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

FHA and VA Outstanding Loan Count Maps 16

Size and value of the US Residential housing and mortgage markets 17

Outstanding Agency MBS 18

Origination volume over time 19

US Agency Market, Originations

Agency Gross and Net Issuance 20-22

Purchase versus refi: Refi Issuance Breakdown 23

Credit Box 

First time home buyer share—purchase only loans 24-25

FICO score distribution 26

Credit box at a glance (FICO, LTV, DTI) 27-29

Historical credit box (FICO, LTV,DTI) 30-31

Cumulative Default Rates: FHA and VA 32

High LTV credit box 33-34

Ginnie Mae Nonbank Originators

Nonbank originator share (All, Purchase, Refi) 35-36

Bank vs. nonbank originators historical credit box, Ginnie Mae vs. GSE (FICO, LTV, DTI) 37-40

Holders of Ginnie Mae Mortgage Servicing Rights 

Top Holders of Ginnie Mae MSR 41-42

Non-bank Holders of Ginnie Mae MSR 42

Prepayments 

Aggregate 43

Select coupon/origination year cohorts 44-46

Other Ginnie Mae Programs

HMBS 47

Multifamily 48

Market Conditions-Agency MBS

Average daily trading volume and turnover by sector 49

Dealer net positions, repo volume 50

MBS Ownership

Ownership breakdown of total agency debt 51

MBS share of total agency debt and commercial bank ownership of MBS 52

Bank and Thrift Residential MBS Holdings 53

Foreign ownership of MBS 54-55

Fed Ownership of MBS 56

CONTENTS
HIGHLIGHTS

Ginnie Mae Statement on COVID-19

In the wake of the COVID-19 outbreak, Ginnie Mae is positioned to continue providing 

services across its range of stakeholders. We are in close communication with issuers, 

servicers, vendors, and trustees. Program functions are expected to be completed in a 

timely manner. In addition, Ginnie Mae is working in tandem with its insuring agency 

partners, including the Federal Housing Administration (FHA), the U.S. Department of 

Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA) to ensure a 

continued flow of homeownership capital. We are addressing the economic impacts 

resulting from the outbreak and will take further action as necessary. 

To date we have successfully transitioned our staff to working remotely and our service 

contractors have done the same. This ensures the health and wellness of our staff, 

contractors, and advisors – all necessary contributors for continuity of services, while 

still operating at full capacity.

Our processes remain on the standard schedule. These include:

• New MBS, Multiclass and Platinum Securities issuance,

• Pool factors and loan level disclosure releases, and

• Investor remittance payments.

Finally, we remind all stakeholders that our securities are backed by the full faith and 

credit of the United States of America. All investors will be paid on time, in full. 

If you have additional questions, connect with your regular Ginnie Mae representative, visit 

Ginniemae.gov, or contact Ginnie Mae Relationship Services at (800) 234-4662, Option 5. 
Highlights this month:

• Ginnie Mae securities underperformed corporate bonds in February, with the OAS on Ginnie

Mae securities now on par with corporate bonds for the first time since 2016 (page 10).

• The total value of the US housing market grew to $30.9 trillion in Q4 2019, according to the

Federal Reserve’s Flow of Funds report; household equity accounted for $19.7 trillion of total

value while mortgage debt made up the remaining $11.2 trillion (Page 17).

• In 2019, first lien mortgage originations totaled $2.38 trillion, the highest level since 2006, as

low rates fueled strong refinance activity (page 19).

• MBS holdings at banks and thrifts increased for the fifth quarter in a row, reaching $1.98

trillion in Q4 2019 (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 (40 percent) or the US Credit share (30 percent). Fannie Mae 30-year MBS 

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

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

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

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

aggregate.

40%

1%

30%

8%

10%

6%

3% 2%

Barclays US 

Aggregate Index

Treasury

Agency

Credit

GNMA MBS 30y

FNMA MBS 30y

FHLMC MBS 30y

15y and 20y MBS

ABS & CMBS

54%

7%

25%

11%

1% 2%

Global Treasury

Global Agency

Global Credit

US MBS

ABS & CMBS

Collateralised

(Pfandbrief)

5

1%

3%

1%

39%

29%

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 December 2019.

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

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

Sources: Bloomberg and State Street Global Advisors. 

Note: Data as of December 2019.

