Global Markets 

Analysis Report

A MONTHLY PUBLICATION OF GINNIE MAE’S 

OFFICE OF CAPITAL MARKETS

PREPARED FOR GINNIE MAE 

BY STATE STREET GLOBAL ADVISORS 

URBAN INSTITUTE, HOUSING FINANCE POLICY CENTER
Relative Attractiveness of US Fixed Income and Ginnie Mae MBS

Barclays US Aggregate and Global Indices 5

Global 10-year treasury yields 6

Ginnie Mae yields and yield spreads—USD, JPY, Euro 7-9

Ginnie Mae yield spreads - Intermediate Credit 10

MBS yield per duration 11

Total return and Sharpe Ratios 12 

State of the US Housing Market 

Serious delinquency rates 13

National HPI, HPI by state 13-14 

Ginnie Mae Agency issuance and Agency outstanding by state 15

Size and value of the US Residential housing and mortgage markets 16

Outstanding Agency MBS 17

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

Characteristics of Ginnie Mae loansin forbearance 19-21

Origination volume over time 22

US Agency Market, Originations

Agency Gross and Net Issuance 23-25 

Purchase versus refi: Refi Issuance Breakdown 26 

Credit Box 

First time homebuyer share—purchase only loans 27-28

Credit box at a glance (FICO, LTV, DTI) 29-31

Historical credit box (FICO, LTV,DTI) 32-33

Cumulative Default Rates: FHA and VA 34

High LTV credit box 35-36

Ginnie Mae Nonbank Originators

Nonbank originator share (All, Purchase, Refi) 37-38

Bank vs. nonbank originators historical credit box, Ginnie Mae vs. GSE (FICO, LTV, DTI) 39-42

Holders of Ginnie Mae Mortgage Servicing Rights 

Top Holders of Ginnie Mae MSR 43-44

Non-bank Holders of Ginnie Mae MSR 44

Prepayments 

Aggregate 45

Select coupon/origination year cohorts 46-48

Other Ginnie Mae Programs

HMBS and Multifamily 49

Market Conditions-Agency MBS

Average daily trading volume and turnover by sector 50

MBS Ownership

Ownership breakdown of total agency debt and commercial bank ownership of MBS 51

Bank and Thrift Residential MBS Holdings 52

Foreign ownership of MBS 53-54

Fed Ownership of MBS 55

CONTENTS
HIGHLIGHTS

Ginnie Mae enhances MBS disclosure by releasing new Environmental, Social, and 

Governance (ESG) data 

With around $2 trillion of Ginnie Mae MBS outstanding, the agency keeps a strong focus on 

maintaining deep liquidity for its securities, which attract a wide group of global investors. In May, 

Ginnie Mae added new Environmental, Social, and Governance (ESG) data to its Single-Family 

Supplemental File (Record Type 25 Low and Moderate Income Area Record), which investors use to 

analyze the agency’s securities. The new ESG record provides pool-level aggregate information on 

loans that are in low- and moderate-income (LMI) areas. The inclusion of this data provides Ginnie

Mae MBS investors with better information to support their sustainable investing decisions, as well 

as attract a more diverse group of investors.

The new dataset aggregates to the pool level the number of loans, percent of loans, unpaid principal 

balance (UPB) dollars, and percent UPB dollars across LMI areas applicable to the pool. LMI areas are 

defined by the Department of Housing and Urban Development (HUD), as delineated by HUD’s 

Community Development Block Grant Program. Per the new data disclosure, over 1.7 million 

government loans outstanding were originated in LMI areas, comprising 15.9 percent of the roughly 

10.7 million total. The UPB outstanding for LMI area loans is about $259 billion, representing 13.5% 

of the $2 trillion outstanding. Socially responsible investors could leverage this new data to better 

target their investment dollars into pools with higher concentrations of LMI area loans.

Loan & Credit Characteristics by LMI Pool Share (All Outstanding Loans)

Source: eMBS, Ginnie Mae and Urban Institute

Note: Loan Amount, Credit Score, DTI, LTV, and Interest Rate characteristics are weighted averages of loans in 

the pool.

The above table compares key characteristics of Ginnie Mae pools for which at least 50 percent of 

UPB is in LMI areas to pools where less than 50 percent of the UPB is in LMI areas. Pools with LMI 

share of 50% or greater have a lower average loan amount at $101,647 compared to $134,737 for 

pools with LMI share of less than 50%. 

LMI Pool Share

50%+

LMI Pool Share

<50% All Pools

Total UPB ($ billions) 11.6 1909.2 1920.8

Loan Amount ($) 101,647 134,737 129,561

FHA Pool Share (%) 87.7 73.9 76.0

VA Pool Share (%) 9.3 14.9 14.0

Credit Score 674 678 677

DTI (%) 40.0 39.3 39.4

LTV (%) 93.9 94.2 94.2

Interest rate (%) 6.1 5.1 5.3
Majority LMI pools also have a much higher FHA share, 87.7 percent, compared to 73.9 percent 

FHA share for pools that are less than 50 percent LMI. Conversely, the VA share, while much 

smaller than FHA’s on average, is lower in majority LMI pools. These findings are consistent 

with FHA’s mission of enabling homeownership for LMI households. 

Further insights can be obtained by studying credit characteristics for the two LMI buckets. 

Pools with a at least 50 percent LMI area UPB have slightly lower average credit scores at 674 

compared to pools with a lower LMI share at 678. The average debt-to-income (DTI) ratio for 

majority LMI area pools, at 40.0%, is slightly higher than the 39.3% share for non-majority LMI 

pools. Loan-to-value (LTV) ratio for LMI-heavy pools was slightly lower, at 93.9%, compared to 

94.2% for the other group. Overall, credit characteristics for majority LMI pools are slightly 

worse compared to those for non-majority LMI pools. This can be a value add for investors as 

loans to LMI borrowers are less likely to prepay when rates fall. Even when these loans 

refinance, lower balances further mitigate the impact of prepayment risk on investment 

portfolios. The average note rate for pools with over 50 percent LMI share was one percent 

point higher, at 6.1%, compared to 5.1% for pools with under 50 percent LMI share.

This data can be sliced and diced other ways to focus on specific vintages, coupons, loan 

balances and other relevant attributes. Further analysis of this data can yield valuable insights 

for investors looking to enhance their EGS investments.

Disclosure:

For Ginnie Mae’s Internal Use only. All the information contained in this document is as of date 

indicated unless otherwise noted. The information provided does not constitute investment 

advice and it should not be relied on as such. All information has been obtained from sources 

believed to be reliable, but its accuracy is not guaranteed. The views expressed in this material 

are the views of Urban Institute and Street Global Advisors as of December 15th, 2020 and are 

subject to change based on market and other conditions. This document contains certain 

statements that may be deemed forward-looking statements. Please note that any such 

statements are not guarantees of any future performance and actual results or developments 

may differ materially from those projected.

© 2021 State Street Corporation. All Rights Reserved.

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

Tracking Code: 3371663.1.1.AM.INST

Expiration Date: 12/31/2021

Highlights this month:

• After rising for most of 2019 and 2020, refinance FICO scores have started to come down in 

2021, more so for Ginnie Mae than the GSEs (page 32).

• Total agency MBS held by banks and thrifts increased from $2.52 trillion in Q4 2020 to 

$2.69 trillion in Q1 2021, an increase of 6.7 percent in a single quarter (page 52).

• As of February 2021, foreign holdings of Agency MBS have declined by $66.5 billion from the 

peak in spring 2020 (page 53).

HIGHLIGHTS
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

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

than either the US Treasury share (37 percent) or the US Credit share (31 percent). Fannie Mae 30-year MBS 

accounts for 10 percent of the overall index, the largest MBS component, while Freddie Mac 30-year MBS and Ginnie 

Mae 30-year MBS comprise 7 and 6 percent of the market, respectively. Mortgages with terms of 15 and 20 years 

comprise the remaining balance (4 percent) of the Barclays US Aggregate Index. US securities are the single largest 

contributor to the Barclays Global Aggregate, accounting for 36 percent of the global total. US MBS comprises 10

percent of the global aggregate.

37%

2%

31%

6%

10%

7%

4%

2%

Barclays US 

Aggregate Index

Treasury

Agency

Credit

GNMA MBS 30y

FNMA MBS 30y

FHLMC MBS 30y

15y and 20y MBS

ABS & CMBS

53%

9%

25%

10%

1%

2%

Global Treasury

Global Agency

Global Credit

US MBS

ABS & CMBS

Collateralised

(Pfandbrief)

2%

3% 1%

36%

30%

21%

1%

0.04%

2% 0%

Australia

Canada

Middle East

United States

Europe

Asia & Pacific Rim

Latin America

Africa

Supranational

Others

Sources: Bloomberg and State Street Global Advisors. Note: Data as of March 2021.

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

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

Sources: Bloomberg and State Street Global Advisors. 

Note: Data as of March 2021.

Sources: Bloomberg and State Street Global Advisors

Note: Data as of March 2021.
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21

Yield (%)

Global 10-year Treasury Yields

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

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21

10yr US Treasury hedged yield, JPY

10y US hedged yield, JPY (left)

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

-2.0

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21

10yr US Treasury hedged yield, EUR

10y US hedged yield, EUR (left)

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

Sources: Bloomberg and State Street Global Advisors. 

Note: Data as of May 2021.

Sources: Bloomberg and State Street Global Advisors

Note: Data as of May 2021.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of May 2021.

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

globe gradually stabilized and have started trending up meaningfully in 2021. Yields on the 10-year treasury 

decreased by 3 bps to 1.59 percent in May 2021, after increasing by 83 bps in Q1, 2021, and remain the highest 

of the developed world. The yield on the Italian 10-year note, which was higher than the 10-year sovereign debt 

of the US, Japan, and Europe for much of 2020, increased by just 1 bp to 0.91 percent. The yields on the UK 10-

year fell by 5 bps to 0.80 percent and Japanese 10-year government bonds decreased slightly by 1bp to 0.83 

percent in April. The German 10-year yield increased by 2 bps to negative 0.18 percent in April. At the end of 

May 2021, the hedged yield differential between the 10-year Treasury and the 10-year JGB stood at 123 bps, 

an increase of 3 bps from the previous month. The hedged yield differential between the 10-year Treasury and 

the 10-year Bund stood at 108 bps, a slight increase of 1 bp since the end of April 2021.

Yield(%)

Yield(%)
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21

G2SF CC yield & nominal spread, USD

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

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21

GNSF CC yield & nominal spread, USD

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

Sources: Bloomberg and State Street Global Advisors. Note: Data as of May 2021.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of May 2021.

Nominal yields did not change much in May 2021, with GNMA II yields declining by just 1 bp to 1.74 percent 

and GNMA I yields up 3 bps to 1.91 percent. At the end of May, current coupon Ginnie Mae securities outyield 

their Treasury counterparts (relative to the average of 5- and 10-year Treasury yields) by 54 bps on the G2SF 

and 71 bps on the GNSF, a widening of 2 and 7 bps, respectively, since last month.

Yield(%) Yield(%)

Yield(%)

Yield(%)
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21

G2SF CC yield & nominal spread, JPY

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

Sources: Bloomberg and State Street Global Advisors. Note: Data as of May 2021.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of May 2021.

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

blend at the end of May 2021. More precisely, hedged into Japanese yen, the G2SF and GNSF have a 147 and 163 

bp yield, respectively, versus the JGB 5/10 blend. This represents a 5 and 9 bp widening for the G2SF and GNSF, 

respectively, since the end of April 2021.

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21

GNSF CC yield & nominal spread, JPY

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

Yield(%) Yield(%)

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

Income and Ginnie Mae MBS

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

-1.0

-0.5

0.0

0.5

1.0

1.5

May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21

G2SF CC yield & nominal spread, EUR

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

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 May-19 May-20 May-21

GNSF CC yield & nominal spread, EUR

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

Sources: Bloomberg and State Street Global Advisors. Note: Data as of May 2021.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of May 2021.

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

Blend. The figures below show that at the end of May 2021, the current coupon G2SF and GNSF hedged into 

euros have a 141 and 158 bp higher yield than the average of the German 5/10, respectively. This represents a 3 

and 7 bp widening for the G2SF and GNSF, respectively, since the end of April 2021.

Yield(%) Yield(%)

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

Income and Ginnie Mae MBS

0

50

100

150

200

250

300

350

Mar-17 Aug-17 Jan-18 Jun-18 Nov-18 Apr-19 Sep-19 Feb-20 Jul-20 Dec-20 May-21

Sources: State Street Global Advisors. Note: Data as of May 2021.

