughly 

35% decrease over the same period in Calendar Year 2021 ($102 billion).

Figure 31. Ginnie Mae Single-Family and Multifamily MBS Securitized into REMICs.

Table 7. June 2022 REMIC Collateral Coupon Distribution.

Source: Ginnie Mae Disclosure Files

5

Totals may not sum due to rounding.

$14.3 $17.1 $18.2

$14.2

$16.6

$13.2

$15.7 $15.3

$10.4 $11.2

$5.9 $7.4

$5

$10

$15

$20

$25

Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22

in Billions $

Net Coupon (%) Approx. Ginnie Mae MBS amount securitized into 

REMIC Deals ($MM)5

% Breakdown of REMIC 

Collateral by coupon17

Multifamily 

2.01-2.50 1,675.1 93%

2.51-3.00 135.0 7%

Subtotal 1,810.1 100%

Single-Family

<2.00 - 0%

2.01-2.50 - 0%

2.51-3.00 212.6 4%

3.01-3.50 198.6 4%

3.51-4.00 625.1 11%

4.01-4.50 2,803.5 50%

4.51-5.00 1,345.1 24%

5.01-5.50 377.1 7%

5.50-6.00 - 0%

6.01-6.50 - 0%

Subtotal 5,562.0 100%

Grand Total 7,372.1
JULY 2022

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

7.2 REMIC Market Snapshot 

In June 2022, Ginnie Mae REMIC issuance volume increased 29% month-over-month from $7.0 to 

just over $9.0 billion. This is the first time that Ginnie Mae REMIC issuance volume has increased 

MoM in calendar year 2022. The average Ginnie Mae Multifamily REMIC deal size for the month of 

June 2022 was $231.3 million, which is the lowest average Multifamily REMIC deal size since October 

2019. In June 2022, the average Single-Family coupon for Ginnie Mae, Freddie Mac, and Fannie Mae 

REMIC transactions was over 4%.

 Ginnie Mae’s average Single-Family REMIC coupon increased 54 basis points from 3.97% to 

4.51%.

 Freddie Mac’s average Single-Family REMIC coupon increased 50 basis points from 3.75% to 

4.25%.

 Fannie Mae’s average Single-Family REMIC coupon decreased 4 basis points from 4.21% to 4.17%. 

In June 2022, GSE REMIC issuance totaled just over $13 billion. This is the lowest level of GSE REMIC 

issuance since May 2019. 

 Freddie Mac REMIC issuance dropped below $10 billion for the first time since July 2021.

Figure 32. REMIC Issuance by Agency

Table 8. Monthly REMIC Issuance by Agency

SF

REMIC

Issuance

Volume

($B)

% of SF

REMIC

Issuance

Volume

Number of

SF REMIC

Transactions

MF REMIC

Issuance

Volume ($B)

% of MF

REMIC

Issuance

Volume

Number of

MF REMIC

Transactions

Ginnie Mae 6.2 43.5 11 2.1 29.4 9

Freddie Mac 3.3 23.2 9 4.4 62.0 5

Fannie Mae 4.8 33.3 10 0.6 8.6 2

Total $14.30 100% 30 $7.1 100% 16

Source: Ginnie Mae, Fannie Mae, and Freddie Mac Disclosure Files

2.1

4.4

0.6

6.2

3.3

4.8

June

Ginnie Mae Freddie Mac Fannie Mae

Outer: Single Family

Inner: Multifamily
JULY 2022

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

8 MBS OWNERSHIP

As of Q1 2022, the largest holders of Agency debt (Agency MBS + Agency notes and bonds) included 

commercial banks (26%), the Federal Reserve (25%), and foreign investors (11%). The Federal 

Reserve’s share remained at 25% in the first quarter of 2022, the highest it has been since 2015. 

Despite large Federal Reserve purchases, commercial banks continue to be the largest holders of 

Agency MBS. Out of their nearly $2.9 trillion in holdings as of the end of May 2022, $2.1 trillion was 

held by the top 25 domestic banks.

Figure 33. Who Owns Total Agency Debt?

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

governments, households and nonprofits. Data as of Q1 2022.

8.1 Commercial Bank Holdings of Agency MBS

Table 9. Commercial Bank Holdings of Agency MBS

Commercial Bank Holdings ($Billions) Week Ending

Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 8-Jun 15-Jun 22-Jun 29-Jun

Largest 25 Domestic 

Banks 

2,149.9 2,140.2 2,153.7 2,188.8 2,200.4 2,186.8 2,163.9 2,143.9 2,133.2 2,117.1 2,113.9 2,116.7

Small Domestic 

Banks

712.0 721.5 730.7 742.2 748.6 744.1 736.1 730.8 735.3 737.0 738.3 734.0

Foreign Related 

Banks 

47.9 46.2 43.2 42.2 39.3 36.6 34.2 34.1 34.8 35.2 36.6 39.0

Total, Seasonally 

Adjusted

2,909.8 2,907.9 2,927.6 2,973.2 2,988.3 2,967.5 2,934.2 2,908.8 2,903.3 2,889.3 2,888.8 2,889.7

Source: Federal Reserve Bank. Note: Small domestic banks include all domestically chartered commercial banks not included in the 

top 25. Data as of May 2022.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Other

Foreign Investment

Credit Unions

Money Market Funds

& Pension Funds

Mutual Funds

REITs

GSEs

Dealers

Commercial Banks

Fed
JULY 2022

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

8.2 Bank and Thrift Residential MBS Holdings 

In Q1 2022, MBS holdings at banks and thrifts decreased for the first in thirteen consecutive quarters. 

The decrease was driven by GSE pass-throughs, Private MBS, and Agency CMO holdings, with the 

decrease in GSE pass-throughs making the largest contribution. In contrast, Ginnie Mae passthroughs increased by approximately 4.5%. Total bank and thrift MBS holdings decreased by 

approximately 4% from Q4 2021. Out of the $2.8 trillion in MBS holdings at banks and thrifts as of Q1 

2022, $2.3 trillion were Agency pass-throughs, including $1.8 trillion of GSE pass-throughs and $368 

billion of Ginnie Mae pass-throughs. 