Sources: Bloomberg and State Street Global Advisors

Note: Data as of December 2019.
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

6.0

7.0

8.0

Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20

Yield (%)

Global 10-year Treasury Yields

6

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

-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

Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20

10yr US Treasury hedged yield, JPY

10y US hedged yield, JPY (left)

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

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20

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 February 2020.

Sources: Bloomberg and State Street Global Advisors

Note: Data as of February 2020.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of February 2020.

With weakness in economic data and worries about tariffs and trade wars, yields on government bonds dropped 

across the globe over the course of 2019. The trend continued in Feb 2020 as government bond yields fell 

sharply, in response to the global spread of the COVID-19 disease. The yield on the US 10-year treasury fell 36 

bps to 1.15 percent. Despite this drop, US treasury yields are the highest in the developed world. This is 

followed by yields on the Italian 10-year note, up 17 basis points in February to 1.10 percent, the UK 10-year 

bond, down 8 bps to 0.44 percent, the Japanese 10 year government bond, down 9 bps to -0.15 percent, and the 

German 10 year, down 17 bps to -0.61 percent over the course of February. At the end of February, the hedged 

yield differential between the 10-year Treasury and the 10-year JGB stood at -55 bps, a decrease of 14 bps 

since January 2020. The hedged yield differential between the 10-year Treasury and the 10-year Bund stands 

at -35 bps, a decrease of 9 bps since the end of January 2020.

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

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19 Feb-20

G2SF CC yield & nominal spread, USD

7

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

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20

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 February 2020.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of February 2020.

Nominal yields fell in February 2020, with GNMA II yields declining 17 bps to 2.04% and GNMA I yields 

declining 26 bps to 2.04% respectively. Current coupon Ginnie Mae securities outyield their Treasury 

counterparts (relative to the average of 5- and 10-year Treasury yields) by 99 bps on the G2SF and 100 bps on 

the GNSF, an increase of 19 and 11 bps respectively since last month.

Yield(%) Yield(%)

Yield(%)

Yield(%)
Relative Attractiveness of US Fixed 

Income and Ginnie Mae MBS

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19 Feb-20

G2SF CC yield & nominal spread, JPY

8

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 February 2020.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of February 2020.

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

blend. More precisely, both the G2SF and GNSF hedged into Japanese yen have a yield of 39 bps, versus the JGB 

5/10 blend. This represents an 5 bp widening for the G2SF and a 4 bp tightening for the GNSF since the end of 

January 2020.

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20

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

-0.2

-0.1

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

-0.8

-0.6

-0.4

-0.2

0.0

0.2

0.4

0.6

0.8

1.0

1.2

Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19 Feb-20

G2SF CC yield & nominal spread, EUR

9

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

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19 Feb-20

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 February 2020.

Sources: Bloomberg and State Street Global Advisors. Note: Data as of February 2020.

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 February, the current coupon G2SF and GNSF hedged into 

euros each have a 62 bp higher yield than the average of the German 5/10. This represents a 7 bp increase for 

the G2SF and a 2 bp decrease for the GNSF since the end of January 2020.

Yield(%) Yield(%)

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

Income and Ginnie Mae MBS

-40

-20

0

20

40

60

80

100

120

140

Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20

Sources: State Street Global Advisors. Note: Data as of February 2020.

10

0

20

40

60

80

100

120

140

160

180

Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20

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

Sources: State Street Global Advisors. Note: Data as of February 2020.

G2 30 MBS and Intermediate Credit OAS

G2 30 MBS versus Intermediate Credit

After touching a peak of nearly 170 basis points in early 2016, the spread between US Intermediate Credit and 

GNMA II 30 year MBS tightened steadily through Jan 2020. OAS on intermediate credit fell while on GNMA II, it 

increased. In February 2020, the spread on both GNMA and corporates widened, in response to the COVID-19 

panic. Surprisingly, Ginnie Mae OAS spreads widened more than corporate spreads did, resulting in a further 

tightening of the spread differentials between the securities. In the event COVID-19 leads to an economic 

downturn, we would expect Ginnie Mae securities to outperform as investor concern about corporate credit risk 

moves front and center.
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 February 2020.

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

asset class with significantly more yields are the US and Pan-Euro high yield indices. Duration, a measure of 

sensitivity to interest rate changes, does not fully capture the volatility of the high yield asset classes, as there is 

a large credit component.