-50

0

50

100

150

200

250

300

350

400

450

Mar-17 Aug-17 Jan-18 Jun-18 Nov-18 Apr-19 Sep-19 Feb-20 Jul-20 Dec-20 May-21

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

Sources: State Street Global Advisors. Note: Data as of May 2021.

Spread between Intermediate credit and 30-year GNMA MBS OAS

G2 30 MBS versus Intermediate Credit

The spread between US Intermediate Credit and GNMA II 30 year OAS skyrocketed in February 2020 in response 

to the COVID-19 panic. This was followed by substantial tightening over the remainder of 2020 and into May of 

2021. The OAS on intermediate credit fully recovered from its enormous widening in early 2020, while the Ginnie

Mae II 30-year fell to multi-year lows. The spread between the two remains elevated, ending May 2021 at 45 bps, 

higher than the 21 bps in January 2020, but similar to levels in mid 2019.
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS 

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

Data as of May 2021.

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

The only asset classes with significantly more yield and a similarly short duration are the US and Pan-Euro high 

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

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

Security Duration Yield

US 5y 4.9 0.80

US 10y 9.2 1.60

GNMA II 3.0% 4.0 1.54

GNMA II 3.5% 2.7 1.42

JPY 5y 4.8 -0.10

JPY 10y 9.7 0.08

GER 5y 4.9 -0.57

GER 10y 9.7 -0.18

ITA 5y 4.8 0.15

ITA 10y 9.8 0.91

US credit 8.2 2.03

US credit >= A 8.0 1.71

US HY 3.8 4.03

Pan-Euro Corp 5.8 0.61

Pan-Euro HY 3.5 3.06

US 5y

US 10y

G2 3.5% G2 3.0%

JPY 5y

GER 10y

GER 5y

JPY 10y

ITA 5y

ITA 10y

US Credit

US Credit>=A

US HY

Pan-Euro 

Corp

Pan-Euro HY

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

0.0 2.0 4.0 6.0 8.0 10.0 12.0

Yield

Duration

Yield versus duration
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

Source: State Street

*A 2% max r

Average Return (Per Month)

Time Period US MBS 

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

1 year -0.09 -0.31 0.31 0.41 1.18 1.07

3 year 0.29 0.37 0.59 0.26 0.61 0.42

5 year 0.18 0.21 0.42 0.19 0.62 0.39

10 year 0.21 0.23 0.41 0.35 0.54 0.53

* ssumes 2 capitalization ma per issue

*Assumes 2% capitalization max pe is

Source: State Street

Average Excess Return (Per Month)

Time Period US MBS 

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

1 year -0.09 -0.32 0.31 0.47 1.17 1.12

3 year 0.19 0.27 0.49 0.31 0.51 0.47

5 year 0.09 0.12 0.34 0.25 0.53 0.45

10 year 0.16 0.18 0.36 0.38 0.49 0.57

St S

p r i suer

*A 2% on max 

Source: State Street

Standard Deviation

Time Period US MBS 

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

1 year 0.25 0.94 1.72 0.73 1.62 1.22

3 year 0.59 1.27 2.03 1.65 2.69 2.89

5 year 0.59 1.17 1.71 1.37 2.15 2.31

10 year 0.62 1.06 1.49 1.36 2.03 2.03

* ssumes 2 capitalizatiCor o ma per issuer

Sharpe Ratio

Time Period US MBS 

Ginnie Mae US Treasury US Credit Co p

Pan Euro 

Credit Corp US High Yield Pan EuroHigh Yield*

1 year -0.37 -0.34 0.18 0.65 0.72 0.92

3 year 0.32 0.21 0.24 0.19 0.19 0.16

5 year 0.16 0.10 0.20 0.18 0.25 0.19

10 year 0.26 0.17 0.24 0.28 0.24 0.28

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

Sources: Barclays Indices, Bloomberg and State Street Global Advisors. Note: Data as of May 2021.

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

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

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

highest among all asset classes for the 3-year horizon and is higher than any of the other US indices (10-year 

Treasury, US Corporate Credit, US High Yield) in a 10-year horizon.
2.58%

2.34%

11.00%

5.59%

0%

2%

4%

6%

8%

10%

12%

1Q074Q073Q082Q091Q104Q103Q112Q121Q134Q133Q142Q151Q164Q163Q172Q181Q194Q193Q20

Serious delinquency rates

Fannie Mae Freddie Mac FHA VA

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

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

Serious Delinquency Rates: Single-Family Loans

1Q21

State of the US Housing Market

-15%

-10%

-5%

0%

5%

10%

15%

20%

Apr-02

Oct-02

Apr-03

Oct-03

Apr-04

Oct-04

Apr-05

Oct-05

Apr-06

Oct-06

Apr-07

Oct-07

Apr-08

Oct-08

Apr-09

Oct-09

Apr-10

Oct-10

Apr-11

Oct-11

Apr-12

Oct-12

Apr-13

Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

Year-over-year growth rate

National Year-Over-Year HPI Growth

Bottom price tier Middle price tier Top price tier

Sources: Black Knight and Urban Institute. Note: Black Knight modified the methodology behind their HPI in February 2021, resulting in changes to 

historic price estimates. Black Knight divides home prices in each region into quintiles; this figure shows the performance of the bottom, middle and top 

quintiles. Data as of April 2021.

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

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

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

significantly in the second half of 2020, a trend that has remained in place in 2021. Prices have generally risen most 

at the lower end of the market where Ginnie Mae plays a major role, although this was not the case for April 2021. 

Prices at the lower end of the market rose by 14.8 percent for 12 months ended April 2021, lower than the 15.0 

percent for the top end of the market. Year-over-year price growth in April 2021 was higher than in March 2021 for 

all price tiers.

15.0%

14.8%
State of the US Housing Market

Debt,

ehold

rtgages,

hous

mortg

$9,833

Sources: Black Knight and Urban Institute. Note: Black Knight modified the methodology behind their HPI in February 2021, resulting in changes to historic price 

estimates. HPI data as of April 2021. Negative sign indicates that state is above earlier peak. Peak refers to the month when HPI reached the highest level for each 

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

the housing bust, ranging from 01/2009 to 03/2012. Current is 4/2021, the latest HPI data period.

Nationally, nominal home prices have increased by 81.9 percent since the trough, and now exceed their pre-crisis peak 

valuation on a nominal basis by 36.0 percent. The picture is very different across states, with most states well in excess of

the prior peak; two states, Illinois and Connecticut, surpassed their 2007 peak only in March of 2021, currently 1.5 and 3.1 

percent above the peak.

HPI Changes

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

National 74.8% -25.2% 81.9% 14.8% 36.0%

Alabama 35.9% -15.5% 51.0% 11.9% 27.6%

Alaska 68.9% -3.0% 36.4% 10.0% 32.3%

Arizona 110.1% -47.9% 138.4% 23.7% 24.2%

Arkansas 41.5% -9.8% 42.0% 13.9% 28.1%

California 154.5% -43.3% 129.7% 17.8% 30.3%

Colorado 40.4% -12.9% 118.5% 17.1% 90.4%

Connecticut 92.0% -24.9% 37.2% 16.6% 3.1%

Delaware 93.7% -23.6% 49.6% 13.9% 14.3%

District of Columbia 174.4% -14.2% 71.1% 6.9% 46.9%

Florida 128.1% -46.9% 101.6% 14.7% 7.1%

Georgia 38.2% -31.5% 96.8% 14.9% 34.9%

Hawaii 163.2% -22.7% 71.6% 11.9% 32.5%

Idaho 71.6% -28.9% 164.3% 33.9% 88.0%

Illinois 61.5% -34.4% 54.6% 9.2% 1.5%

Indiana 21.6% -8.1% 60.0% 14.2% 47.0%

Iowa 28.6% -4.8% 40.6% 9.3% 33.9%

Kansas 34.5% -9.3% 61.8% 10.7% 46.7%

Kentucky 29.7% -7.7% 52.5% 12.0% 40.8%

Louisiana 48.7% -5.5% 35.0% 8.2% 27.7%

Maine 81.9% -12.4% 64.5% 14.5% 44.1%

Maryland 129.5% -28.9% 49.3% 13.9% 6.2%

Massachusetts 92.4% -22.7% 83.8% 13.9% 42.2%

Michigan 23.8% -39.5% 109.6% 14.3% 26.8%

Minnesota 66.7% -28.1% 79.4% 10.8% 29.1%

Mississippi 41.2% -13.8% 43.3% 9.6% 23.6%

Missouri 42.7% -15.5% 59.5% 12.8% 34.8%

Montana 82.9% -11.8% 88.0% 22.2% 65.9%

Nebraska 26.6% -6.8% 65.8% 13.1% 54.5%

Nevada 127.0% -59.0% 164.8% 15.9% 8.6%

New Hampshire 90.9% -23.4% 76.6% 19.9% 35.2%

New Jersey 117.8% -28.1% 51.8% 16.4% 9.2%

New Mexico 66.5% -16.4% 46.0% 12.9% 22.1%

New York 98.4% -15.2% 57.8% 10.3% 33.7%

North Carolina 40.6% -16.2% 65.1% 15.8% 38.4%

North Dakota 53.4% -3.8% 65.0% 8.0% 58.7%

Ohio 21.1% -18.5% 64.1% 14.6% 33.8%

Oklahoma 37.4% -2.7% 37.3% 10.8% 33.5%

Oregon 81.9% -28.3% 120.2% 17.7% 57.9%

Pennsylvania 70.0% -11.8% 44.8% 12.3% 27.7%

Rhode Island 130.2% -34.7% 86.4% 18.9% 21.8%

South Carolina 44.9% -19.6% 58.0% 12.8% 27.0%

South Dakota 45.2% -3.6% 61.5% 8.6% 55.7%

Tennessee 34.9% -11.9% 76.3% 16.7% 55.3%

Texas 33.6% -5.8% 74.3% 13.1% 64.2%

Utah 55.1% -22.2% 124.3% 22.1% 74.5%

Vermont 81.1% -9.2% 46.2% 19.2% 32.7%

Virginia 100.1% -23.0% 48.0% 12.2% 14.0%

Washington 84.7% -28.6% 138.6% 20.9% 70.3%

West Virginia 40.5% -5.6% 36.4% 11.5% 28.8%

Wisconsin 44.8% -16.4% 58.7% 12.4% 32.6%

Wyoming 77.8% -7.4% 53.7% 13.2% 42.3%
State of the US Housing Market

Debt,

$9,833

household

mortgages,

Agency Issuance (past 1 year) Agency Outstanding 

State GNMA Share GNMA Loan 

Count

GNMA Avg.

Loan Size (000)

GSE Avg. Loan 

Size (000) GNMA Share GNMA Loan Count

GNMA Avg. 

Loan Size (000)

GSE Avg. 