Table 10. Bank and Thrift Residential MBS Holdings

All Banks & Thrifts 

($ in billions)

All MBS 

($ in billions)

Year Total GSE PT GNMA PT Private 

MBS

Agency 

CMO

Private 

CMO Banks Thrifts

2001 810.50 270.59 109.53 37.62 236.91 76.18 606.91 203.37

2002 912.36 376.11 101.46 20.08 244.98 89.88 702.44 209.66

2003 982.08 461.72 75.11 19.40 236.81 106.86 775.66 206.45

2004 1,113.89 572.40 49.33 20.55 208.18 160.55 879.75 234.31

2005 1,033.77 566.81 35.92 29.09 190.70 211.25 897.06 242.69

2006 1,124.46 628.52 31.13 42.32 179.21 243.28 983.49 223.42

2007 1,149.10 559.75 31.58 26.26 174.27 357.24 971.42 264.59

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2Q21 2,781.91 1,825.80 352.77 4.77 555.45 43.12 2,431.76 350.15

3Q21 2,858.59 1,886.78 353.12 4.24 565.51 48.95 2,487.32 371.27

4Q21 2,906.07 1,915.48 352.71 4.45 578.01 55.42 2,529.81 376.26

1Q22 2,799.21 1,817.72 368.43 4.04 548.60 60.43 2,476.11 323.10

Change:

4Q21-1Q22 -3.7% -5.1% 4.5% -9.3% -5.1% 9.0% -2.1% -14.1%

1Q21-1Q22 4.0% 6.1% -1.7% -17.3% -1.2% 42.9% 5.3% -5.0%

Source: Inside Mortgage Finance. Notes: Data as of Q1 2022.
JULY 2022

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

Table 11. Top 20 Bank and Thrift Residential MBS Investors ($ in millions)

Institution Total GSE PT GNMA PT Agency 

CMO 

NonAgency

Share 

1 BANK OF AMERICA 

CORPORATION $562,474.0 $449,150.0 $101,103.0 $11,969.0 $252.0 20.9% 

2 WELLS FARGO & COMPANY $259,187.0 $188,326.0 $64,441.0 $5,994.0 $426.0 9.6%

3 JPMORGAN CHASE & CO. $204,088.0 $118,246.0 $70,487.0 $154.0 $15,201.0 7.6%

4 Charles Schwab Bank $171,739.0 $84,782.0 $13,336.0 $73,621.0 $0.0 6.4%

5 Truist Bank $116,435.0 $46,913.0 $13,485.0 $56,037.0 $0.0 4.3%

6 U.S. BANCORP $116,049.7 $82,567.1 $17,779.4 $15,702.8 $0.5 4.3%

7 CITIGROUP INC. $98,691.0 $90,354.0 $2,390.0 $4,402.0 $1,545.0 3.7%

8 CAPITAL ONE FINANCIAL 

CORPORATION $75,021.9 $42,658.4 $9,173.5 $22,612.9 $577.1 2.8% 

9 BANK OF NEW YORK 

MELLON CORP $61,338.0 $45,554.0 $2,891.0 $10,384.0 $2,509.0 2.3% 

10 PNC Bank, National 

Association $52,989.3 $44,323.4 $5,950.7 $1,292.2 $1,423.1 2.0% 

11 Silicon Valley Bank $44,909.4 $35,394.5 $534.7 $8,980.2 $0.0 1.7%

12 USAA Federal Savings Bank $44,529.1 $39,219.0 $2,064.3 $3,245.7 $0.0 1.7%

13 State Street Bank and Trust 

Company $43,141.8 $17,869.0 $5,849.0 $16,928.8 $2,495.0 1.6% 

14 E*TRADE Bank $38,091.1 $28,463.4 $6,156.7 $3,471.1 $0.0 1.4%

15 MORGAN STANLEY $33,957.0 $21,722.0 $3,981.0 $8,254.0 $0.0 1.3%

16 TD Bank USA/TD Bank NA $26,046.0 $1,526.5 $133.0 $24,290.0 $96.4 1.0%

17 Ally Bank $24,197.0 $18,367.0 $961.0 $2,594.0 $2,275.0 0.9%

18 BMO Harris Bank National 

Association $23,317.9 $4,777.3 $431.3 $18,107.5 $1.9 0.9% 

19 HSBC Bank USA, National 

Association $23,285.8 $7,790.5 $7,487.0 $8,006.5 $1.8 0.9% 

20 KeyBank National Association $22,140.1 $3,852.8 $419.3 $17,868.0 $0.0 0.8%

Total Top 20 $2,041,628.1 $1,371,855.9 $329,053.9 $313,914.7 $26,803.8 76.1%

Source: Inside Mortgage Finance. Notes: Data as of Q1 2022.
JULY 2022

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

8.3 Foreign Ownership of MBS 

For the month of April 2022, foreign ownership of MBS represents $1.12 trillion in Agency MBS, up 

approximately $7 billion from March 2022. Total foreign ownership includes $502 billion held by 

foreign private institutions and $618 billion held by foreign official institutions. The foreign share of 

the Agency MBS Market continues to decline since the beginning of COVID. The pre-Covid peak of 

approximately 17.5% has fallen all the way to 13.46% in April of 2022.

Figure 34. Foreign Share of Agency MBS Market

Figure 35. Monthly Foreign MBS Holdings

Sources: eMBS [Top Chart], Treasury International Capital (TIC) [Bottom Chart] Notes: In December 2017, there was a data correction 

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

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

2022.

13.46%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

Apr-15

Jul-15

Oct-15

Jan-16

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

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Percent of Agency MBS

O

wned

by Foreigners

Foreign Share of MBS

618

502

1,120

0

200

400

600

800

1,000

1,200

1,400

Jan-15

Apr-15

Jul-15

Oct-15

Jan-16

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

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

$ Billions

Foreign Official MBS Foreign Private MBS Total Agency MBS Held by Foreigners
JULY 2022

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

8.4 Foreign Ownership of Agency Debt and Agency MBS 

The largest non-US holders of Agency MBS are in Japan, Taiwan, and China. As of December 2021, 

these three own 60% of all US MBS held by investors outside of the United States. Between June 2020 

and June 2021, these top three have decreased their Agency MBS holdings by over $4.6 billion. Japan 

has decreased their holdings by $1.4 billion, Taiwan has decreased their holdings by $208 million and 

China has decreased their holdings by $3.0 billion.

Table 12. All Agency Debt

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

6/1/2021 9/1/2021 12/1/2021 3/1/2022 Q2 

2021 Q3 2021 Q4 2021 Q1 2022

Japan 311,375 311,892 301,979 259,844 -8,396 517 -9,913 -42,135

Taiwan 250,081 247,341 244,375 233,340 -2,955 -2,740 -2,966 -11,035

China 217,842 215,102 202,659 219,553 16,870 -2,740 -12,443 16,894

Luxembourg 35,497 33,339 34,277 33,130 1,126 -2,158 938 -1,147

Ireland 21,453 22,617 21,305 20,589 -5,512 1,164 -1,312 --716

South Korea 43,201 43,208 42,051 40,362 169 7 -1,157 -1,689

Cayman Islands 36,027 36,160 35,004 31,795 -1,084 133 -1,156 -3,209

Bermuda 23,806 24,411 23,209 21,159 -2,637 605 -1,202 -2,050

Netherlands 12,544 17,435 16,249 14,851 -505 4,891 -1,186 -1,398

Malaysia 19,089 19,445 18,830 18,305 42 356 -615 -525

Other 166,009 268,746 302,816 269,544 -7,896 102,737 34,070 -33,372

Total 1,136,924 1,239,696 1,242,754 1,162,472 -10,778 102,772 3,058 -80,282

Table 13. Agency MBS

Country Level of Holdings ($ Millions)