Security Duration Yield

US 5y 4.8 0.94

US 10y 9.3 1.15

GNMA II 3.0% 2.8 1.77

GNMA II 3.5% 1.9 1.48

JPY 5y 4.9 -0.26

JPY 10y 9.9 -0.16

GER 5y 5.2 -0.77

GER 10y 10.0 -0.61

ITA 5y 4.9 0.51

ITA 10y 9.3 1.10

US credit 7.9 2.33

US credit >= A 7.6 1.95

US HY 3.8 6.23

Pan-Euro Corp 5.8 0.68

Pan-Euro HY 3.8 3.91

11

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

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

0.0 2.0 4.0 6.0 8.0 10.0 12.0

Yield

Duration

Yield versus duration
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 0.53 0.97 1.24 0.50 0.50 0.44

3 year 0.27 0.40 0.55 0.23 0.40 0.29

5 year 0.21 0.27 0.41 0.16 0.43 0.29

10 year 0.26 0.29 0.47 0.39 0.60 0.62

* ssumes 2 capitalization ma per issue

*Assumes 2% capitali ati per issuer

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 0.38 0.82 1.08 0.56 0.35 0.49

3 year 0.13 0.26 0.41 0.29 0.26 0.35

5 year 0.12 0.18 0.32 0.22 0.34 0.35

10 year 0.21 0.24 0.42 0.41 0.55 0.64

l zat on max

*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 0.48 1.49 1.15 0.82 1.09 1.21

3 year 0.62 1.13 1.10 0.68 1.19 1.10

5 year 0.57 1.07 1.14 0.93 1.52 1.34

10 year 0.65 1.05 1.19 1.14 1.69 1.69

* ssumes 2 capitalizatiCor o ma per issuer

12

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 0.78 0.55 0.94 0.67 0.32 0.41

3 year 0.21 0.23 0.37 0.42 0.22 0.32

5 year 0.21 0.16 0.28 0.23 0.23 0.26

10 year 0.33 0.23 0.36 0.36 0.33 0.38

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

Sources: Barclays Indices, Bloomberg and State Street Global Advisors Note: Data as of February 2020.

The average return on the Ginnie Mae index over the past decade is equal to the US Treasury index. However, the 

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

3, 5 and 10 year horizon. The result: The Sharpe Ratio, or excess return per unit of risk over the 10-year horizon is 

only marginally lower than most of the corporate indices, although a good bit higher than the US Treasury Index.
State of the US Housing Market

6.0%

7.2%

5.1%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Jan-01

Jul-01

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

Jan-11

Jul-11

Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Jul-14

Jan-15

Jul-15

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

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 divides home prices in each region into quintiles; this figure shows the performance of the 

bottom, middle and top quintiles. Data as of January 2020.

13

0.66%

0.63%

3.47%

1.92%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2Q061Q074Q073Q082Q091Q104Q103Q112Q121Q134Q133Q142Q151Q164Q163Q172Q181Q194Q19

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 Q4 2019.

Serious Delinquency Rates: Single-Family Loans

Serious delinquencies rates for single-family GSE loans, FHA loans and VA loans grew slightly in Q4 2019. GSE 

delinquencies remain just above their 2006-2007 level, while FHA and VA delinquencies (which are higher than 

their GSE counterparts) are well below 2006-2007 levels. The bottom chart shows nationwide house prices for the 

bottom, middle and the top quintiles by price. House prices have risen most at the lower end of the market where 

Ginnie Mae plays a major role. Despite the slower rate of appreciation in 2019, prices at the lower end of the 

market rose by 7.2 percent for 12 months ended January 2020, much higher than the 5.1 percent for the top end of 

the market.
State of the US Housing Market

bt,

ehold

De

hous

mortg

$9,833

Sources: Black Knight and Urban Institute. Note: 

rtgages,

HPI data as of December 2019. Negative sign indicates that state is above earlier peak. Peak refers to the month 

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

to the lowest level for each state/US after the housing bust, ranging from 01/2009 to 03/2012. Current is 12/2019, the latest HPI data period.

Nationally, nominal home prices have increased by 55.0 percent since the trough, and now exceed their pre-crisis 

peak valuation on a nominal basis by 15.6 percent. The picture is very different across states, with many states well in 

excess of the prior peak, while a few states remain 9 percent or more below peak levels: Connecticut (13.0% below), 

Nevada(9.2% below), Maryland (9.2% below), and Illinois (9.8% below).