Loan Size 

(000)

National 23.6% 3,290,058 260.1 284.1 22.7% 10,889,368 166.5 209.6

Alabama 37.0% 61,762 201.6 223.1 37.0% 234,415 130.7 165.5

Alaska 45.4% 10,872 313.5 281.7 43.2% 37,334 235.4 212.1

Arizona 25.1% 122,459 255.2 258.9 21.1% 294,187 172.7 203.1

Arkansas 34.4% 32,961 172.2 202.0 36.6% 137,316 112.5 149.7

California 15.9% 296,288 400.3 394.0 13.3% 716,834 271.2 304.5

Colorado 23.6% 100,170 337.7 321.9 19.3% 225,454 235.8 256.2

Connecticut 22.7% 26,883 244.7 270.6 23.0% 105,463 180.7 200.6

Delaware 29.3% 14,765 245.3 260.7 28.8% 51,012 180.4 197.9

District of Columbia 12.8% 2,990 520.4 443.5 10.0% 8,999 304.6 338.9

Florida 33.9% 281,742 249.4 251.0 28.6% 843,398 175.3 190.3

Georgia 32.0% 150,238 222.8 253.4 30.8% 503,736 148.5 187.9

Hawaii 40.3% 16,672 554.8 441.3 23.2% 32,909 390.6 340.1

Idaho 23.1% 24,512 261.1 253.2 21.5% 71,490 167.6 198.0

Illinois 16.8% 90,327 207.1 236.8 19.0% 354,196 140.4 171.6

Indiana 25.7% 74,562 174.4 193.4 28.5% 287,617 113.1 140.0

Iowa 16.3% 19,254 178.0 197.2 19.6% 83,605 115.0 143.1

Kansas 23.7% 24,148 186.8 215.0 27.2% 99,649 120.8 153.9

Kentucky 29.2% 42,689 182.4 200.7 31.4% 164,447 122.6 145.8

Louisiana 34.3% 48,253 197.5 229.7 35.6% 189,639 139.3 170.3

Maine 23.2% 11,403 214.9 238.9 23.8% 39,041 153.5 178.8

Maryland 33.0% 97,462 329.7 316.6 29.3% 289,381 230.1 237.8

Massachusetts 13.3% 37,732 338.0 342.0 13.1% 115,927 242.2 257.3

Michigan 15.7% 69,968 176.7 205.3 18.6% 286,439 114.4 148.0

Minnesota 15.5% 46,045 235.8 248.2 16.5% 168,777 158.1 187.4

Mississippi 41.9% 27,073 183.4 206.1 44.2% 117,285 123.0 151.9

Missouri 23.7% 64,551 185.1 209.9 27.0% 252,702 121.6 152.5

Montana 23.6% 11,192 257.8 261.1 21.5% 34,854 174.0 198.2

Nebraska 22.4% 17,068 201.8 205.4 24.7% 68,340 125.2 151.3

Nevada 33.1% 56,973 290.2 269.8 25.8% 135,457 202.4 213.6

New Hampshire 21.3% 13,113 272.8 266.2 20.7% 41,351 195.7 200.6

New Jersey 18.1% 66,295 288.4 323.3 19.1% 233,028 209.7 242.1

New Mexico 35.7% 24,459 215.7 227.0 34.9% 96,214 142.3 165.8

New York 16.3% 52,566 285.7 321.9 19.0% 311,790 183.7 233.0

North Carolina 27.7% 127,661 222.5 250.7 26.2% 424,512 145.2 184.6

North Dakota 20.7% 5,123 238.3 232.2 19.9% 16,593 169.8 178.4

Ohio 24.3% 98,255 174.8 195.7 27.6% 430,336 112.8 139.3

Oklahoma 38.5% 42,721 186.9 206.2 40.6% 191,719 121.6 151.0

Oregon 19.7% 44,623 302.4 299.8 16.6% 118,024 210.2 233.4

Pennsylvania 21.8% 86,288 197.9 239.0 25.1% 398,692 134.2 171.4

Rhode Island 25.7% 10,587 270.6 261.7 25.7% 35,414 196.2 201.0

South Carolina 33.3% 74,177 223.6 236.6 30.3% 229,949 152.0 177.0

South Dakota 23.8% 9,045 214.9 218.5 26.4% 29,937 146.8 168.0

Tennessee 30.3% 83,262 224.7 246.3 30.1% 285,437 144.0 185.2

Texas 31.0% 312,720 236.2 258.8 29.0% 1,074,922 151.9 192.7

Utah 17.7% 43,587 297.3 291.1 17.1% 109,115 206.4 239.3

Vermont 17.7% 3,227 221.6 237.8 16.8% 12,476 163.6 169.6

Virginia 34.9% 153,058 328.9 323.3 30.6% 440,720 217.0 239.1

Washington 21.3% 98,981 340.8 348.6 18.2% 249,080 231.4 267.5

West Virginia 40.3% 14,034 185.4 190.7 39.9% 56,398 126.5 136.8

Wisconsin 14.3% 36,613 199.9 212.4 15.1% 128,041 134.8 154.7

Wyoming 33.0% 8,649 245.3 247.4 31.2% 25,717 180.0 191.3

Sources: eMBS and Urban Institute. Note: Ginnie Mae outstanding share are based on loan balance as of March 2021. Ginnie Mae issuance is based on the last 12 

months, from April 2020 to April 2021.

Ginnie Mae MBS constitute 22.7 percent of outstanding agency issuance by loan balance and 23.6 percent of new 

issuance over the past year. However, the Ginnie Mae share varies widely across states, with the share of 

outstanding (by loan balance) as low as 10.0 percent in the District of Columbia and as high as 44.2 percent in 

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

$11.7

$22.4

$34.1

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

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

$ Trillions

Value of the US Housing Market

Debt Household equity Total Value

$0.41

$0.44

$7.5

$3.29

0

1

2

3

4

5

6

7

8

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

$ Trillions

Size of the US Residential Mortgage Market

Private Label Securities Home Equity loans Agency MBS Unsecuritized first liens

Sources: Federal Reserve Flow of Funds, eMBS and Urban Institute. Last updated April 2021. 

Note Top: Single family includes 1-4 family mortgages. The home equity number is grossed up from Fed totals to include the value of households and 

the non-financial business sector. Note Bottom: Unsecuritized first liens includes loans held by commercial banks, GSEs, savings institutions, credit 

unions and other financial companies. 

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

market, driven primarily by growing home equity since 2012. Mortgage debt outstanding increased slightly from 

$11.5 trillion in Q3 2020 to $11.7 trillion in Q4 2020 while total household equity increased from $21.7 trillion to 

$22.4 trillion. The total value of the housing market reached $34.1 trillion in Q4 2020, 33.5 percent higher than 

the pre-crisis peak in 2006. Agency MBS account for 64.5 percent of the total mortgage debt outstanding, 

private-label securities make up 3.5 percent, and unsecuritized first liens make up 28.2 percent. Home equity 

loans comprise the remaining 3.8 percent of the total.
State of the US Housing Market

As of April 2021, outstanding securities in the agency market totaled $7.81 trillion: 42.3 percent Fannie Mae, 31.4 

percent Freddie Mac, and 26.2 percent Ginnie Mae MBS. Within the Ginnie Mae market, both FHA and VA have 

grown very rapidly since 2009, although since May 2020, FHA has contracted. FHA comprises 54.6 percent of total 

Ginnie Mae MBS outstanding, while VA comprises 39.6 percent. Note that during the pandemic the GSEs have 

been growing faster than Ginnie Mae, courtesy of borrowers with home price appreciation moving from FHA to 

conventional refinances and saving on the mortgage insurance premium.

$3.31

$2.05

$2.45

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Apr-03

Oct-03

Apr-04

Oct-04

Apr-05

Oct-05

Apr-06

Oct-06

Apr-07

Oct-07

Apr-08

Oct-08

Apr-09

Oct-09

Apr-10

Oct-10

Apr-11

Oct-11

Apr-12

Oct-12

Apr-13

Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

$ Trillions

Outstanding Agency Mortgage-Backed Securities

Fannie Mae Freddie Mac Ginnie Mae

Sources: eMBS and Urban Institute. Note: Data as of April 2021.

$1.1

$0.8

$0.1

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Apr-03

Oct-03

Apr-04

Oct-04

Apr-05

Oct-05

Apr-06

Oct-06

Apr-07

Oct-07

Apr-08

Oct-08

Apr-09

Oct-09

Apr-10

Oct-10

Apr-11

Oct-11

Apr-12

Oct-12

Apr-13

Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

$ Trillions

Outstanding Ginnie Mae Mortgage-Backed Securities

FHA VA Other

Sources: eMBS and Urban Institute Note: Data as of April 2021.
3

3.1

3.2

3.3

3.4

3.5

3.6

3.7

3.8

3.9

4

4.1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

State of the US Housing Market

Sources: eMBS and Urban Institute

Note:Data as of April 2021. Average coupon is weighted by remaining principal balance. 

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

Development. Data as of April 2021.

As of April 2021, the average coupon on outstanding Ginnie Mae pools was 3.13 percent, declining steadily over 

time. The share of outstanding MBS pools with coupons below 3.0 percent has grown exponentially in 2020 and 

early 2021 due to plummeting rates. The bottom chart shows that loans originated since 2019 now comprise over 

half, 57.6 percent, of outstanding as older vintages continue to refinance in substantial numbers.

Outstanding Ginnie Balance, by Coupon

Outstanding Ginnie Volume, by Vintage

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

$9,833

mortgages,

household

State of the US Housing Market

In April 2021, a total of 401,336 Ginnie Mae loans were in forbearance, 21,686 of which were removed from pools 

(i.e. liquidated) during the month. Most liquidated loans (19,524) were FHA. Forborne loans removed from pools in 

April 2021 had slightly higher note rates and FICO scores than forborne loans that remain in pools.

All loans in forbearance – April 2021

FICO Score* Note Rate* Current Principal Balance

Median FTHB Share Purchase Share Loan Count

Ginnie 659 3.9 $166,874 78.1% 69.1% 401,336

Bank 675 4.1 $130,379 73.7% 77.2% 53,859

Nonbank 657 3.9 $172,497 78.7% 68.1% 347,477

FHA 654 4.0 $162,711 78.8% 71.6% 286,654

Bank 668 4.2 $118,285 74.7% 79.4% 38,831

Nonbank 653 4.0 $169,901 79.3% 70.7% 247,823

VA 668 3.7 $215,228 70.6% 49.2% 79,721

Bank 687 3.7 $192,475 68.5% 67.7% 12,047

Nonbank 665 3.6 $219,039 71.2% 45.9% 67,674

Sources: eMBS and Urban Institute. Note: Data as of April 2021. *Averages weighted by remaining principal balance of loans.

Loans in forbearance and removed from pools – April 2021

FICO Score* Note Rate* Current Principal Balance

Median FTHB Share PurchaseShare Loan Count

Ginnie 662 4.1 $166,000 76.8% 61.2% 21,686

Bank 678 4.1 $146,489 73.7% 82.7% 4,656

Nonbank 658 4.0 $172,000 77.8% 56.6% 17,030

FHA 659 4.1 $164,000 77.6% 61.2% 19,524

Bank 673 4.2 $142,000 74.8% 85.2% 3,720

Nonbank 656 4.1 $170,000 78.4% 56.9% 15,804

VA 686 3.7 $222,000 63.4% 51.7% 1,680

Bank 695 3.8 $192,000 62.0% 66.0% 665

Nonbank 681 3.7 $237,000 64.4% 43.0% 1,015

Loans in forbearance that remain in pools – April 2021

FICO Score* Note Rate* Current Principal Balance

Median FTHB Share PurchaseShare Loan Count

Ginnie 659 3.9 $167,555 78.1% 69.6% 379,637

Bank 675 4.0 $130,156 73.5% 76.8% 49,610

Nonbank 657 3.9 $173,036 78.7% 68.7% 330,027

FHA 654 4.0 $163,412 78.8% 72.4% 267,117

Bank 667 4.2 $117,411 74.5% 79.0% 35,408

Nonbank 653 4.0 $170,540 79.4% 71.7% 231,709

VA 668 3.6 $215,380 70.8% 49.2% 78,041

Bank 686 3.7 $193,220 68.8% 67.8% 11,427

Nonbank 664 3.6 $219,000 71.3% 46.0% 66,614
State of the US Housing Market

Sources: eMBS and Urban Institute. Note:Data as of April 2021. Sources: eMBS and Urban Institute. Note: Data as of April 2021.

The share of Ginnie Mae loans in forbearance is higher for nonbank issuers than for bank issuers for two reasons: 

(1) more recent origination is more likely to be forborne and comprises a larger share of the non-bank servicing 

portfolio, and (2) banks have been more aggressive in buying forborne loans out of Ginnie Mae pools. Delinquent 

buyouts by nonbank issuers continue to remain muted relative to total nonbank loans removed from pools, but 

have edged up compared to delinquent buyouts by bank issuers (bottom charts, yellow areas).

0

50000

100000

150000

200000

250000

Dec-19

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Mar-21

Apr-21

Other Loss Mitigation

Repurchase of Delinquent Loan Mortgagor Payoff

0

50000

100000

150000

200000

250000

300000

Dec-19

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Mar-21

Apr-21

Other Loss Mitigation

Repurchase of Delinquent Loan Mortgagor Payoff

Number of Loans Removed from Pools:

Bank Issuers

Number of Loans Removed from Pools:

Nonbank Issuers

Sources: eMBS and Urban Institute. Note: Data as of April 2021.

0%

2%

4%

6%

8%

10%

12%

14%

May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21

Bank Forbearance Nonbank Forbearance All Forbearance Forbearance Share

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

Sources: eMBS and Urban Institute. Note:Data as of April 2021. Sources: eMBS and Urban Institute. Note: Data as of April 2021.

Ginnie Mae delinquent loans bought out of pools are more likely to be FHA than VA (top charts, yellow areas) 

and more likely to be higher coupons (bottom chart). In April 2021, 41,484 FHA and 2,943 VA loans were 

bought out. (These counts include all delinquent buyouts, regardless of forbearance status). Despite the 

increase in buyout activity during the pandemic, the vast majority of loans removed from pools have been 

payoffs triggered by ultra-low rates (blue areas).