6/1/2020 6/1/2021 YoY Change in Holdings ($ Millions)

Japan 306,963 305,580 -1,383

Taiwan 267,700 267,492 -208

China 235,078 232,076 -3,002

Luxembourg 40,207 34,255 -5,952

Ireland 21,091 25,336 4,245

South Korea 28,743 34,313 5,570

Cayman Islands 28,431 29,682 1,251

Bermuda 25,111 24,245 -866

Netherlands 12,739 13,351 612

Malaysia 20,028 19,949 -79

Other 173,716 170,062 -3,654

Total 1,159,809 1,156,341 -3,468

Sources: Treasury International Capital (TIC). Notes: Level of Agency debt Holdings by month data as of Q1 2022. Agency MBS as

of June 2021. Revised to include top 10 holders of Agency debt listed as of June 2018.
JULY 2022

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

9 FIXED INCOME LIQUIDITY INDICATORS

Agency MBS average daily trading volume as of June 2022 was $256 billion for 2022 YTD, which is 

down from $281 billion from January 2021 to December 2021. January 2022 remained the highest 

month of Agency MBS trading volume since February 2021. Agency MBS turnover in 2021 was 25 

bps lower than its 2020 average, at 2.70% and 2.95% respectively. 2021 Agency MBS turnover and 

US Treasury turnover both finished lower than the 2020 averages at 2.70% and 2.87% respectively. 

Corporates turnover remains minimal relative to either Agency MBS or Treasury turnover.

Figure 36. Average Daily Trading Volume by Sector

Figure 37. Average Daily Turnover by Sector

Source: SIFMA. Note: Data as of June 2022 for Average Daily Trading Volume by Sector and as of December 2021 for Average Daily 

Turnover by Sector

$256

$654

$40

$0

$100

$200

$300

$400

$500

$600

$700

$

Billions

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

2.70%

2.87%

0.37%

0%

2%

4%

6%

8%

10%

12%

14%

Agency MBS Turnover Treasury Turnover Corporates Turnover
JULY 2022

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

PRIMARY MORTGAGE MARKET

10 AGENCY CREDIT BREAKDOWN 

The tables below outline the population distributions of FICOs, DTIs, and LTVs between the agencies 

and between FHA, VA, and the Other Ginnie Mae loan sources. The distribution statistics capture 

some key differences in the populations served by the agencies.

10.1 Credit Scores

Table 14. Share of Loans by FICO Score

Purchase FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 304,544 650 691 743 779 798 732

Fannie 121,072 690 723 759 786 801 751

Freddie 88,034 694 727 762 787 801 754

Ginnie 95,438 625 647 678 728 776 688

Refi FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 136,095 636 670 715 764 792 715

Fannie 56,320 659 693 737 776 798 732

Freddie 47,495 653 685 726 767 793 724

Ginnie 32,280 606 631 662 700 748 668

All FICO

Names Number of Loans P10 P25 Median P75 P90 Mean

All 440,639 646 683 735 776 797 726

Fannie 177,392 679 713 753 784 800 745

Freddie 135,529 675 711 752 783 800 743

Ginnie 127,718 621 643 674 721 771 683

Purchase FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 95,438 625 647 678 728 776 688

FHA 56,192 620 640 664 694 731 669

VA 33,954 638 669 723 773 796 719

Other 5,292 640 658 690 729 760 694

Refi FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 32,280 606 631 662 700 748 668

FHA 18,121 596 622 647 674 701 648

VA 14,093 625 652 690 736 774 694

Other 66 606 639 690 750 759 687

All FICO: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 127,718 621 643 674 721 771 683

FHA 74,313 612 635 660 689 726 664

VA 48,047 633 663 711 764 793 712

Other 5,358 640 658 690 729 760 694
JULY 2022

5.87%

8

7

7

6

6

5

9.32%

41.50%

29.23%

15.79%

4.14%

0.01%

9.93%

42.09%

29.30%

14.94%

3.67%

0.07%

5.67%

24.81%

22.65%

26.86%

17.67%

1.64%

0.43%

35.13%

39.50%

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

13.05%

4.43%

Freddie Mac

Fannie Mae

Figure 38. FICO Distributions by Agency

VA

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

FHA

0 0 - 8 5 0

5 0 - 8 0 0

0 0 - 7 5 0

5 0 - 7 0 0

0 0 - 6 5 0

5 0 - 6 0 0 5 0 - 6 0 0

0 0 - 6 5 0

5 0 - 7 0 0

0 0 - 7 5 0

5 0 - 8 0 0

0 0 - 8 5 0

5.87%

35.13%

39.50%

13.05%

4.43%

0.43%

1.64%

17.67%

26.86%

22.65%

24.81%

5.67%

0.07%

3.67%

14.94%

29.30%

42.09%

9.93%

0.01%

4.14%

15.79%

29.23%

41.50%

9.32%

5

6

6

7

7

8

Freddie Mac

Fannie Mae

VA

FHA
JULY 2022

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

10.2 Loan-to-Value (LTV)

Table 15. Share of Loans by LTV

Purchase LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 304,789 67 80 90 97 99 86

Fannie 121,188 60 75 80 95 95 81

Freddie 88,062 60 75 80 95 95 80

Ginnie 95,539 90 96 98 100 101 96

Refi LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 136,586 38 53 67 77 81 63

Fannie 56,322 34 48 60 73 80 59

Freddie 47,497 37 51 64 74 80 60

Ginnie 32,767 57 69 80 85 90 76

All LTV

Names Number of Loans P10 P25 Median P75 P90 Mean

All 441,375 51 70 80 95 98 79

Fannie 177,510 46 63 80 90 95 74

Freddie 135,559 47 63 79 90 95 73

Ginnie 128,306 73 86 98 99 100 91

Purchase LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 95,539 90 96 98 100 101 96

FHA 56,244 91 96 98 98 98 96

VA 33,984 86 100 100 100 102 96

Other 5,311 93 99 101 101 101 98

Refi LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 32,767 57 69 80 85 90 76

FHA 18,397 56 68 78 81 81 73

VA 14,253 59 73 85 90 9 80

Other 117 50 64 81 93 100 78

All LTV: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 128,306 73 86 98 99 100 91

FHA 74,641 73 81 98 98 98 90

VA 48,237 73 88 100 100 102 92

Other 5,428 9 98 101 101 101 98

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files. Note: All averages are rounded to the nearest whole number.
JULY 2022

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

Figure 39. Loan-to Value by Agency

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0%

0 - 60%

60 - 80%

80 - 95%

95-100%

Freddie Mac Fannie Mae VA FHA
JULY 2022

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

10.3 Debt-to-Income (DTI)

Table 16. Share of Loans by DTI

Purchase DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 304,166 25 32 40 46 50 38

Fannie 121,188 24 31 39 45 48 37

Freddie 88,062 23 30 38 44 48 36

Ginnie 94,916 29 37 44 50 55 43

Refi DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 135,369 24 31 39 45 49 38