14

HPI Changes

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

National 75.3% -25.4% 55.0% 5.1% 15.6%

Alabama 43.9% -15.2% 33.0% 6.7% 12.7%

Alaska 69.4% -3.0% 23.1% 3.5% 19.4%

Arizona 110.0% -47.9% 86.3% 7.7% -3.0%

Arkansas 41.4% -10.4% 26.3% 4.2% 13.2%

California 155.0% -43.3% 90.9% 4.1% 8.2%

Colorado 40.3% -12.8% 80.4% 5.2% 57.2%

Connecticut 92.3% -24.7% 15.5% 2.9% -13.0%

Delaware 94.9% -23.9% 31.9% 5.2% 0.4%

District of Columbia 174.4% -13.6% 56.2% 4.1% 34.9%

Florida 128.7% -46.9% 73.7% 5.0% -7.8%

Georgia 38.3% -31.8% 67.2% 6.4% 14.1%

Hawaii 162.8% -22.5% 49.4% 1.5% 15.8%

Idaho 71.8% -28.7% 91.8% 12.7% 36.7%

Illinois 61.4% -34.5% 37.7% 2.4% -9.8%

Indiana 21.3% -7.8% 37.2% 6.7% 26.6%

Iowa 28.3% -4.7% 26.5% 4.2% 20.6%

Kansas 34.6% -9.2% 46.6% 7.5% 33.2%

Kentucky 29.7% -7.5% 33.4% 5.5% 23.4%

Louisiana 48.8% -5.1% 23.6% 3.0% 17.3%

Maine 82.1% -12.4% 45.0% 10.3% 27.1%

Maryland 129.3% -28.6% 27.2% 3.6% -9.2%

Massachusetts 92.4% -22.9% 56.4% 5.4% 20.5%

Michigan 23.9% -39.5% 76.1% 5.0% 6.5%

Minnesota 66.4% -27.8% 54.9% 5.2% 11.9%

Mississippi 41.1% -13.7% 28.7% 5.0% 11.2%

Missouri 42.7% -14.9% 36.1% 5.6% 15.8%

Montana 81.6% -11.2% 51.2% 6.8% 34.3%

Nebraska 26.6% -6.6% 42.5% 5.3% 33.0%

Nevada 126.9% -59.2% 122.5% 3.6% -9.2%

New Hampshire 90.7% -23.6% 43.7% 7.5% 9.8%

New Jersey 117.9% -28.0% 28.4% 4.0% -7.5%

New Mexico 67.0% -16.2% 26.6% 7.9% 6.0%

New York 98.2% -15.1% 42.6% 4.7% 21.0%

North Carolina 40.7% -15.7% 38.2% 6.0% 16.5%

North Dakota 53.4% -3.8% 55.4% 4.0% 49.5%

Ohio 21.1% -18.4% 37.7% 6.4% 12.4%

Oklahoma 37.5% -2.4% 20.7% 5.4% 17.8%

Oregon 82.0% -28.0% 79.9% 5.6% 29.5%

Pennsylvania 70.0% -11.7% 25.5% 4.7% 10.9%

Rhode Island 130.7% -34.6% 55.9% 8.0% 2.0%

South Carolina 44.9% -19.5% 37.1% 5.8% 10.4%

South Dakota 45.1% -3.8% 46.9% 4.4% 41.3%

Tennessee 35.2% -11.9% 47.2% 7.5% 29.7%

Texas 33.4% -5.7% 52.5% 4.3% 43.7%

Utah 54.6% -21.9% 77.9% 8.3% 38.9%

Vermont 83.5% -7.5% 35.9% 8.1% 25.8%

Virginia 99.4% -22.8% 28.0% 5.1% -1.1%

Washington 85.3% -28.7% 89.1% 7.6% 34.8%

West Virginia 42.7% -6.6% 28.1% 5.5% 19.7%

Wisconsin 44.7% -16.3% 35.5% 4.9% 13.4%

Wyoming 77.4% -5.7% 32.3% 7.5% 24.7%
State of the US Housing Market

Debt,

sehold

D

hou

mort

$9,833

rtgages,

Agency Issuance (past 1 year)

State GNMA Share GNMA Loan 

Count

GNMA Avg.

Loan Size (000)

GSE Avg. Loan 

Size (000)

Agency Outstanding 

GNMA Share GNMA Loan 

Count

GNMA Avg. 