0

50000

100000

150000

200000

250000

300000

Dec-19

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Mar-21

Apr-21

Other Loss Mitigation

Repurchase of Delinquent Loan Mortgagor Payoff

0

20000

40000

60000

80000

100000

120000

140000

160000

Dec-19

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Mar-21

Apr-21

Other Loss Mitigation

Repurchase of Delinquent Loan Mortgagor Payoff

Number of Loans Removed from Pools:

FHA

Number of Loans Removed from Pools:

VA

Sources: eMBS and Urban Institute. Note: Data as of April 2021.

Number of Loans Removed from Pools by Coupon

0

20000

40000

60000

80000

100000

120000

140000

160000

180000

Dec-19

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Mar-21

Apr-21

<3.5 Other

<3.5 Loss Mitigation

<3.5 Repurchase of Delinquent Loan

<3.5 Mortgagor Payoff

0

50000

100000

150000

200000

250000

300000

350000

Dec-19

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Jan-21

Feb-21

Mar-21

Apr-21

>=3.5 Other

>=3.5 Loss Mitigation

>=3.5 Repurchase of Delinquent Loan

>=3.5 Mortgagor Payoff

Sources: eMBS and Urban Institute. Note: Data as of April 2021.
State of the US Housing Market

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Q1

$ trillions

First Lien Origination Volume

Portfolio PLS securitization FHA/VA securitization GSE securitization

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q1 2021.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Q1

First Lien Origination Share

2021 is off to a strong start for first-lien originations with $1.31 trillion in mortgages originated during the first 

quarter. The share of portfolio originations was 25.6 percent in Q1 2021, down from the 29.2 percent share in Q1 

2020, but up from 23.0 percent for the full year 2020. The Q1 2021 GSE share was 57.4 percent, compared to 45.7 

percent in Q1 2020. The FHA/VA share in Q1 2021 was 15.9 percent, down compared to 23.2 percent in the same 

quarter last year. The PLS share was 1.0 percent in Q1 2021, down from 1.9 percent in Q1 2020, and a fraction of 

its share in the pre-bubble years. The smaller share of portfolio and PLS in 2020 reflects the impact of COVID-19, 

which made it difficult to originate mortgages without government support. The higher GSE share reflects the large 

amount of refinances done through this channel.

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q1 2021.

25.6%

1.03%

15.9%

57.4%

$0.335

$0.013

$0.209

$0.749
US Agency Market, Originations

Debt,

$9,833

household

mortgages,

Ginnie Mae Breakdown: Agency Gross Issuance

Issuance Year FHA VA Other Total

2000 $80.2 $18.8 $3.2 $102.2

2001 $133.8 $34.7 $3.1 $171.5

2002 $128.6 $37.9 $2.5 $169.0

2003 $147.9 $62.7 $2.5 $213.1

2004 $85.0 $31.8 $2.5 $119.2

2005 $55.7 $23.5 $2.1 $81.4

2006 $51.2 $23.2 $2.3 $76.7

2007 $67.7 $24.2 $3.0 $94.9

2008 $221.7 $39.0 $6.9 $267.6

2009 $359.9 $74.6 $16.8 $451.3

2010 $304.9 $70.6 $15.3 $390.7

2011 $216.1 $82.3 $16.9 $315.3

2012 $253.4 $131.3 $20.3 $405.0

2013 $239.2 $132.2 $22.2 $393.6

2014 $163.9 $111.4 $21.0 $296.3

2015 $261.5 $155.6 $19.2 $436.3

2016 $281.8 $206.5 $19.9 $508.2

2017 $257.6 $177.8 $20.2 $455.6

2018 $222.6 $160.8 $17.2 $400.6

2019 $266.9 $225.7 $16.0 $508.6

2020 $327.0 $423.5 $24.9 $775.4

2021 YTD $126.6 $178.0 $8.4 $313.0

2021 % Change YOY 20.4% 61.7% 30.5% 41.2%

2021 Ann. $379.8 $534.0 $25.1 $938.9

 

Agency Gross Issuance

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

2000 $202.8 $157.9 $360.6 $102.2 $462.8

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

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

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

2004 $517.5 $355.2 $872.6 $119.2 $991.9

2005 $514.1 $379.9 $894.0 $81.4 $975.3

2006 $500.2 $352.9 $853.0 $76.7 $929.7

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

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

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

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

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

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

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

2014 $392.9 $258.0 $650.9 $296.3 $947.2

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

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

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

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

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

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

2021 YTD $552.3 $494.0 $1,046.3 $313.0 $1,359.3

2021 % Change YOY 90.9% 136.9% 110.2% 41.2% 88.9%

2021 Ann. $1,657.0 $1,482.0 $3,139.0 $938.9 $4,077.8

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

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

Agriculture’s Rural Development. All data is as of April 2021.

Agency gross issuance in 2020 was historic at $3.18 trillion, surpassing every full year of agency origination in the 21st century, 

including the previous high of $2.09 trillion in 2003. 2020 agency issuance finished $1.63 trillion dollars higher than 2019 full 

year volume of $1.55 trillion, up 105.2 percent. Ginnie Mae gross issuance for the year was up by 52.5 percent and GSE gross 

issuance was up by 130.9 percent. Within the Ginnie Mae market, FHA was up by 22.5 percent and VA origination was up by 

87.6 percent; 2020 was the first year VA production was higher than FHA production. Strong agency issuance continues in 

2021, with a total of $1.36 trillion issued through April, up 88.9 percent compared to the same period last year.
US Agency Market, Originations

Debt,

$9,833

household

mortgages,

Ginnie Mae Breakdown: Net Issuance

Issuance Year FHA VA Other Total

2000 $29.0 $0.3 $0.0 $29.3

2001 $0.7 -$10.6 $0.0 -$9.9

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

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

2004 -$45.2 $5.1 $0.0 -$40.1

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

2006 -$4.7 $3.8 $1.2 $0.2

2007 $20.2 $8.7 $2.0 $30.9

2008 $173.3 $17.7 $5.4 $196.4

2009 $206.4 $35.1 $15.8 $257.4

2010 $158.6 $29.6 $10.0 $198.3

2011 $102.8 $34.0 $12.8 $149.6

2012 $58.9 $45.9 $14.3 $119.1

2013 $20.7 $53.3 $13.9 $87.9

2014 -$4.8 $53.9 $12.5 $61.6

2015 $22.5 $66.9 $7.9 $97.3

2016 $45.6 $73.2 $6.0 $124.9

2017 $50.1 $76.1 $5.0 $131.3

2018 $49.2 $61.2 $3.5 $113.9

2019 $35.9 $58.0 $1.9 $95.7

2020 -$52.5 $71.0 $1.3 $19.9

2021 YTD -$38.5 $30.4 -$2.5 -$10.6

2021 % Change YOY -533.3% 24.6% -275.2% -130.6%

2021 Ann. -$115.4 $91.1 -$7.5 -$31.8

Agency Net Issuance

Issuance Year Fannie Mae Freddie Mac GSE Total Ginnie Mae Total

2000 $92.0 $67.8 $159.8 $29.3 $189.1

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

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

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

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

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

2006 $164.3 $149.3 $313.6 $0.2 $313.8

2007 $296.1 $218.8 $514.9 $30.9 $545.7

2008 $213.0 $101.8 $314.8 $196.4 $511.3

2009 $208.1 $42.5 $250.6 $257.4 $508.0

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

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

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

2013 $53.5 $11.8 $65.3 $89.6 $154.9

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

2015 $3.5 $65.0 $68.4 $97.3 $172.5

2016 $60.5 $66.8 $127.4 $126.1 $261.6

2017 $83.7 $77.0 $160.7 $132.3 $293.0

2018 $81.9 $67.6 $149.4 $112.0 $261.5

2019 $87.4 $110.3 $197.8 $95.7 $293.5

2020 $289.3 $343.5 $632.8 $19.9 $652.7

2021 YTD $106.6 $183.2 $289.1 -$10.6 $279.2

2021 % Change YOY 59.4% 214.4% 131.1% -130.6% 74.7%

2021 Ann. $319.7 $549.6 $867.4 -$31.8 $837.5

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

Housing and the Department of Agriculture’s Rural Development. All data is as of April 2021.

2020 proved to be very robust for agency net issuance, with $652.7 billion of net new supply, up 122.4 percent over 

2019. 2020 Ginnie Mae net issuance was $19.9 billion, comprising 3.0 percent of total agency net issuance. This is down 

substantially from 2019 levels, reflecting a contraction in FHA securities outstanding; in the first four months of 2021 

Ginnie Mae net issuance was -$10.6 billion, driven by FHA contraction.
US Agency Market, Originations

Deb

 

t,

household

$9,833 Sources: eMBS and Urban Institute.

mortgages,

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

Agriculture’s Rural Development. All data is as of April 2021.

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

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

month in previous years. The April 2021 gross agency issuance of $290.3 was higher than the same month in 

2020, which is when the impact of lower rates began to sharply increase origination volume.

Date

Gross Issuance Net Issuance

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Mar-20 $69.5 $41.1 $53.0 $163.9 $17.9 $6.3 $8.8 $33.0

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

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

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

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

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

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

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

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

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

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

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

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

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

Monthly Agency Issuance
$2.6

$110.8

$33.3

$4.0 $0.2

$15.2

$9.3

$1.5 $1.3

$26.7

$5.6

$0.8

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

<=1.5 2 2.5 >=3.0

Streamlined Cash-out Not streamlined, not cash-out

Coupon

$ billions

Ginnie Mae Refinance Issuance by Type: YTD 2021

US Agency Market, Originations

Sources: eMBS and Urban Institute.

Note: Based on at-issuance balance. Data as of April 2021.

The FHA refinance share stood at 45.5 percent in April 2021, below the 74.9 percent refi share for Freddie 

originations, the 75.1 percent share for Fannie, and the 75.3 percent share for the VA. The total Ginnie refinance 

share stood at 58.3 percent in April. Refinances as a share of all originations grew during 2019 and 2020 as interest 

rates fell. The bottom section shows that most of 2021 Ginnie Mae refinances YTD, predominantly streamlined, 

were securitized in 2-2.5 coupon pools. Cash-out refinance volume remains muted due to restrictions Ginnie Mae 

put in place in late 2019, to combat the “churning” problem.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Jan-14

Apr-14

Jul-14

Oct-14

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

Percent Refi at Issuance

Refishare Freddie Fannie Ginnie FHA VA

75%

58%

46%

Sources: eMBS and Urban Institute. Note: Based on at-issuance balance. Data as of April 2021.
Credit Box

40.1%

47.6%

68.4%

51.5%

20%

30%

40%

50%

60%

70%

80%

Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21

First-time homebuyer share (%)

First Time Homebuyer Share: Purchase Only Loans

Freddie Fannie Ginnie All

Sources: eMBS and Urban Institute. Note: Data as of April 2021.

The first time homebuyer share of Ginnie Mae purchase loans was 68.4 percent in April 2021, down from 72.2 

percent in April 2020. First time homebuyers comprise a significantly higher share of the Ginnie Mae purchase 

market than of the GSE purchase market, with first time homebuyers accounting for 47.6 percent and 40.1 

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

on mortgages originated in April 2021, the average first-time homebuyer was more likely than an average 

repeat buyer to take out a smaller loan, have a lower credit score, a higher LTV, and pay a similar rate.

Fannie Mae Freddie Mac Ginnie Mae All

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

Loan Amount ($ ) 294,614 315,097 282,882 301,532 243,494 298,899 267,247 305,997 

Credit Score 749.3 759.1 746.3 755.5 688.6 704.0 720.1 742.8 

LTV (%) 87.1 79.5 87.7 78.9 96.8 95.9 91.8 83.8 

DTI (%) 34.2 35.0 34.7 35.6 41.3 41.9 37.6 37.1 

Loan Rate (%) 2.8 2.8 2.8 2.8 2.9 2.8 2.8 2.8 

Sources: eMBS and Urban Institute. 

Note: In May 2017 Ginnie Mae began disclosing issuer-reported LTV for FHA loans, which includes the financed upfront mortgage insurance 

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

subtracting 169 bps from this new issuer-reported LTV. Data as of April 2021. 
Credit Box

76.1%

50.7%

77.4%

68.4%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21

First-time homebuyer share (%)

First Time Homebuyer Share: 

Ginnie Mae Breakdown

 

FHA VA Other All

Sources: eMBS and Urban Institute. 