Fannie 56,322 23 30 38 44 47 36

Freddie 47,497 24 31 39 44 48 37

Ginnie 31,550 27 34 42 49 54 41

All DTI

Names Number of Loans P10 P25 Median P75 P90 Mean

All 439,535 25 32 40 46 50 38

Fannie 177,510 23 30 38 44 48 36

Freddie 135,559 24 31 38 44 48 37

Ginnie 126,466 29 36 43 50 50 42

Purchase DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 94,916 29 37 44 50 55 43

FHA 56,206 31 38 45 51 54 44

VA 33,414 28 35 43 50 56 42

Other 5,296 26 31 35 40 43 35

Refi DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 31,550 27 34 42 49 54 41

FHA 17,761 28 35 43 49 54 42

VA 13,693 26 32 40 48 53 40

Other 96 12 17 25 35 40 26

All DTI: Ginnie Mae Breakdown By Source

Names Number of Loans P10 P25 Median P75 P90 Mean

All 126,466 29 36 43 50 54 42

FHA 73,967 30 38 45 50 54 43

VA 47,107 27 34 42 49 55 42

Other 5,392 26 31 35 40 42 35

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files. Note: All averages are rounded to the nearest whole number.
JULY 2022

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

Figure 40. Debt-to Income by Agency

Sources: Fannie Mae, Freddie Mac, and Ginnie Mae disclosure files.

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

0 - 35%

35 - 44%

> 44%

Freddie Mac Fannie Mae VA FHA
JULY 2022

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

10.4 High LTV Loans: Ginnie Mae vs. GSEs 

The share of high-LTV Agency loans going to borrowers with FICO scores above 750 has increased by 

approximately 5% between periods April 2020 – June 2020 and April 2022 - June 2022. The share of 

borrowers with DTIs below 35% decreased by approximately 7% over the same period. From the 

period between April 2020 – June 2020 to the period between April 2022 – June 2022, the share of 

high-LTV loans increased in the Ginnie Mae guarantee book by approximately 3% and the GSE 

portfolios increased by approximately 81%. Still, Ginnie Mae maintains its key role of expanding credit 

access to low-to-moderate income borrowers as it continues to dominate high-LTV lending, with 

63.56% of its issuances between April 2022 and June 2022 having LTVs of 95 or above, compared to 

18.14% for the GSEs.

Table 17. Share of Loans with LTV > 95

Ginnie Mae GSE All

Apr 2020 - Jun 2020 61.81% 10.00% 22.38%

Apr 2022 - Jun 2022 63.56% 18.14% 31.91%

Table 18. Agency Market Share by DTI and FICO for Loans with LTV > 95 (Apr 2020-Jun 2020)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 2.40% 4.24% 6.32% 10.08% 0.42% 23.47%

35-45 4.97% 8.22% 9.77% 10.34% 0.17% 33.47%

≥45 4.76% 7.67% 6.75% 5.60% 0.09% 24.87%

NA 2.03% 3.03% 2.65% 2.94% 7.53% 18.19%

All 14.17% 23.16% 25.50% 28.97% 8.21% 100.00%

Table 19. Agency Market Share by DTI and FICO for Loans with LTV > 95 (Apr 2022-Jun 2022)

FICO

DTI <650 650-700 700-750 ≥750 NA All

<35 2.44% 4.19% 5.72% 9.44% 0.06% 21.86%

35-45 5.82% 9.19% 10.47% 11.75% 0.05% 37.27%

≥45 7.01% 11.44% 9.81% 8.91% 0.05% 37.22%

NA 0.75% 0.50% 0.31% 0.26% 1.84% 3.65%

All 16.02% 25.32% 26.30% 30.36% 2.01% 100.00%

Sources: Recursion and Ginnie Mae. Data as of June 2022.
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 38

10.5 Serious Delinquency Rates 

Serious delinquency rates for single-family GSE, FHA, and VA loans all continued to fall sharply in Q1 

2022. From Q4 2021 to Q1 2022, Fannie and Freddie serious delinquencies decreased 24 and 20 bps, 

respectively, or 19% and 18% respectively, as a percentage change. Ginnie Mae collateral’s serious 

delinquency rates decreased more than the GSE rates in absolute terms, with FHA and VA dropping 

115 and 67 bps respectively. This decline in serious delinquency rates is consistent with the decrease 

in the number of loans in forbearance captured in Section 11 below.

Figure 41. Serious Delinquency Rates: Single-Family Loans.

Sources:

1. Fannie Mae and Freddie Mac Monthly Summary Reports 

2. MBA Delinquency Survey. 

Note: Serious delinquency is defined as 90 days or more past due or in the foreclosure process. Data as of Q1 2022.

5.15%

1.01%

0.92%

3.15%

0%

2%

4%

6%

8%

10%

12%

3Q051Q063Q061Q073Q071Q083Q081Q093Q091Q103Q101Q113Q111Q123Q121Q133Q131Q143Q141Q153Q151Q163Q161Q173Q171Q183Q181Q193Q191Q203Q201Q213Q211Q22

S

erious D

elinquenc

y

R

ates

FHA Fannie Mae Freddie Mac VA
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 39

11 FORBEARANCE TRENDS

137,398 Ginnie Mae loans were in forbearance as of the end of May 2022. This represents a 3.0% 

decrease MoM. 4,219 of loans in forbearance were removed from MBS pools and 133,269 loans in 

forbearance still actively remain in pools. Most liquidated loans (2,746) were FHA and within that 

subset, 1,684 of those loans were originated by non-banks. 

Table 20. Forbearance Snapshot

All Loans in Forbearance – May 2022

FICO 

Score*

Note 

Rate*

Current Principal

Balance Median 

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 658 3.3 $186,285.12 77.3 71.0 137,398

Bank 673 3.7 $138,150.27 79.0 81.3 13,984

Nonbank 656 3.3 $91,964.20 77.1 70.1 123,414

FHA 653 3.4 $182,979.61 80.1 76.2 98,566

Bank 668 3.8 $130,927.55 82.5 85.5 10,405

Nonbank 652 3.4 $189,190.52 79.9 75.4 88,161

VA 668 3.1 $233,660.68 63.9 51.3 27,258

Bank 686 3.4 $185,140.13 65.7 67.6 2,701

Nonbank 666 3.0 $238,744.84 63.7 49.9 24,557

Loans in Forbearance and Removed from Pools – May 2022

FICO 

Score*

Note 

Rate*

Current Principal

Balance Median 

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 658 3.7 $148,909.71 72.3 66.7 4,129