Loan Size (000)

GSE Avg. Loan 

Size (000)

National 32.6% 2,088,183 238.8 257.9 28.4% 11,452,036 163.4 191.1

Alabama 44.6% 37,908 180.7 203.2 43.0% 238,312 128.2 153.7

Alaska 52.8% 5,824 299.4 266.8 49.4% 38,886 231.1 200.8

Arizona 32.7% 75,403 236.2 241.5 27.9% 320,471 164.8 182.8

Arkansas 42.6% 20,660 155.4 182.3 42.6% 139,952 110.8 139.1

California 26.8% 188,542 378.8 371.2 18.6% 792,223 264.9 271.9

Colorado 32.1% 64,056 319.0 308.7 23.8% 239,280 219.3 231.2

Connecticut 31.8% 17,162 226.2 244.8 28.3% 110,487 181.7 189.4

Delaware 39.0% 9,164 229.7 243.4 34.5% 52,300 178.8 185.6

District of Columbia 17.6% 1,625 456.9 406.8 14.3% 10,076 298.0 307.1

Florida 40.8% 182,199 229.1 226.4 33.7% 843,412 166.8 174.0

Georgia 40.6% 94,937 204.0 231.3 36.6% 519,494 143.4 172.6

Hawaii 44.5% 7,732 529.8 421.7 27.8% 31,699 380.7 318.9

Idaho 31.9% 16,690 235.3 233.5 28.4% 80,030 155.7 173.0

Illinois 24.7% 60,950 191.7 220.4 23.2% 375,791 140.1 161.7

Indiana 35.8% 51,770 159.4 177.2 35.2% 309,910 110.9 128.6

Iowa 24.9% 13,913 160.5 183.2 23.9% 87,857 113.4 133.3

Kansas 34.5% 16,253 169.9 195.8 33.6% 106,709 119.7 140.8

Kentucky 38.2% 28,668 164.9 185.2 37.0% 169,956 121.0 134.7

Louisiana 43.4% 30,756 182.1 209.4 40.5% 189,682 136.9 160.2

Maine 33.4% 7,477 200.9 219.9 30.1% 41,253 151.7 163.0

Maryland 43.6% 55,053 303.8 294.3 37.0% 307,059 230.0 221.0

Massachusetts 22.1% 26,180 318.2 319.3 17.5% 125,521 235.8 232.9

Michigan 23.5% 50,793 163.4 191.3 23.3% 312,019 113.2 137.1

Minnesota 23.2% 30,639 218.9 233.5 21.7% 192,423 155.7 173.6

Mississippi 50.9% 18,295 165.8 186.6 48.8% 116,431 120.4 143.3

Missouri 33.0% 43,912 168.4 193.8 32.8% 267,702 120.3 141.1

Montana 30.5% 6,559 238.1 241.6 27.1% 37,122 169.4 180.5

Nebraska 32.0% 11,168 183.5 188.8 30.8% 74,525 122.1 139.5

Nevada 38.3% 35,052 275.0 256.9 31.4% 143,705 188.5 196.5

New Hampshire 31.0% 8,851 255.3 248.1 26.7% 45,433 192.8 184.4

New Jersey 28.6% 44,257 272.7 294.1 25.4% 251,810 209.2 221.3

New Mexico 42.4% 14,810 197.1 207.8 40.7% 99,027 140.6 154.7

New York 24.6% 44,716 265.0 297.7 23.9% 339,239 186.5 217.3

North Carolina 35.1% 76,729 201.8 227.8 31.7% 434,143 141.1 168.9

North Dakota 28.4% 2,972 227.5 224.9 24.4% 16,966 166.4 168.6

Ohio 33.5% 69,472 158.2 174.5 33.7% 458,079 112.0 128.4

Oklahoma 45.2% 27,572 166.3 187.3 46.1% 197,970 119.2 141.7

Oregon 28.7% 28,552 284.5 283.4 21.2% 128,411 199.4 211.7

Pennsylvania 31.2% 61,307 181.0 214.7 30.8% 422,131 135.6 160.0

Rhode Island 36.8% 7,141 250.5 244.1 31.7% 37,424 188.7 185.4

South Carolina 40.4% 45,272 203.6 214.6 35.5% 229,434 147.2 163.2

South Dakota 35.8% 5,681 195.0 204.9 33.5% 31,255 142.9 152.3

Tennessee 39.4% 54,123 205.8 224.3 37.0% 299,599 139.1 167.9

Texas 35.2% 176,204 217.8 235.2 33.8% 1,094,242 143.7 178.0

Utah 26.4% 29,887 275.1 281.2 23.8% 128,484 191.7 214.5

Vermont 24.9% 2,189 204.4 219.5 19.4% 13,001 163.8 160.7

Virginia 43.7% 79,794 295.9 295.3 38.5% 454,422 219.5 219.5

Washington 30.9% 61,269 321.5 324.4 24.5% 274,360 219.1 235.5

West Virginia 50.7% 9,319 167.3 169.8 44.8% 55,416 125.8 128.0

Wisconsin 21.1% 23,750 185.4 198.9 19.1% 139,597 133.1 143.4

Wyoming 41.3% 4,976 229.4 236.0 37.7% 27,306 176.8 178.8

Sources: eMBS and Urban Institute. Note: Ginnie Mae outstanding share are based on loan balance as of January 2020. Ginnie Mae issuance is based on the last 12 

months, from January 2019 to January 2020.

Ginnie Mae MBS constitute 28.4 percent of outstanding agency issuance by loan balance and 32.6 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 14.3 percent in the District of Columbia and as high as 49.4 percent in 

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

15