Note: “Other“ refers to loans insured by HUD’s Office of Public and Indian Housing and the Department of Agriculture’s Rural Development. In May 

2017 Ginnie Mae began disclosing issuer-reported LTV for FHA loans, which includes the financed upfront mortgage insurance premium. To make it 

consistent with the previously reported LTV, we removed the financed upfront mortgage insurance premium by subtracting 169 bps from this new issuerreported LTV. Data as of April 2021.

Within the Ginnie Mae purchase market, 76.1 percent of FHA loans, 50.7 percent of VA loans, and 77.4 percent 

of other loans represent financing for first-time home buyers in April 2021. The bottom table shows that based 

on mortgages originated in March 2021, the average first-time homebuyer was more likely than an average 

repeat buyer to take out a smaller loan, have a lower credit score, a higher LTV, and pay a slightly higher rate. 

Note that FHA’s average credit score for FTHBs was slightly higher compared to the same for repeat buyers 

(679.4 vs. 676.6)

FHA VA Other Ginnie Mae Total

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

Loan Amount ($) 238,340 253,193 294,921 358,093 175,865 185,179 243,494 298,899 

Credit Score 679.4 676.6 712.8 730.2 700.2 701.4 688.6 704.0 

LTV (%) 95.5 94.1 99.7 97.1 99.4 99.1 96.8 95.9 

DTI (%) 42.8 43.7 39.6 41.1 34.9 35.3 41.3 41.9 

Loan Rate (%) 2.9 2.9 2.7 2.6 2.8 3.0 2.9 2.8 

Sources: eMBS and Urban Institute. Note: Includes only purchase loans. Data as of April 2021.
t,

rtgages,

house

mortg

$9,833

hold

Deb

Purchase FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 367,278 655 714 745 782 800 736 

Fannie 131,197 693 733 762 793 802 754 

Freddie 123,018 699 731 765 790 802 757 

Ginnie 113,063 630 651 681 727 772 691 

Refi FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 882,680 682 722 766 792 806 753 

Fannie 395,943 697 736 772 795 808 761 

Freddie 366,854 695 729 767 792 805 758 

Ginnie 119,883 639 667 710 766 796 714 

All FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 1,249,958 672 714 760 790 804 748 

Fannie 527,140 696 733 770 793 806 759 

Freddie 489,872 696 730 767 791 804 757 

Ginnie 232,946 633 658 695 750 788 703 

 

Purchase FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 113,063 630 651 681 727 772 691 

FHA 68,877 625 644 668 700 739 675 

VA 34,550 644 672 721 770 795 720 

Other 9,636 644 663 694 733 766 699 

Refi FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 119,883 639 667 710 766 796 714 

FHA 42,056 624 645 671 702 742 677 

VA 76,342 656 693 742 782 802 734 

Other 1,485 649 675 707 746 776 709 

All FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 232,946 633 658 695 750 788 703 

FHA 110,933 625 645 669 701 740 676 

VA 110,892 651 686 736 779 800 730 

Other 11,121 644 664 697 735 768 701 

April 2021 Credit Box at a Glance

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

Agriculture’s Rural Development.Data as of April 2021.

In April 2021, the median Ginnie Mae FICO score was 695 versus 770 for Fannie Mae and 767 for Freddie Mac. Note 

that the FICO score for the 10th percentile was 633 for Ginnie Mae, versus 696 for both Fannie Mae and Freddie Mac. 

Within the Ginnie Mae market, FHA loans have a median FICO score of 669, VA loans have a median FICO score of 

736 and other loans have a median FICO score of 697.
April 2021 Credit Box at a Glance

old

Debt,

househ

or

$9,833

m rtgages,

Purchase

Number of Loans

LTV

P10 P25 Median P75 P90 Mean

All 367,504 71.0 80.0 93.0 96.5 99.3 86.9 

Fannie 131,282 65.0 80.0 85.0 95.0 95.0 82.9 

Freddie 123,049 66.0 80.0 80.0 95.0 95.0 82.3 

Ginnie 113,173 94.0 96.5 96.5 100.0 101.0 96.5 

Refi LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 928,646 41.0 55.0 69.0 80.0 90.0 66.6 

Fannie 395,950 38.0 50.0 63.0 75.0 80.0 61.4 

Freddie 366,862 41.0 54.0 67.0 75.0 80.0 63.9 

Ginnie 165,834 65.2 78.8 89.1 96.3 99.1 85.1 

All LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 1,296,150 45.0 60.0 75.0 89.0 96.5 72.4 

Fannie 527,232 41.0 54.0 69.0 80.0 90.0 66.8 

Freddie 489,911 44.0 58.0 71.0 80.0 90.0 68.5 

Ginnie 279,007 72.1 84.5 95.2 97.3 100.0 89.7 

 

Purchase LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 113,173 94.0 96.5 96.5 100.0 101.0 96.5 

FHA 68,939 93.8 95.0 96.5 96.5 96.5 95.2 

VA 34,568 92.9 100.0 100.0 100.0 102.3 98.3 

Other 9,666 96.2 99.5 101.0 101.0 101.0 99.4 

Refi LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 165,834 65.2 78.8 89.1 96.3 99.1 85.1 

FHA 64,208 73.0 81.4 90.9 96.3 97.6 87.3 

VA 100,098 60.8 75.5 87.5 96.2 100.0 83.6 

Other 1,528 77.6 87.4 95.6 99.7 101.0 91.9 

All LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 279,007 72.1 84.5 95.2 97.3 100.0 89.7 

FHA 133,147 79.7 89.8 96.1 96.5 96.9 91.4

VA 134,666 64.7 80.0 91.7 100.0 100.6 87.3 

Other 11,194 92.7 98.7 101.0 101.0 101.0 98.4 

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

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

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

insurance premium by subtracting 169 bps from this new issuer-reported LTV. Data as of April 2021.

In April 2021, the median loan-to-value ratio (LTV) was 95.2 percent for Ginnie Mae, compared to 69 percent for 

Fannie Mae and 71 percent for Freddie Mac. The 90th percentile was 100 percent for Ginnie Mae, versus 90 percent 

for both Fannie and Freddie. Within the Ginnie Mae market, the median LTV was 96.1 for FHA, 91.7 for VA and 101 

for other programs.
De

mortgages,

hous

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$9,833

ehold

bt,

Purchase DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 366,699 23.0 30.0 38.0 44.0 49.0 36.8 

Fannie 131,279 21.0 28.0 36.0 43.0 47.0 35.0 

Freddie 123,046 21.0 28.0 35.0 42.0 46.0 34.4 

Ginnie 112,374 28.4 35.1 42.3 48.8 53.9 41.6 

Refi DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 808,813 19.0 25.0 33.0 41.0 46.0 32.8 

Fannie 395,936 18.0 25.0 33.0 41.0 46.0 32.4 

Freddie 366,826 19.0 25.0 33.0 41.0 45.0 32.6 

Ginnie 46,051 21.8 30.0 37.6 46.2 52.7 37.4 

All DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 1,175,512 20.0 26.0 35.0 42.0 47.0 34.0 

Fannie 527,215 19.0 25.0 34.0 41.0 46.0 33.1 

Freddie 489,872 19.0 26.0 34.0 41.0 45.0 33.1 

Ginnie 158,425 26.2 33.2 41.2 48.2 53.7 40.4 

 

Purchase DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 112,374 28.4 35.1 42.3 48.8 53.9 41.6 

FHA 68,662 30.7 37.5 44.1 49.8 54.4 43.1 

VA 34,073 26.0 33.0 40.7 47.9 53.6 40.3

Other 9,639 25.4 30.4 35.8 40.4 43.3 35.1 

Refi DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 46,051 21.8 30.0 37.6 46.2 52.7 37.4 

FHA 20,679 26.8 33.0 41.7 48.8 53.9 40.7 

VA 24,590 19.2 26.9 34.2 43.3 50.7 35.0 

Other 782 16.3 21.7 29.2 36.3 41.3 29.2 

All DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 158,425 26.2 33.2 41.2 48.2 53.7 40.4 

FHA 89,341 29.7 36.5 43.7 49.6 54.3 42.6 

VA 58,663 22.9 30.5 38.3 46.3 52.7 38.0 

Other 10,421 24.5 29.9 35.5 40.2 43.3 34.6 

April 2021 Credit Box at a Glance

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

Agriculture’s Rural Development. Data as of April 2021.

In April 2021, the median Ginnie Mae debt-to-income ratio (DTI) was 41.2 percent, considerably higher than the 

34.0 percent median DTI for both Fannie Mae and Freddie Mac. The 90th percentile for Ginnie Mae was 53.7 

percent, also much higher than the 46.0 percent DTI for Fannie Mae and 45.0 percent for Freddie Mac. Within the 

Ginnie Mae market, the median FHA DTI ratio was 43.7 percent, versus 38.3 percent for VA and 35.5 percent for 

other lending programs.
Credit Box: Historical

660

680

700

720

740

760

780

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

FICO Scores

FICO Scores for Purchase Loans 

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

660

680

700

720

740

760

780

800

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

FICO Scores for Refinance Loans

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

767

770

695

760

660

680

700

720

740

760

780

Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21

FICO Scores

FICO Scores for All Loans

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

Sources: eMBS and Urban Institute. Note:Data as of April 2021. Sources: eMBS and Urban Institute. Note: Data as of April 2021.

Sources: eMBS and Urban Institute. Note: Data as of April 2021.

The median FICO score for all agency loans originated in April 2021 was 760, up considerably since the start of 

2019, owing to the refinance wave, which higher FICO borrowers take advantage of with greater frequency. In 

addition, the increases in refinance activity have been much more dramatic at the GSEs than at Ginnie Mae, 

shifting the composition toward higher FICO score borrowers. Note since early 2019, the median FICO scores 

for Fannie, Freddie and Ginnie borrowers have moved up for both purchase and refinance loans, although 

refinance FICOs have started to dip a bit. The difference between Ginnie Mae and GSE borrower FICOs is 

considerably wider for purchase loans than for refi loans.
Credit Box: Historical

95.2

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Aug-19 Jan-20 Jun-20 Nov-20 Apr-21

Loan-to-Value Ratio

LTV Ratio for All Loans

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

The median LTV for Ginnie Mae loans was 95.2 percent in April 2021, much higher than the 71 percent LTV for 

Freddie Mac and 69 percent for Fannie Mae. Median debt-to-income ratios for Ginnie Mae loans have 

historically been in the low 40s, considerably higher than for the GSEs. DTIs increased in the 2017-2018 period 

for both Ginnie Mae and GSE loans, with the movement more pronounced for Ginnie Mae. Increases in DTI are 

very typical in an environment of rising interest rates and rising home prices. All three agencies witnessed 

measurable declines in DTI, beginning in early 2019, driven by lower interest rates, with larger declines in GSE 

securities.

Sources: eMBS and Urban Institute. Note: In May 2017 Ginnie Mae began disclosing issuer-reported LTV for FHA loans, which includes the financed 

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

premium by subtracting 169 bps from this new issuer-reported LTV. Sources and note apply to all three graphs. Data as of April 2021.

75.0

71.0

69.0

34.0

41.2

35.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20 Apr-21

Debt-to-Income Ratio

DTI Ratio for All Loans

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

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61 64 67 70 73 76 79 82 85 88 91 94 97

FHA Cumulative Default Rate by DTI and FICO

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

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

Loan age

Cumulative default rate

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61 64 67 70 73 76 79 82 85 88 91 94 97

VA Cumulative Default Rate by DTI and FICO

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

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

Loan age

Cumulative default rate

Sources: eMBS and Urban Institute. Note: Defaults = 180 days delinquent. Data as of May 2021.

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

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

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

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

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

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

much weaker predictor of loan performance than credit score.

Sources: eMBS and Urban Institute. Note: Defaults = 180 days delinquent. Data as of May 2021.
96%

84%

58%

39%

30%

96%

86%

58%

34%

25%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

<640 640–680 680–700 700–750 ≥ 750

96%

83%

61%

39%

30%

94%

83%

55%

33%

25%

0%

20%

40%

60%

80%

100%

120%

<640 640–680 680–700 700–750 ≥ 750

March 2019- May 2019 March 2021- May 2021

Credit Box: Historical

DTI < 35

Sources: eMBS and Urban Institute. 