Bank 671 4.1 $109,183.48 71.5 69.3 1,390

Nonbank 655 3.6 $178,783.23 72.6 65.9 2,739

FHA 651 3.9 $135,917.23 76.0 72.5 2,746

Bank 664 4.3 $101,359.94 73.8 69.0 1,062

Nonbank 647 3.7 $173,633.72 76.7 73.7 1,684

VA 672 3.3 $209,663.32 58.9 49.2 963

Bank 685 3.7 $165,552.09 64.6 64.3 243

Nonbank 669 3.3 $227,397.43 57.3 45.8 720

Loans in Forbearance that Remain in Pools – May 2022

FICO 

Score*

Note 

Rate*

Current Principal

Balance Median 

First Time 

Homebuyer 

Share (%)

Purchase 

Share (%)

Loan Count

Ginnie 658 3.3 $187,386.55 77.4 71.1 133,269

Bank 673 3.6 $142,372.16 79.5 82.2 12,594

Nonbank 656 3.3 $192,154.01 77.2 70.2 120,675

FHA 654 3.4 $184,144.93 80.2 76.3 95,820

Bank 668 3.7 $136,006.35 83.1 86.8 9,343

Nonbank 652 3.4 $189,502.18 80.0 75.5 86,477

VA 667 3.1 $234,510.12 64.1 51.3 26,295

Bank 686 3.4 $188,005.32 65.7 67.8 2,458

Nonbank 666 3.0 $239,000.00 63.9 50.0 23,837

Sources: Ginnie Mae loan level MBS disclosure and forbearance file and Ginnie Mae Issuer Operational Performance Profile (IOPP) 

-Peer Group Listings. Notes: Data as of May 2022; *Averages weighted by remaining principal balance of the loans.
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 40

The current share of Ginnie Mae loans in forbearance stands at 1.18% as of the end of June 2022, a 

5 bp MoM decline from 1.23% observed as of the end of May 2022. With the forbearance rate for 

Ginnie Mae collateral having been just 0.25% in March of 2020, prior to lockdown and the 

introduction of borrowers’ right to forbearance under the CARES Act, the current rates remain 

approximately five times higher than the forbearance rate just prior to the pandemic, and the rate of 

convergence to pre-pandemic rates has continued to slow down in June 2022.

Figure 42. Share of Ginnie Mae Loans in Forbearance.

Sources: Recursion. Notes: Data as of June 2022

Figure 44. Number of Loans Removed

from Pools: Bank

Sources: Recursion. Notes: data as of June 2022. Beginning with the May 2022 GMAR Report, Credit Unions will be classified as 

Banks based on the updated Recursion data source.

0%

2%

4%

6%

8%

10%

12%

Bank Forbearance Nonbank Forbearance All Forbearance

-

50,000

 100,000

 150,000

 200,000

 250,000

 300,000

 350,000

MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

Figure 43. Number of Loans Removed 

from Pools: Non-bank
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 41

Of the Ginnie Mae loans that were liquidated from pools due to mortgage delinquency (these counts 

include all delinquent buyouts, regardless of forbearance status), a higher share of the loans were 

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

likely to have coupons less than 3.5% (bottom charts: “Number of Loans Removed from Pools by 

Coupon”). In June 2022, the number of loans repurchased due to delinquency decreased 19% to 2,593 

for FHA and decreased 41% to 469 for VA loans.

Sources: Recursion. Notes: data as of June 2022.

0

50,000

100,000

150,000

200,000

250,000

300,000

LOSS MITIGATION REPURCHASE OF DELINQUENT LOAN MORTGAGOR PAYOFF

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

MORTGAGOR PAYOFF REPURCHASE OF DELINQUENT LOAN LOSS MITIGATION

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

<3.5 LOSS MITIGATION <3.5 REPURCHASE OF DELINQUENT LOAN

<3.5 MORTGAGOR PAYOFF

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

>=3.5 LOSS MITIGATION >=3.5 REPURCHASE OF DELINQUENT LOAN

>=3.5 MORTGAGOR PAYOFF

Figure 45. Number of Loans

Removed from Pools: FH

Figure 46. Number of Loans Removed

from Pools: VA

Figure 45. Number of Loans Removed from Pools by Coupon.
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 42

12 HOLDERS OF GINNIE MAE MORTGAGE SERVICING RIGHTS

This table shows the 30 largest owners of mortgage servicing rights (MSR) by UPB for loans 

collateralizing Ginnie Mae MBS. The top 30 firms collectively own 82.8% of Ginnie Mae MSRs (see 

Cumulative Share). Twenty-three of these top 30 are non-depository institutions, the remaining 7 are 

depository institutions. As of June 2022, over half (50.2%) of the Ginnie Mae MSRs are owned by the 

top six firms. 

Table 21. Top 30 Holders of Ginnie Mae Mortgage Servicing Rights (MSRs), by UPB

Rank MSR Holder UPB ($ millions) Share Cumulative 

Share

1 FREEDOM HOME MORTGAGE $253,866,602,787 12.58% 12.58%

2 PENNYMAC LOAN SERVICING $230,709,867,373 11.43% 24.01%

3 LAKEVIEW LOAN SERVICING $212,478,955,141 10.53% 34.54%

4 WELLS FARGO BANK $118,794,926,631 5.89% 40.42%

5 ROCKET MORTGAGE $101,360,992,284 5.02% 45.44%

6 NATIONSTAR MORTGAGE $96,606,829,506 4.79% 50.23%

7 CARRINGTON MORTGAGE $74,975,495,757 3.71% 53.95%

8 NEWREZ $62,553,609,347 3.10% 57.04%

9 CALIBER HOME LOANS $51,105,368,817 2.53% 59.58%

10 U. S. BANK $48,555,985,319 2.41% 61.98%

11 UNITED WHOLESALE MORTGAGE $39,928,270,507 1.98% 63.96%

12 MORTGAGE RESEARCH CENTER $33,574,884,259 1.66% 65.62%

13 LOANDEPOT.COM, LLC $32,906,733,178 1.63% 67.26%

14 PLANET HOME LENDING $32,580,916,487 1.61% 68.87%

15 USAA FEDERAL SAVINGS $29,829,583,713 1.48% 70.35%

16 NAVY FEDERAL CREDIT $28,570,765,838 1.42% 71.76%

17 AMERIHOME MORTGAGE $22,333,222,506 1.11% 72.87%

18 THE MONEY SOURCE INC $21,151,492,537 1.05% 73.92%

19 GUILD MORTGAGE COMPA $20,855,158,246 1.03% 74.95%

20 TRUIST BANK $20,854,161,946 1.03% 75.98%

21 CROSSCOUNTRY MORTGAG $16,383,580,458 0.81% 76.80%

22 NEW AMERICAN FUNDING $15,616,890,374 0.77% 77.57%

23 VILLAGE CAPITAL & INVESTMENT $14,484,895,023 0.72% 78.29%

24 RUSHMORE LOAN MANAGEMENT $13,608,014,319 0.67% 78.96%

25 IDAHO HOUSING AND FINANCE $13,522,206,282 0.67% 79.63%

26 CITIZENS BANK N.A. $13,446,474,274 0.67% 80.30%

27 CMG MORTGAGE, INC. $13,292,311,445 0.66% 80.96%

28 MOVEMENT MORTGAGE, LL $13,281,381,552 0.66% 81.61%

29 MIDFIRST BANK $12,680,168,232 0.63% 82.24%

30 CARDINAL FINANCIAL $11,111,915,247 0.55% 82.79%

Source: Deloitte. Data as of June 2022.
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 43

13 AGENCY NONBANK ORIGINATORS

Total Agency non-bank origination experienced a decrease in June, down approximately 5% since last 

month. This decrease in non-bank origination share was driven primarily by Freddie Mac (non-bank

origination share down 9% MoM). The Ginnie Mae non-bank share fell to 87.2% as of June 2022 but

has remained consistently higher than the GSEs since September 2021 (89.1%). Ginnie Mae non-bank 

origination share of refinance mortgage loans has continued to drive Ginnie Mae’s relatively higher 

non-bank origination share. GSE origination volume of purchase mortgage loans has been the primary 

driver in the MoM decline of Agency non-bank origination share.