FHA and VA Outstanding Loan Count 

Sources: eMBS and Urban Institute. Note: Ginnie Mae outstanding share are based on loan balance as of January 2020.

FHA Outstanding Loan Count by State

VA Outstanding Loan Count by State

Texas , Florida, and California are the top 3 states for FHA and VA lending as measured by the number of loans 

outstanding. As of January 2020, TX has 760,000 million FHA and 300,000 VA loans outstanding, FL had 550,000 

FHA and 260,000 VA loans outstanding, and CA had 540,000 FHA and 240,000 VA loans outstanding. Virginia 

ranks 4th for number of VA loans outstanding and 13th for number of FHA loans outstanding.

16
State of the US Housing Market

$11.2

$19.7

$30.9

0

5

10

15

20

25

30

35

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

$ Trillions

Value of the US Housing Market

17

Debt, household mortgages Household equity Total Value

$0.44

$0.50

$6.88

$3.35

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

$ Trillions

Size of the US Residential Mortgage Market

Private Label Securities Second Liens Agency MBS Unsecuritized first liens

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

Note: Unsecuritized first liens includes loans held by commercial banks, GSEs, savings institutions, and credit unions. 

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

driven by growing household equity since 2012, and Q4 2019 was no different. Total mortgage debt outstanding 

and household equity were up slightly from Q3 2019 to $11.2 and $19.7 trillion in Q4 2019, bringing the total 

value of the housing market to $30.9 trillion as of the year’s end. The market is now 20.8 percent higher than the 

pre-crisis peak in 2006. Agency MBS account for 61.6 percent of the total mortgage debt outstanding, privatelabel securities make up 4.0 percent, and unsecuritized first liens make up 30.0 percent. Second liens comprise 

the remaining 4.5 percent of the total.
State of the US Housing Market

As of January 2020, outstanding securities in the agency market totaled $6.91 trillion: 42.2 percent Fannie Mae, 

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

Mac. Within the Ginnie Mae market, both FHA and VA have grown very rapidly post-crisis. FHA comprises 58.6 

percent of total Ginnie Mae MBS outstanding, while VA comprises 35.6 percent.

$2.92

$1.94

$2.05

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

Jan-11

Jul-11

Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Jul-14

Jan-15

Jul-15

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

$ Trillions

Outstanding Agency Mortgage-Backed Securities

Fannie Mae Freddie Mac Ginnie Mae

Sources: eMBS and Urban Institute. Note: Data as of January 2020.

18

$1.2

$0.7

$0.1

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

Jan-02

Jul-02

Jan-03

Jul-03

Jan-04

Jul-04

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

Jan-11

Jul-11

Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Jul-14

Jan-15

Jul-15

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

$ Trillions

Outstanding Ginnie Mae Mortgage-Backed Securities

FHA VA Other

Sources: eMBS and Urban Institute Note: Data as of January 2020.
State of the US Housing Market

$1.02

$0.46

$0.05

$0.85

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

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

$ trillions

First Lien Origination Volume

19

Portfolio

PLS securitization

FHA/VA securitization

GSE securitization

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q4 2019.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

First Lien Origination Share

For full-year 2019, first lien originations totaled $2.38 trillion, up from the full year 2018 volume of $1.63 trillion. 