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

35 ≤ DTI < 45 

99% 94%

81%

63%

48%

100% 98% 94%

63%

47%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

<640 640–680 680–700 700–750 ≥ 750

Credit score

Credit score

Credit score

DTI ≥ 45

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

Mae’s share is more concentrated in lower FICO scores than in higher FICO scores. In March 2021- May 2021, 

Ginnie Mae accounted for 94 percent of agency issuance for DTIs under 35 and FICOs below 640, compared to 

just 25 percent for DTIs below 35 and FICO 750 and higher. The Ginnie/GSE split in the 35-45 DTI bucket looks a 

lot like the below 35 percent DTI bucket. In March 2021− May 2021, Ginnie Mae’s share of issuance was higher 

for DTIs of 45 and above, as compared with the two lower DTI buckets. Ginnie Mae share of loans with a DTI of 

45 and above and a FICO of 680-700 was 94 percent; it was 55-58 percent for the same FICO in the lower DTI 

buckets. Comparing this period to 2 years earlier, it is clear the GSEs have stepped up their higher LTV lending 

for borrowers with FICOs of 680 or higher for DTIs less than 45 (the less than 35 and the 35-45 buckets).
High LTV Loans: Ginnie Mae vs. 

GSEs

Sources: eMBS and Urban Institute.

March 2019-May 2019

FICO

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

< 35 3.0% 4.5% 2.5% 6.7% 8.6% 25.3%

35 −45 5.8% 8.6% 4.7% 11.5% 9.9% 40.4%

≥ 45 5.5% 9.0% 4.3% 9.0% 6.5% 34.2%

All 14.2% 22.2% 11.5% 27.1% 25.0% 100.0%

March 2021-May 2021

FICO

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

< 35 1.8% 4.7% 3.0% 9.3% 13.6% 32.3%

35 −45 3.1% 8.4% 4.9% 12.8% 12.8% 42.0%

≥ 45 2.7% 6.6% 3.1% 7.4% 6.0% 25.7%

All 7.6% 19.6% 10.9% 29.5% 32.3% 100.0%

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

Share of Loans with LTV ≥ 95

Ginnie Mae GSE All

March 2019- May 2019 69.8% 20.2% 36.4%

March 2021- May 2021 59.9% 7.6% 14.3%

Ginnie Mae dominates high-LTV lending, with 59.9 percent of its issuances in the March 2021- May 2021 period 

having LTVs of 95 or above, compared to 7.6 percent for the GSEs. Both the GSEs and Ginnie Mae have 

decreased their high-LTV lending share from March 2019− May 2019, with the GSEs falling more dramatically 

from 20.2 percent. The share of high-LTV agency loans going to highest FICO borrowers (i.e. above 750) has 

increased from the March 2019- May 2019 period to the March 2021- May 2021 period, as has the share of 

lower DTI borrowers (below 35).
Nonbank Originators

Sources: eMBS and Urban Institute

Note:Data as of April 2021.

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

Development. Data as of April 2021.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Nonbank Origination Share: All Loans

All Fannie Freddie Ginnie

92.5%

75.3%

70.9%

70.6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

May-13

Oct-13

Mar-14

Aug-14

Jan-15

Jun-15

Nov-15

Apr-16

Sep-16

Feb-17

Jul-17

Dec-17

May-18

Oct-18

Mar-19

Aug-19

Jan-20

Jun-20

Nov-20

Apr-21

All Fannie Freddie Ginnie

Nonbank Origination Share: 

Refinance Loans

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

May-13

Oct-13

Mar-14

Aug-14

Jan-15

Jun-15

Nov-15

Apr-16

Sep-16

Feb-17

Jul-17

Dec-17

May-18

Oct-18

Mar-19

Aug-19

Jan-20

Jun-20

Nov-20

Apr-21

All Fannie Freddie Ginnie

Nonbank Origination Share: 

Purchase Loans

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

nonbank share has been consistently higher than the GSEs, standing at 92.5 percent in April 2021. Fannie and 

Freddie’s nonbank shares both declined in April, to 70.6 percent and 70.9 percent respectively(note that these 

numbers can be volatile on a month-to-month basis). Ginnie Mae and Freddie Mac have higher nonbank 

origination shares for refi activity, while Fannie Mae has a higher nonbank origination share for purchase 

activity. Freddie Mac’s nonbank share is the lowest among the three agencies for purchase loans, while Fannie 

Mae’s nonbank share is the lowest for refi loans.
Ginnie Mae Nonbank Originators 

Sources: eMBS and Urban Institute

Note:Data as of April 2021.

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

Development. Data as of April 2021.

In April 2021, Ginnie Mae’s nonbank share declined slightly to 92.5 percent. The nonbank originator share for 

FHA remained at 94.6 percent in April. The nonbank originator share for VA was higher than last month at 91.0 

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

to 91.3 percent.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jan-14

Apr-14

Jul-14

Oct-14

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

Non-bank originator share

Ginnie Mae Nonbank Originator Share: All Loans

All FHA VA Other

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Mar-14

Aug-14

Jan-15

Jun-15

Nov-15

Apr-16

Sep-16

Feb-17

Jul-17

Dec-17

May-18

Oct-18

Mar-19

Aug-19

Jan-20

Jun-20

Nov-20

Apr-21

Non-bank originator share

Ginnie Mae Nonbank Share: 

Purchase Loans

All FHA VA Other

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Mar-14

Aug-14

Jan-15

Jun-15

Nov-15

Apr-16

Sep-16

Feb-17

Jul-17

Dec-17

May-18

Oct-18

Mar-19

Aug-19

Jan-20

Jun-20

Nov-20

Apr-21

Ginnie Mae Nonbank Share: 

Refinance Loans

All FHA VA Other

95%

93%

91%
Sources: eMBS and Urban Institute. 

Note: Data as of April 2021.

Sources: eMBS and Urban Institute. 

Note: Data as of April 2021.

680

690

700

710

720

730

740

750

760

770

780

Agency FICO: Bank vs. Nonbank

FICO All Median FICO Bank Median FICO Nonbank Median FICO

Sources: eMBS and Urban Institute. Note: Data as of April 2021.

771

761

756

660

680

700

720

740

760

780

Apr-14

Aug-14

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

All Median FICO Bank Median FICO

Nonbank Median FICO

Ginnie Mae FICO: Bank vs. Nonbank

660

680

700

720

740

760

780

Apr-14

Aug-14

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

All Median FICO Bank Median FICO

Nonbank Median FICO

GSE FICO: Bank vs. Nonbank

Nonbank Credit Box

FICO FICO

Nonbank originators have played a key role in opening up access to credit. FICO scores for loans originated by 

nonbanks are lower than their bank counterparts. Within the GSE space, where the differentials between banks 

and non-banks are small, FICO scores for both have increased since early 2014. The sharp rise in bank and nonbank FICOs reflects an increase in GSE refinance activity, producing a shift in their business mix toward higher 

FICO borrowers. Within the Ginnie Mae space, FICO scores for bank originations has been consistently higher than 

their non-bank counterparts, reflecting the sharp cut-back in FHA lending by many banks. The bank/non-bank FICO 

differential has narrowed over the past 2 years, as non-banks are relatively more active in refi lending, which is 

skewed toward higher FICO scores.
Sources: eMBS and Urban Institute. Note: Data as of April 2021. Sources: eMBS and Urban Institute. Note: Data as of April 2021.

66

68

70

72

74

76

78

80

82

84

86

88

90

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

GSE LTV: Bank vs. Nonbank

All Median LTV Bank Median LTV

Nonbank Median LTV

Sources: eMBS and Urban Institute. Note: Data as of April 2021.

90

91

92

93

94

95

96

97

98

99

100

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

All Median LTV Bank Median LTV

Nonbank Median LTV

Sources: eMBS and Urban Institute. Note: Data as of April 2021.

30

32

34

36

38

40

42

44

46

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

GSE DTI: Bank vs. Nonbank

All Median DTI Bank Median DTI

Nonbank Median DTI

Nonbank Credit Box

Ginnie Mae LTV: Bank vs. Nonbank

Ginnie Mae DTI: Bank vs. Nonbank

LTV LTV

DTI DTI

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

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

completely reversed for the GSEs, leaving GSE DTIs as low as they have been at any point since 2014. As interest rates 

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

over the past two years, DTIs have dropped.
650

670

690

710

730

750

770

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

FICO scores

Ginnie Mae VA FICO Scores: Bank 

vs. Nonbank

VA All Median FICO VA Bank Median FICO

VA Nonbank Median FICO

Ginnie Mae Nonbank Originators: 

Credit Box

Sources: eMBS and Urban Institute

Note:Data as of April 2021.

Sources: eMBS and Urban Institute

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

and the Department of Agriculture’s Rural Development. Data as of April 2021.

The median FICO score for Ginnie Mae nonbank originators declined in April 2021. Bank FICOs are 23 points 

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

lending.

650

660

670

680

690

700

710

720

730

740

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

FICO score

Ginnie Mae FICO Scores: 

Bank vs. Nonbank

All Median FICO Bank Median FICO

Nonbank Median FICO

650

660

670

680

690

700

710

720

730

740

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Ginnie Mae FHA FICO Scores: 

Bank vs. Nonbank

FHA All Median FICO FHA Bank Median FICO

FHA Nonbank Median FICO

650

660

670

680

690

700

710

720

730

740

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Ginnie Mae Other FICO Scores: 

Bank vs. Nonbank

Other All Median FICO Other Bank Median FICO

Other Nonbank Median FICO

Sources: eMBS and Urban Institute Note:Data as of April 2021. Sources: eMBS and Urban Institute Note:Data as of April 2021.
30

32

34

36

38

40

42

44

46

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

FICO scores

Ginnie Mae VA DTI: Bank vs. 

Nonbank

VA All Median DTI VA Bank Median DTI

VA Nonbank Median DTI

Ginnie Mae Nonbank Originators: 

Credit Box

Sources: eMBS and Urban Institute

Note:Data as of April 2021.

Sources: eMBS and Urban Institute

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

and the Department of Agriculture’s Rural Development. Data as of April 2021.

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

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

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

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

as rates have declined.

30

32

34

36

38

40

42

44

46

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Ginnie Mae DTI: 

Bank vs. Nonbank

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Ginnie Mae FHA DTI: Bank vs. 

Nonbank

FHA All Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI

30

32

34

36

38

40

42

44

46

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

Ginnie Mae Other DTI: Bank vs. 

Nonbank

Other All Median DTI Other Bank Median DTI

Other Nonbank Median DTI

Sources: eMBS and Urban Institute Note:Data as of April 2021. Sources: eMBS and Urban Institute Note:Data as of April 2021.
Holders of Ginnie Mae MSRs

Sources: eMBS and Urban Institute. Note: Data as of April 2021.

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

Rank MSR Holder UPB ($ millions) Share Cumulative 

Share

1 PennyMac $170,730 11.1% 11.1%

2 Lakeview $170,607 11.1% 22.2%

3 Freedom Home Mortgage $161,908 10.5% 32.7%

4 Wells Fargo $136,971 8.9% 41.6%

5 Nationstar $74,854 4.9% 46.4%

6 Quicken Loans $60,957 4.0% 50.4%

7 Newrez $44,880 2.9% 53.3%

8 US Bank $42,568 2.8% 56.1%

9 Carrington Mortgage $37,196 2.4% 58.5%

10 USAA Federal Savings Bank $34,378 2.2% 60.7%

11 Caliber Home Loans $34,024 2.2% 62.9%

12 Navy Federal Credit Union $25,898 1.7% 64.6%

13 Amerihome Mortgage $25,754 1.7% 66.3%

14 Truist Bank $23,779 1.5% 67.8%

15 United WholeSale Mortgage $21,357 1.4% 69.2%

16 The Money Source $20,017 1.3% 70.5%

17 Loan Depot $19,726 1.3% 71.8%

18 Home Point Financial Corporation $19,329 1.3% 73.1%

19 Planet Home Lending $15,485 1.0% 74.1%

20 Guild Mortgage $15,427 1.0% 75.1%

21 Midfirst Bank $14,609 0.9% 76.0%

22 JP Morgan Chase $14,081 0.9% 76.9%

23 Mortgage Research Center $13,312 0.9% 77.8%

24 PHH Mortgage Corporation $11,428 0.7% 78.5%

25 M&T Bank $11,361 0.7% 79.3%

26 Citizens Bank $10,988 0.7% 80.0%

27 Flagstar Bank $10,168 0.7% 80.6%

28 Idaho Housing and Finance Association $9,880 0.6% 81.3%

29 New American Funding $9,554 0.6% 81.9%

30 CMG Mortgage, INC. $8,160 0.5% 82.4%

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

of April 2021, over half (50.4 percent) of the Ginnie Mae MSRs are owned by the top six firms. The top 30 firms 

collectively own 82.4 percent. Twenty-one of these 30 are non-depositories, the remaining 9 are depository 

institutions.
77.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

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

Share of outstanding loans by UPB

April 2021

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

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

$139 billion in servicing UPB respectively. In April 2021, Wells Fargo’s holdings of MSRs dipped to $137.0 billion, 

below the $170.7, $170.6, and $161.9 billion held by PennyMac, Lakeview and Freedom Home Mortgage, 

respectively (all nonbanks). Nationstar (also nonbank) makes up the remainder of the top five largest holders of 

MSRs, owning $74.9 billion respectively as of April 2021. Nonbanks collectively owned servicing rights for 77.7 

percent of all outstanding unpaid principal balance guaranteed by Ginnie Mae in April 2021. In December 2013, 

the nonbank share was much smaller at 27.7 percent.