Figure 46. Agency Nonbank Originator Share (All, Purchase, Refi)

Sources: Recursion. Notes: Data as of June 2022.

73.6%

69.4%

65.1%

87.2%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

All Fannie Freddie Ginnie

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

All Fannie Freddie Ginnie

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

All Fannie Freddie Ginnie

Figure 47. Nonbank Origination Share:

Purchase Loans

Figure 50. Nonbank Origination Share:

Refi Loans
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 44

Ginnie Mae’s total non-bank originator share remained relatively level in June 2022.

Figure 48. Ginnie Mae Nonbank Originator Share (All, Purchase, Refi)

Sources: Recursion. Notes: Data as of June 2022.

$97.2

$92.6

$86.6

$94.5

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

FHA VA Other All

0%

20%

40%

60%

80%

100%

120%

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

All FHA VA Other

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

All FHA VA Other

Figure 52. Ginnie Mae Nonbank Share:

Purchase Loans

Figure 53. Ginnie Mae Nonbank Share:

Refi Loans
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 45

13.1 Bank vs. Nonbank Originators Historical Credit Box, Ginnie Mae vs. GSE

13.1.1 (FICO, LTV, DTI) 

The mortgage loan originations of non-banks continue to have a consistently lower median FICO 

score than their bank counterparts across all Agencies. The spread between non-bank and bank FICO 

scores increased by 2 FICO score points from May 2022 to June 2022. The Agency median FICO 

increased by 1 FICO score point to 731 MoM.

Figure 49. Agency FICO: Bank vs. Nonbank

Sources: Recursion: Data as of June 2022.

731

748

723

680

690

700

710

720

730

740

750

760

770

780

All Median FICO Bank Median FICO Nonbank Median FICO

680

690

700

710

720

730

740

750

760

770

780

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

All Median FICO Bank Median FICO

Nonbank Median FICO

640

650

660

670

680

690

700

710

720

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

All Median FICO Bank Median FICO

Nonbank Median FICO

Figure 55. GSE FICO: Bank vs. Nonbank Figure 50. Ginnie Mae FICO: Bank vs. Nonbank
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 46

The median LTV for all GSE originators increased in June 2022 by 6.7% MoM to 80%. While Ginnie 

Mae median bank LTV has been very flat at 98.19% since January 2021, non-bank median LTV has 

fluctuated more, increasing 1.0% MoM to 97.66% in June 2022. Ginnie Mae median DTI remained 

consistent MoM at approximately 44% in June 2022 in non-bank originations.

Figure 51. GSE LTV: Bank vs. Nonbank Figure 52. Ginnie Mae LTV: Bank vs.

Nonbank

Sources: Recursion. Notes: Data as of June 2022.

Figure 53. Ginnie Mae DTI: Bank vs. Nonbank

64

66

68

70

72

74

76

78

80

82

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

All Median LTV Bank Median LTV Nonbank Median LTV

90

92

94

96

98

100

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

All Median LTV Bank Median LTV

Nonbank Median LTV

30

32

34

36

38

40

42

44

46

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

All Median DTI Bank Median DTI Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

All Median DTI Bank Median DTI

Nonbank Median DTI

Figure 59. GSE DTI: Bank vs. Nonbank
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 47

In June 2022, the median FICO score for Ginnie Mae bank increased by 2 points and non-bank 

originators decreased by 2 points MoM. The median FICO for all Ginnie originations decreased to 670 

MoM. The gap between banks and non-banks is most apparent in VA lending (32-point spread).

Sources: Recursion. Data as of June 2022.

650

670

690

710

730

750

770

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

VA All Median FICO VA Bank Median FICO

VA Nonbank Median FICO

Figure 55. Ginnie FHA FICO Score: Bank vs.

Non-bank

J

D

J

D

J

D

J

D

J

D

J

D

J

D

J

640

650

660

670

680

690

700

710

720

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

All Median FICO Bank Median FICO

Nonbank Median FICO

630

640

650

660

670

680

690

700

un-15

ec-15

un-16

ec-16

un-17

ec-17

un-18

ec-18

un-19

ec-19

un-20

ec-20

un-21

ec-21

un-22

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO

650

660

670

680

690

700

710

720

730

740

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Other All Median FICO Other Bank Median FICO

Other Nonbank Median FICO

Figure 54. Ginnie Mae FICO Score: Bank vs.

Non-bank

Figure 56. Ginnie Mae VA FICO Score: Bank vs.

Non-bank

Figure 64. Ginnie Mae Other FICO Score:

Bank vs. Non-bank
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 48

Median DTI for Ginnie Mae nonbank originations has been consistently higher than the median DTI 

for Ginnie Mae bank originations. This is a trend evident for all Ginnie Mae-eligible loan types except 

for the “Other” category, where the spread between median bank and nonbank DTI isrelatively small.

Sources: Recursion. Notes: Data as of June 2022.

30

32

34

36

38

40

42

44

46

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

All Median DTI Bank Median DTI

Nonbank Median DTI

36

38

40

42

44

46

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

FHA Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

VA Median DTI VA Bank Median DTI

VA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Jun-15

Dec-15

Jun-16

Dec-16

Jun-17

Dec-17

Jun-18

Dec-18

Jun-19

Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Other Median DTI Other Bank Median DTI

Other Nonbank Median DTI

Figure 57. Ginnie Mae DTI FI: Bank vs.

Non-bank

Figure 67. Ginnie Mae VA DTI:

Bank vs. Non-bank

Figure 68. Ginnie Mae Other DTI:

Bank vs. Non-bank

Figure 66. Ginnie Mae FHA DTI:

Bank vs. Non-bank
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 49

U.S. HOUSING MARKET

14 HOUSING AFFORDABILITY

14.1 Housing Affordability – Home Price Appreciation 

Home prices have increased rapidly during the pandemic, with Compound Annual Growth Rate 

(CAGR) for HPI at 17.5% between April 2020 and April 2022. Over that same period, the Mountain 

region has had the greatest home price appreciation (22.2% CAGR), while in the West North Central 

region, increases in home values have been the slowest (14.5% CAGR).

Table 22. Regional HPI Trend Analysis

U.S. Census 

Subregion

New 

England 

Middle 

Atlantic 

East 

North 

Central 

East 

South 

Central 

South 

Atlantic 

West 

North 

Central 

West 

South 

Central

Mountain Pacific National 

2000 to Peak CAGR 10.5% 8.7% 4.0% 4.6% 8.7% 5.0% 4.3% 8.3% 13.9% 7.1%

Peak to Trough CAGR -8.4% -5.3% -9.8% -5.5% -14.2% -5.9% -2.1% -15.1% -17.9% -10.4%

Trough to Pandemic 

CAGR 3.7% 3.5% 4.8% 4.5% 5.9% 4.6% 5.1% 8.3% 8.1% 5.4%

Pandemic CAGR 17.6% 15.2% 14.8% 18.0% 19.9% 14.5% 16.2% 22.2% 18.7% 17.5%

12-Month Period of Max 

HPI Growth During 

Pandemic

7-2020 to 

6-2021

8-2020 

to 7-

2021

7-2020 

to 6-

2021

4-2021 

to 3-

2022

3-2021 

to 2-

2022

7-2020 

to 6-

2021

2-2021 

to 1-

2022

9-2020 to 

8-2021

7-2020 

to 6-

2021

6-2020 to 

7-2021

Max 12-Month Period 

Change, During

Pandemic

21.8% 18.1% 17.1% 21.5% 23.9% 16.1% 18.8% 25.7% 21.8% 19.3%

12-Month Period of Max 

HPI Growth, PrePandemic

12-2001 

to 11-

2002

12-2003 

to 11-

2004

2-2017 

to 1-

2018

2-2005 

to 1-

2006

9-2004 

to 8-

2005

4-1993 

to 3-

1994

3-2005 

to 2-

2006

11-2004 to 

10-2005

5-2004 

to 4-

2005

10-2004 to 

9-2005

Max 12-Month HPI 

Growth, Pre-Pandemic 14.0% 12.4% 6.8% 8.5% 15.3% 7.4% 7.4% 18.0% 22.3% 10.7%

Figure 69. FHFA.US Census Subregions as defined by the US Census Bureau.

Source: HPI data from FHFA.US Census Subregions as defined by the US Census Bureau. Notes: HPI data as of March 2022. 

Peak refers to the month when HPI reached the highest level for each state/US during the housing boom period, ranging from 2005
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 50

to 2008. Trough represents the month when HPI fell to the lowest level for each region/US after the housing bust, ranging from 2009 

to 2012. Pandemic Period refers to March 2020 to the current period, 3/2022. CAGR = (End Value/Starting Value) ^(1/n) – 1 

S&P’s CoreLogic Case-Shiller US National Housing Price Index’s March 29, 2022 reporting data 

indicated that home prices had increased by 17.9% YoY as of January 2022. This latest reported YoY 

HPI appreciation value is just 135 bps lower than the historical maximum value (19.2%) observed in 

July of 2021, suggesting a sustained pace of home price increases.

Table 23. Home Price Trends by State

Source: FHFA/S&P Corelogic Case-Shiller US National Hosing Price Index Data; Notes: HPI State-level data is provided quarterly by 

FHFA and presented here as of December 2021. Peak refers to the month when HPI reached the highest level for each state/US

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

National 59.6% -21.1% 92.0% 14.4% 51.4%

AK 66.9% -5.2% 42.3% 10.6% 35.0%

AL 41.8% -15.0% 68.0% 15.7% 42.8%

AR 39.8% -11.0% 60.4% 16.0% 42.8%

AZ 110.1% -49.5% 186.6% 24.6% 44.8%

CA 145.0% -47.0% 142.0% 19.0% 28.2%

CO 32.4% -10.3% 144.4% 18.2% 119.2%

CT 72.7% -19.6% 38.5% 17.0% 11.3%

DC 162.4% -11.7% 113.4% 10.1% 88.5%

DE 88.6% -23.5% 53.9% 15.3% 17.7%

FL 130.0% -46.5% 152.2% 21.0% 34.9%

GA 36.0% -27.1% 118.4% 18.0% 59.2%

HI 138.7% -27.0% 101.3% 14.8% 46.9%

IA 28.0% -5.4% 56.2% 11.5% 47.7%

ID 73.2% -32.2% 206.7% 30.9% 107.9%

IL 49.9% -23.8% 48.2% 12.3% 13.0%

IN 19.1% -8.7% 79.6% 15.1% 64.0%

KS 31.0% -7.8% 68.2% 14.2% 55.2%

KY 29.0% -5.4% 66.7% 14.4% 57.6%

LA 51.6% -6.7% 46.6% 9.6% 36.8%

MA 69.8% -18.2% 79.0% 16.1% 46.4%

MD 126.4% -26.5% 53.3% 12.7% 12.7%

ME 72.2% -12.4% 79.9% 20.7% 57.5%

MI 18.4% -31.5% 113.8% 15.6% 46.4%

MN 52.5% -23.0% 85.7% 13.4% 43.0%

MO 39.2% -15.0% 76.8% 15.3% 50.3%

MS 38.6% -12.8% 47.4% 12.8% 28.6%

MT 80.0% -13.6% 102.5% 22.5% 75.0%

NC 39.8% -14.1% 88.4% 19.2% 61.7%

ND 51.3% -0.9% 72.2% 9.4% 70.8%

NE 24.3% -5.9% 79.8% 14.8% 69.2%

NH 72.7% -21.9% 84.4% 19.4% 44.0%

NJ 102.3% -22.7% 52.3% 16.5% 17.8%

NM 66.7% -17.9% 58.2% 14.8% 29.8%

NV 117.4% -59.3% 211.5% 20.1% 26.9%

NY 75.7% -10.5% 58.3% 14.9% 41.6%

OH 19.5% -16.6% 79.8% 14.8% 50.1%

OK 36.9% -4.6% 63.1% 14.2% 55.5%

OR 85.6% -28.6% 133.5% 18.3% 66.7%

PA 68.8% -10.9% 59.3% 14.2% 41.9%

RI 108.0% -28.0% 82.1% 18.9% 31.1%

SC 40.5% -16.0% 89.6% 17.4% 59.2%

SD 40.2% -2.4% 76.8% 17.7% 72.6%

TN 38.4% -12.6% 105.6% 20.5% 79.6%

TX 35.8% -3.0% 101.2% 17.1% 95.1%

UT 65.1% -26.1% 158.9% 26.3% 91.4%

VA 95.1% -18.8% 61.6% 14.3% 31.3%

VT 77.9% -10.3% 58.7% 19.2% 42.4%

WA 83.4% -27.3% 149.2% 19.9% 81.2%

WI 38.6% -14.2% 72.0% 14.2% 47.5%

WV 38.7% -5.7% 42.5% 12.8% 34.4%

WY 85.1% -9.7% 55.8% 13.4% 40.8%
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 51

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

state/US after the housing bust, ranging from 2009 to 2012; S&P Corelogic Case-Shiller US National Housing Price Index reported 

for January 2022 in its Report dated March 29, 2022 

14.2 Housing Affordability – Inflation, Wages, and the Price of Real Estate and

Rent 

While housing affordability is directly affected by real estate price fluctuation, affordability is also 

impacted by general asset price changes. As of June of 2022, inflation, as measured by the 12-month 

percent change in the Bureau of Labor Statistics’ Consumer Price Index, had hit a 40-year high of 

9.1%. As of April of 2022, inflation was almost double the pace of wage-growth nationally, signaling 

increased pressure on housing affordability. As of May of 2022, rents were up 25.5% for 1 Bedroom 

units, and 26.8% for 2 Bedroom units, year over year. Meanwhile, wage growth remains significantly 

lower, and relatively flat at just 5.3%.