Holders of Ginnie Mae MSRs

Sources: eMBS and Urban Institute. Note: Data as of April 2021.

Share of Ginnie Mae MSRs held by Nonbanks

Top 5 MSR Holders: Outstanding Ginnie Mae Loans by UPB

$170,607

$170,730

$161,908

$136,971

$74,854

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

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

1. PennyMac 2. Lakeview

3. Freedom Home Mortgage 4. Wells Fargo

5. Nationstar UPB ($ millions)

April 2021
Prepayments

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Sep-12

Jan-13

May-13

Sep-13

Jan-14

May-14

Sep-14

Jan-15

May-15

Sep-15

Jan-16

May-16

Sep-16

Jan-17

May-17

Sep-17

Jan-18

May-18

Sep-18

Jan-19

May-19

Sep-19

Jan-20

May-20

Sep-20

Jan-21

May-21

Constant Prepayment Rate (%)

2012 Issued 3.5 Coupon CPR

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

Sources: Credit Suisse and Urban Institute. Note: Data as of May 2021.

Sources: Credit Suisse and Urban Institute. Note: Data as of May 2021.

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

dramatic in 2020 and continuing into early 2021, with speeds on both Ginnie II and GSE securities rising rapidly 

due to a sharp drop in rates. At this point, the speeds on GSE securities have largely converged with those on 

Ginnie II securities, as the former have ramped up more quickly in 2020. The faster Ginnie speeds from 2013-

early 2020 reflected the growing share of VA loans, which tend to prepay faster than either FHA or GSE loans. In 

addition, FHA puts fewer restrictions on streamlined refinances, and some of the upfront mortgage insurance 

premium can also be applied to the refinanced loan. Prepayment speeds have declined the past month, more for 

GSE loans, and may decline further over the next few months, given the more than 30 bps increase in mortgage 

rates since year end 2020. Even so, rates remain very low in a historical context.

30%

26%

0%

10%

20%

30%

40%

50%

60%

May-12Nov-12May-13Nov-13May-14Nov-14May-15Nov-15May-16Nov-16May-17Nov-17May-18Nov-18May-19Nov-19May-20Nov-20May-21

Constant prepayment rate (%)

Aggregate Prepayments

Fannie CPR Freddie CPR Ginnie I CPR Ginnie II CPR

41%

36%

27%
Prepayments

0%

10%

20%

30%

40%

50%

60%

Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21

Constant Prepayment Rate (%)

2015 Issued 3.5 Coupon CPR

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

0%

10%

20%

30%

40%

50%

60%

Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20 Apr-21

Constant Prepayment Rate (%)

2016 Issued 3.0 Coupon CPR

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

Sources: Credit Suisse and Urban Institute. Note: Data as of May 2021.

Sources: Credit Suisse and Urban Institute. Note: Data as of May 2021.

Speeds on the 2015 3.5s and the 2016 3.0s, the largest coupon cohorts of those vintage years, have been increasing since 

early 2019; the speed increases have been especially dramatic in 2020 and continuing into early 2021 due to a sharp drop in 

rates, with speeds on both Ginnie II and GSE securities rising rapidly. However, over the past month prepayment speeds have 

declined, and may decline further over the next few months, given the more than 30 bps increase in mortgage rates since 

year end 2020.The speeds on the 2015-issued Ginnie 3.5s have been slightly lower than their conventional counterparts 

from August 2020 through early in 2021, although they converged this past month as conventional prepayments dropped 

more than their Ginnie counterparts. The speeds on the 2016-issued Ginnie Mae 3.0s remained very comparable to their 

conventional counterparts from August 2020 until earlier this year, although over the past few months conventional 

prepayments have dropped more than Ginnie Mae prepayments. The faster historical speeds on the Ginnie Mae cohorts 

reflect the fact that 2015 and 2016 Ginnie originations consist of a large component of VA loans, which prepay faster than 

either FHA or GSE loans. The FHA streamlined programs are likely another contributor to the historically faster speeds.

39%

33%

38%

37%
Prepayments

0%

10%

20%

30%

40%

50%

60%

70%

Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21

Constant Prepayment Rate (%)

2018 Issued 4.0 Coupon CPR

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

0%

10%

20%

30%

40%

50%

60%

Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21

Constant Prepayment Rate (%)

2017 Issued 3.5 Coupon CPR

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

Sources: Credit Suisse and Urban Institute. Note: Data as of May 2021.

Sources: Credit Suisse and Urban Institute. Note: Data as of May 2021.

The charts below show the behavior of the 2017-issued 3.5s and the 2018-issued 4.0s, the largest coupon 

cohorts of those vintage years. Despite slower seasoning, 2017 Ginnie II 3.5s were prepaying faster than their 

conventional counterparts from late 2017 to March 2020, due primarily to fast VA prepayment speeds. 

Similarly, the 2018 Ginnie II 4.0s prepaid more slowly than their conventional counterparts until January of 

2019. In 2019, speeds of 2018 4.0s and 2017 3.5s accelerated, and Ginnie II speeds accelerated more than 

their conventional counterparts. However, in early 2020 conventional speeds accelerated more than Ginnie

speeds. Since March 2020, conventional speeds have generally exceeded those of the Ginnie cohorts, although 

the difference between the two has narrowed in recent months, and, for the latest month, both 2017 Ginnie

3.5s and 2018 Ginnie 4s are marginally faster than their conventional counterparts. Prepayment speeds have 

declined the past month, and may decline further over the next few months, given the more than 30 bps 

increase in mortgage rates since year end 2020.

43%

40% 

50%

48%

46%
Prepayments 

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

Constant Prepayment Rate (%)

2019 Issued 3.0 Coupon CPR, by Loan Age

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

Loan age

Sources: Credit Suisse and Urban Institute. Note: Data as of May 2021.

Sources: Credit Suisse and Urban Institute. Note: Data as of May 2021.

The charts below show prepayment speeds by loan age for 2019 and 2020 Ginnie II 3.0s. Prepayment speeds on 

both cohorts jumped at the 8-10 month loan age, a more muted jump than earlier cohorts at the same age; they 

then began to converge with conventional speeds more quickly, as a result of Ginnie Mae actions to curtail the 

“churning” problem. These actions have included suspending a few servicers whose VA speeds are especially 

high from selling VA loans into Ginnie Mae II securities, as well as rewriting the pooling requirements so that if 

loans that do not meet the seasoning requirement are refinanced, the new loan is ineligible for securitization. 

Ginnie’s latest action on this front became effective for securities issued on or after November 1, 2019. It bars 

the securitization of over 90 percent LTV cash-out refinances into Ginnie I and Ginnie II pools (custom pools 

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

borrower has obtained a benefit from the refinance. The recent experience of these cohorts indicates that, as a 

result of these cumulative actions plus the acceleration of speeds in the conventional market in response to 

lower rates, Ginnie Mae speeds on 2019-issued 3.0s have been generally running below their conventional 

counterparts 22 month loan age onwards. 2020 Ginnie II 3.0s show a sharp increase in speeds at the 9-10 

month mark, pushing it well above conventional speeds, but the gaps are narrowing by months 11 and 12.

49.4%

47.6%

26.5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Constant Prepayment Rate (%)

2020 Issued 3.0 Coupon CPR, by Loan Age

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

Loan age

54.6%

41.6%

37.6%
Reverse and Multifamily Mortgages

$1.1

$4.2

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$ Billions

Issuance Volume

HMBS Issuance Multifamily MBS Issuance

$56.4

$131.9

$0

$20

$40

$60

$80

$100

$120

$140

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-20

-17 Aug

-17 Jun

-17 Ap

b-1

r

7 Fe

c-16 De

Oct-16

-16 Aug

-16 Jun

-16 Ap

b-1

r

6 Fe

c-15 De

Oct-15

-15 Aug

-15 Jun

-15 Ap

b-1

r

5 Fe

c-1

4

De

Oct-13

Dec-13

Feb-14

Apr-14

Jun-14

Aug-14

Oct-14

$ Billions

Outstanding Volume

HMBS Oustanding Multifamily MBS Oustanding

Other Ginnie Mae Programs

Sources: Ginnie Mae and Urban Institute. Note: Data as of April 2021.

Sources: Ginnie Mae and Urban Institute. Note: Data as of April 2021.

Monthly issuance of Ginnie Mae reverse mortgages has been volatile over the past three years. After declining in 

2018, volume has slowly improved over the course of 2019 and 2020. In April 2021, issuance grew to $1.1 

billion. Outstanding reverse mortgage securities totaled $56.4 billion in April 2021, up slightly from the previous 

month, reflecting a higher volume of new issuances relative to paydowns. Ginnie Mae multifamily issuance has 

increased considerably over the past year, but there are month to month fluctuations. After increasing in 

February 2021, Ginnie Mae multifamily issuance has since decreased through April to $4.2 billion. Outstanding 

multifamily securities totaled $131.9 billion in April of 2021.
Market Conditions

Sources: SIFMA and Urban Institute. Note: Updated June 2021.

$318

$640

$43

$0

$100

$200

$300

$400

$500

$600

$700

1998 2001 2004 2007 2010 2013 2016 2019

$ Billions

Average Daily Fixed Income Trading Volume by Sector

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

4.15%

3.01%

0.41% 0%

2%

4%

6%

8%

10%

12%

14%

1997 2000 2003 2006 2009 2012 2015 2018 2021

Percent

Average Daily Turnover by Sector

Agency MBS Turnover Treasury Turnover Corporates Turnover

Agency MBS trading volume was $318 billion per day from January to April 2021, just below the pre-crisis peak 

of $345 billion in 2008. Agency MBS turnover in the first four months of 2021 was also higher than the 2014-

2020 period; in April 2021, average daily MBS turnover was 4.15 percent, above the 2020 average of 4.05 

percent. Note that agency MBS turnover in 2020 and thus far in 2021 was higher than US Treasury turnover, a 

relatively rare occurrence. Both average daily mortgage and Treasury turnover are down from their pre-crisis 

peaks. Corporate turnover is miniscule relative to either Agency MBS or Treasury turnover.

Sources: SIFMA and Urban Institute. Note: Updated June 2021.
MBS Ownership

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2008Q4 2009Q4 2010Q4 2011Q4 2012Q4 2013Q4 2014Q4 2015Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 2020 Q4

GSEs

Commercial Banks

Federal Reserve

Broker/Dealers

REITs

Other

Who owns Total Agency Debt?

Mutual Funds

Money Market and Pension Funds

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

local govts, households, and nonprofits. Data as of Q4 2020.

Credit Unions

Foreign Investors

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

percent), commercial banks (24 percent), foreign investors (12 percent), and money market & pension funds (10 

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

increased from 15 percent in the first quarter of 2020 to 21 percent in the fourth quarter due to substantial 

purchases of MBS in response to the COVID-19 crisis. Despite large Federal Reserve purchases, commercial 

banks continue to be the largest holders of Agency MBS, as they too have dramatically increased their holdings as 

deposits have swelled. Out of their $2.8 trillion in holdings as of the end of May 2021, $2.0 trillion was held by the 

top 25 domestic banks.