Figure 70. Inflation | 12-Month Percent Change in CPI

Figure 71. Asset Price Appreciation vs. Wage Increases

9.1%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

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

Jan-20

Jul-20

Jan-21

Jul-21

Jan-22

5.3%

20.4%

8.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Jan-17

Apr-17

Jul-17

Oct-17

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

Apr-19

Jul-19

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Wage Growth (Weighted Overall) Home Price Appreciation

General Inflation

Metric Statistic

Rental Price 

General 

Appreciation

Inflation

1 

9.1%

Bedroom

2 

Bedroom

Home Price 

Appreciation 20.4%

25.5% 26.8%

Wage 

Growth 5.3%
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 52

Sources: Bureau of Labor Statistics – Consumer Price Index and Wage-Growth Data; Rent.com - Rental Price Appreciation; 

S&P/Case-Schiller U.S. National Home Price Index – Home Price Appreciation.

14.2.1 HOUSING AFFORDABILITY – MORTGAGE RATE TRENDS

As inflation has surged, the Federal Reserve has raised the Federal Funds Target Rate, leading to 

recent increases in mortgage rates. In March the Federal Open Market Committee (FOMC) voted to 

increase the target rate by 25 bps to 25 – 50 bps. In May the rate was increase 50 bps to 75 -100 bps, 

and in June the rate was increased 75 bps to 150 -175 bps. As of July 7, 2022, the average 30-year 

and 15-year fixed rate mortgage rates were 5.30% and 4.45% respectively. With inflation hitting a 40-

year high (shown above in Housing Affordability – Inflation, Wages, and the Price of Real Estate and 

Rent), Federal Reserve Chairman Jerome Powell has indicated the likelihood for additional interest 

rate hikes, including an either 50 or 75 bps increase in July.

Figure 58. Average Fixed Rate Mortgage Rates

Sources: federalreserve.gov/monetarypolicy/openmarket.htm; Federal Reserve Chair News Conference, June 15, 2022, FRED

4.45%

5.30%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

15-Year Rate 30-Year Rate
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 53

14.3 Housing Inventory 

As of April 2022, there was 9 months of housing inventory on the market, despite estimates of a 

housing shortfall in excess of 1.5 million homes.6 With inflation and specifically housing affordability 

declining due to asset price increases, rent increases, and mortgage rate increases, single-family 

construction, and specifically housing sales to owner occupants, are unlikely to resolve the housing 

shortfall in the near future. Multifamily construction volume metrics, shown in the bottom table, 

have been increasing.

Figure 73. Single-Family Housing Inventory

Figure 59. Multifamily Construction Metrics: Permits, Starts, Completions

6

 “President Biden Announces New Actions to Ease the Burden of Housing Costs.”, The White House, 16 May 2022, 

https://www.whitehouse.gov/briefing-room/statements-releases/2022/05/16/president-biden-announces-new-actions-to-ease-theburden-of-housing-costs/. Press Release

9.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

459,800

363,700

566,500

300,000

350,000

400,000

450,000

500,000

550,000

600,000

2015 2016 2017 2018 2019 2020 2021

Number of Starts Number of Completions Number of Permits
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 54

14.4 Size and Value of the US Housing Market 

The total value of the single-family housing market reached $39.8 trillion in Q1 2022. The total value 

of the US housing market is up 109% from its trough in 2011. Over that same period, mortgage debt 

outstanding has increased just 17%, approximately six times less rapidly. From Q4 2021 to Q1 2022 

mortgage debt outstanding has increased from $11.7 trillion to $12.0 trillion. Thus, the expansion in 

the housing market is being driven primarily by increases in home values, as detailed in the Housing 

Affordability Section, Agency SF MBS account for a growing percentage of the total mortgage debt 

outstanding, up to 67% of total mortgage debt from just 52% in 2011.

Figure 75. Value of the US Housing Market.

Figure 76. Size of the US Residential Mortgage Market.

Sources:

1. Federal Reserve Flow of Funds Data. Notes: Data as of Q1 2022.

2. Idzelis, Christine. “Fed May Need to Be Even More Aggressive Fighting Inflation as U.S. Household Cash Exceeds 

Debt for First Time in Three Decades, Warns Deutsche Bank.” MarketWatch, MarketWatch, 20 Apr. 2022, 

https://www.marketwatch.com/story/fed-may-need-to-be-even-more-aggressive-fighting-inflation-as-u-s-householdcash-exceeds-debt-for-first-time-in-three-decades-warns-deutsche-bank-11650474606.

$12.0

$27.8

$39.8

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

20002001200220032004200520062007200820092010201120122013201420152016

2017

201820192020

2021Q12021Q22021Q32021Q42022Q1

$ Trillions

Debt Household Equity Total Value

$0.40

$0.39

$8.58

$3.41

0

2

4

6

8

10

200020012002200320042005200620072008200920102011201220132014201520162017201820192020

Q1 2021Q2 2021Q3 2021Q

4 2021

Q1 2022

$ Trillions

Private Label Securities Home Equity loans Agency MBS Unsecuritized first liens
JULY 2022

A Monthly Publication of Ginnie Mae’s Office of Capital Markets Page 55

15 DISCLOSURE

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

considered as general information only and is current only as of its specified date, unless otherwise 

noted. No information contained herein is, and should not be construed to be, investment advice. 

Nor does any information contained herein constitute an offer to sell, or is a solicitation of an offer 

to buy, securities.

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

sources believed to be reliable as of the specified date. The accuracy of the information contained 

herein is based on the corresponding accuracy of the issuer data as reported to the Government 

National Mortgage Association (hereinafter, “Ginnie Mae”). 

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

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

limitation, any express or implied representations or warranties for statements or errors contained 

in, or omissions from, the report. 

The forward-looking statements, and underlying assumptions, speak only as of the date of October 

20, 2021. Ginnie Mae expressly disclaims any obligation or undertaking to update or revise any 

forward-looking statement or underlying assumption contained in the report to reflect any change in 

its expectations or any change in circumstances upon which such statement is based.

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

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

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