Share of Total Agency Debt by Owner

Commercial Bank Holdings ($Billions) Week Ending

Apr-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21May 05 May 12 May 19 May 26

Largest 25 

Domestic Banks 1634.7 1766.2 1822.4 1852.7 1894.0 1938.1 1966.5 1987.5 2008.8 2008.2 2021.2 2026.4

Small Domestic 

Banks 538.0 594.6 607.3 623.7 637.0 650.5 667.7 686.9 703.5 708.1 715.0 712.2

Foreign Related 

Banks 45.8 39.9 45.3 47.1 48.6 50.3 52.3 51.8 53.4 52.1 47.5 47.6

Total, 

Seasonally

Adjusted 2218.5 2400.7 2475.0 2523.5 2579.6 2638.9 2686.5 2726.2 2765.7 2768.4 2783.7 2786.2

Sources: Federal Reserve Bank and Urban Institute. Note: Small domestic banks includes all domestically chartered commercial banks not 

included in the top 25. Data as of May 2021.

Commercial bank holdings of agency MBS
MBS Ownership

Debt,

household

mortgages,

$9,833

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

GNMA PT 

($MM)

Agency REMIC 

($MM)

Non-Agency 

($MM)

Market 

Share

1 Bank Of America Corporation $562,474.0 $449,150.0 $101,103.0 $11,969.0 $252.0 20.90

2 Wells Fargo & Company $259,187.0 $188,326.0 $64,441.0 $5,994.0 $426.0 9.60

3 Jpmorgan Chase & Co. $204,088.0 $118,246.0 $70,487.0 $154.0 $15,201.0 7.60

4 Charles Schwab Bank $171,739.0 $84,782.0 $13,336.0 $73,621.0 $0.0 6.40

5 Truist Bank $116,435.0 $46,913.0 $13,485.0 $56,037.0 $0.0 4.30

6 U.S. Bancorp $116,049.7 $82,567.1 $17,779.4 $15,702.8 $0.5 4.30

7 Citigroup Inc. $98,691.0 $90,354.0 $2,390.0 $4,402.0 $1545.0 3.70

8 Capital One Financial Corporation $75,021.9 $42,658.4 $9,173.5 $22,612.9 $577.1 2.80

9 Bank Of New York Mellon Corp $61,338.0 $45,554.0 $2,891.0 $10,384.0 $2,509.0 2.30

10 PNC Bank, National Association $52,989.3 $44,323.4 $5,950.7 $1,292.2 $1,423.1 2.00

11 Silicon Valley Bank $44,909.4 $35,394.5 $534.7 $8,980.2 $0.0 1.70

12 Usaa Federal Savings Bank $44,529.1 $39,219.0 $2,064.3 $3,245.7 $0.0 1.70

13 State Street Bank And Trust Company $43,141.8 $17,869.0 $5,849.0 $16,928.8 $2495.0 1.60

14 E*Trade Bank $38,091.1 $28,463.4 $6,156.7 $3,471.1 $0.0 1.40

15 Morgan Stanley $33,957.0 $21,722.0 $3,981.0 $8,254.0 $0.0 1.30

16 Td Bank Usa/Td Bank Na $26,046.0 $1,526.5 $133.0 $24,290.0 $96.4 1.00

17 Ally Bank $24,197.0 $18,367.0 $961.0 $2,594.0 $2275.0 0.90

18 BMO Harris Bank National Association $23,317.9 $4,777.3 $431.3 $18,107.5 $1.9 0.90

19 HSBC Bank Usa, National Association $23,285.8 $7,790.5 $7,487.0 $8006.5 $1.8 0.90

20 Keybank National Association $22,140.1 $3,852.8 $419.3 $17,868.0 $0.0 0.80

Total Top 20 $2,041,628 $1,371,856 $329,054 $313,915 $26,804 75.3%

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q1 2021.

Out of the $2.7 trillion in MBS holdings at banks and thrifts as of 1Q 2021, $2.1 trillion was agency pass-throughs: $1.7 

trillion in GSE pass-throughs and $375 billion in Ginnie Mae pass-throughs. Another $555 billion was agency CMOs, 

while non-agency holdings totaled $45 billion. In 1Q 2021, MBS holdings at banks and thrifts increased for the tenth 

consecutive quarter; the increase over the last year was an impressive 27.7 percent. The increase was driven by both 

GSE pass-throughs and agency CMO holdings, with the increase in GSE pass-throughs making the larger contribution.

$

All Banks & Thrifts ($Billions)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2017 $1,844.15 $1,378.53 $1,010.83 367.70 $413.97 $4.63 $47.01

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

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

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

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

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

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

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

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

1Q20 $2,107.66 $1,621.00 $1,173.36 $448.34 $443.73 $4.65 $37.56

2Q20 $2,195.19 $1,669.93 $1,228.87 $441.06 $478.11 $5.00 $42.14

3Q20 $2,310.42 $1,764.72 $1,349.48 $415.24 $499.50 $4.43 $41.78

4Q20 $2,520.90 $1,928.21 $1,537.54 $390.66 $548.65 $3.94 $40.10

1Q21 $2,690.92 $2,088.41 $1,713.78 $374.63 $555.35 $4.88 $42.28

Bank and Thrift Residential MBS Holdings
Sources: SIFMA and Treasury International Capital (TIC). Note: Data as of February 2021.

14.7%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

Aug-13

Nov-13

Feb-14

May-14

Aug-14

Nov-14

Feb-15

May-15

Aug-15

Nov-15

Feb-16

May-16

Aug-16

Nov-16

Feb-17

May-17

Aug-17

Nov-17

Feb-18

May-18

Aug-18

Nov-18

Feb-19

May-19

Aug-19

Nov-19

Feb-20

May-20

Aug-20

Nov-20

Feb-21

Percent of Agency MBS Owned by Foreigners

Foreign Share of Agency MBS

MBS Ownership

$1,127.1

$494.8

$632.3

0

200

400

600

800

1,000

1,200

1,400

Feb-15

Apr-15

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Aug-20

Oct-20

Dec-20

Feb-21

$ Billions

Monthly Agency MBS Holdings by Foreigners

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

Sources: Treasury International Capital (TIC) and Urban Institute. Note: Data as of February 2021. In December 2017, there was a data 

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

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

Foreign investors held 14.7 percent of agency MBS in February 2021, up from a low of 12.0 percent in July 

2014, but down from 17.0 percent in spring 2020. For the month of February 2021, this represents $1.12 

trillion in Agency MBS, $495 billion held by foreign private institutions and $632 billion held by foreign 

institutions. The represents an overall decline of $66.5 billion in Agency MBS from the peak in spring 2020, all 

in official holdings.
MBS Ownership

Agency MBS+ Agency Debt

Agency MBS Only (Estimates)

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

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

2018. Monthly data as of February 2021.

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

percent of all foreign holdings. Between June 2020 and February 2021, we estimate that Japan has increased 

their agency MBS holdings by $21.23 billion, Taiwan has decreased their holdings by $11.12 billion and China 

has decreased their holdings by $29.21 billion. China and Taiwan have experienced declines since March of 

2020; the declines in Chinese holdings have been especially dramatic, we estimate Chinese holdings of MBS are 

down by approximately 20 percent from March 2020 through February of 2021.

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

Country Jun-20 Sep-20 Dec-20 Jan-21 Feb-21

Q3

2020

Q4 

2020 Jan-21 Feb-21

Japan 306,963 301,622 304,865 324,989 328,192 -5,341 3,243 20,124 3,203

Taiwan 267,700 264,043 262,244 260,410 256,594 -3,657 -1,799 -1,834 -3,815

China 235,078 202,730 208,516 214,821 205,868 -32,348 5,785 6,305 -8,953

Luxembourg 40,207 33,354 34,133 34,325 33,494 -6,853 779 192 -831

Ireland 21,091 19,635 23,102 21,852 15,949 -1,457 3,468 -1,250 -5,903

South Korea 28,743 29,736 32,903 32,347 32,504 992 3,167 -555 156

Cayman Islands 28,431 29,364 28,386 30,770 30,072 933 -978 2,384 -698

Bermuda 25,111 25,635 25,422 25,819 25,502 523 -213 397 -317

Netherlands 12,739 10,427 11,850 13,671 13,350 -2,312 1,423 1,822 -321

Malaysia 20,028 19,432 18,801 18,171 18,836 -597 -631 -629 665

Rest of world 173,716 167,661 170,833 180,970 166,789 -6,055 3,171 10,137 -14,181

Total 1,159,808 1,103,636 1,121,052 1,158,145 1,127,148 -56,172 17,416 37,093 -30,997

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

Country Jun-20 Sep-20 Dec-20 Jan-21 Feb-21

Q3

2020

Q4 

2020 Jan-21 Feb-21

Japan 310,268 305,064 308,033 328,416 331,686 -5,204 2,969 20,383 3,270

Taiwan 267,918 264,270 262,453 260,636 256,825 -3,648 -1,817 -1,817 -3,811

China 239,045 206,861 212,317 218,933 210,060 -32,184 5,456 6,616 -8,873

Luxembourg 42,389 35,626 36,224 36,587 35,800 -6,763 598 363 -787

Ireland 29,399 28,286 31,064 30,464 24,729 -1,113 2,778 -600 -5,735

South Korea 38,891 40,303 42,628 42,867 43,229 1,412 2,325 239 362

Cayman Islands 34,564 34,495 34,264 37,128 36,554 -69 -231 2,864 -574

Bermuda 27,790 35,751 27,989 28,596 28,333 7,961 -7,762 607 -263

Netherlands 13,255 10,964 12,344 14,206 13,895 -2,291 1,380 1,862 -311

Malaysia 20,390 19,808 19,147 18,546 19,218 -582 -661 -601 672

Rest of world 201,165 196,246 197,139 209,425 195,800 -4,919 893 12,286 -13,625

Total 1,225,074 1,171,603 1,183,602 1,225,804 1,196,129 -53,471 11,999 42,202 -29,675
0

50

100

150

200

250

300

350

400

Aug-10

Dec-10

Apr-11

Aug-11

Dec-11

Apr-12

Aug-12

Dec-12

Apr-13

Aug-13

Dec-13

Apr-14

Aug-14

Dec-14

Apr-15

Aug-15

Dec-15

Apr-16

Aug-16

Dec-16

Apr-17

Aug-17

Dec-17

Apr-18

Aug-18

Dec-18

Apr-19

Aug-19

Dec-19

Apr-20

Aug-20

Dec-20

Apr-21

$ Billions

Total Fed Absorption

Gross Issuance Total Fed Purchases

MBS Ownership

0

50

100

150

200

250

300

350

Apr-13

Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

$ Billions

Fed Absorption of GSE MBS

Gross Issuance Total Fed Purchases

Sources: eMBS, Federal Reserve Bank of New York and Urban Institute. Note: Data as of April 2021.

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

Institute. Note: Data as of April 2021.

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

Note: Data as of April 2021.

0

10

20

30

40

50

60

70

80

90

Apr-13

Oct-13

Apr-14

Oct-14

Apr-15

Oct-15

Apr-16

Oct-16

Apr-17

Oct-17

Apr-18

Oct-18

Apr-19

Oct-19

Apr-20

Oct-20

Apr-21

$ Billions

Fed Absorption of Ginnie Mae MBS

Gross Issuance Total Fed Purchases Fed Absorption

On March 23, 2020, in response to the market dislocations caused by the coronavirus pandemic, the Fed 

announced they would purchase Treasuries and agency MBS in an amount necessary to support smooth 

functioning markets. In March 2020 the Fed bought $292.2 billion in agency MBS, and April 2020 clocked in at 

$295.1 billion, the largest two months of mortgage purchases ever; and well over 100 percent of gross issuance 

for each of those two months. After the market stabilized, the Fed slowed its purchases to around $100 billion per 

month in May through August of 2020. More recently, Fed purchases have ramped up again slightly; purchases 

totaled $121.0 billion in April 2021. April Fed purchases totaled 32.2 percent of monthly issuance. As of April 

2021, total agency MBS owned by the Fed equaled $2.91 trillion. Prior to the COVID-19 intervention, the Fed 

was winding down its MBS portfolio from its 2014 prior peak.
Disclosures: All the information contained in this document is as of date indicated unless otherwise 

noted. The information provided does not constitute investment advice and it should not be relied 

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

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

Institute's Housing Finance Policy Center and State Street Global Advisors as of June 15th, 2021 and 

are subject to change based on market and other conditions. The views should not be attributed to 

the Urban Institute, its trustees, or its funders. This document contains certain statements that may 

be deemed forward-looking statements. Please note that any such statements are not guarantees 

of any future performance and actual results or developments may differ materially from those 

projected. 

Information Classification: General 

© 2021 State Street Corporation. All Rights Reserved. 

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

Tracking Code: 3489631.8.1.GBL.RTL

Expiration Date: 6/30/2022