The share of portfolio originations was 35.9 percent in 2019, a significant jump from the 30.0 percent share in 

2018. The 2019 GSE share was down at 42.9 percent, compared to 45.7 percent for the full year 2018. The 

FHA/VA share fell to 19.3 percent, as compared to 22.6 percent last year. Private-label securitization at 1.9 

percent maintained the same share as one year ago, but remains a fraction of its share in the pre-bubble years.

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q4 2019. 

35.9%

1.94%

19.3%

42.9%
US Agency Market, Originations

Debt,

$9,833

household

mortgage ,s

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 YTD $27.8 $26.6 $1.6 $56.0

2020 % Change YOY 68.7% 134.0% 37.4% 93.1%

2020 Ann. $333.6 $319.4 $18.7 $671.8

 

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 YTD $61.7 $51.4 $113.1 $56.0 $169.0

2020 % Change YOY 85.0% 167.1% 115.0% 93.1% 107.2%

2020 Ann. $740.2 $616.4 $1,356.6 $671.8 $2,028.4

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 January 2020.

Despite the rise in portfolio origination, agency gross issuance was a robust $1.55 trillion in 2019, the strongest 

year for agency gross issuance since 2013. This reflected primarily strong borrower incentives to refinance, 

further buoyed by improved home purchase affordability. And this strong issuance trend continues in the first 

month of 2020, with gross issuance of $169 billion, up 107.2 percent from the weak January 2019 levels. Ginnie 

Mae gross issuance was up by 93.1 percent and GSE gross issuance was up by 115.0 percent. Within the Ginnie 

Mae market, FHA was up by 68.7 percent and VA origination was up by 134.0 percent.

20
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 YTD $1.9 $6.4 $0.3 $8.6

2020 % Change YOY -62.0% 60.8% 2.5% -7.0%

2020 Ann. $22.7 $77.3 $3.0 $103.0

 21

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 YTD $9.1 $16.5 $25.6 $8.6 $34.2

2020 % Change YOY 55.2% 568.4% 207.4% -7.0% 94.7%

2020 Ann. $109.1 $198.1 $307.2 $103.0 $410.2

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

Housing and the Department of Agriculture’s Rural Development. All data is as of January 2020.

2019 was a robust year for net agency issuance, with $293.5 billion of net new supply, 32.6 percent of this Ginnie Mae. This 

trend continues in January 2020, with net agency issuance totaling $34.2 billion, up 94.7 percent compared with the first 

month of 2019. Ginnie Mae net issuance was $8.6 billion, comprising 31.8 percent of total agency net issuance. Ginnie Mae 

net issuance in the first month of 2020 was comprised of 75.0 percent VA and 22.0 percent FHA.
US Agency Market, Originations

Debt,

 

old

g ,

$9,833

Sources: eMBS and Urban Institute.

househ

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. 

mortgages

All data is as of January 2020.

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 January 2020 gross agency issuance of $169.0 billion is well above the January 

2019 level of $81.6 billion, as lower rates gave borrowers a stronger incentive to refinance, contributing to a 

sharp increase in refinancing volume.

22

Date

Gross Issuance Net Issuance

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

Jan-17 $55.6 $38.5 $42.6 $136.6 $8.5 $10.7 $10.3 $29.5

Feb-17 $37.6 $27.4 $33.1 $98.1 $2.5 $6.5 $9.4 $18.5

Mar-17 $39.5 $24.4 $31.3 $95.2 $9.7 $6.2 $9.7 $25.6

Apr-17 $39.3 $21.2 $36.4 $97.0 $3.3 $0.4 $11.7 $15.4

May-17 $40.3 $22.6 $36.4 $99.3 $7.7 $2.7 $13.3 $23.8

Jun-17 $45.7 $25.1 $39.9 $110.7 $7.9 $2.4 $13.3 $23.5

Jul-17 $45.3 $27.6 $40.6 $113.5 $5.6 $3.5 $12.3 $21.5

Aug-17 $49.1 $29.3 $42.8 $121.1 $12.0 $6.7 $15.4 $34.1

Sep-17 $47.3 $27.9 $40.2 $115.5 $7.7 $3.8 $10.6 $22.0

Oct-17 $42.9 $34.6 $38.4 $115.9 $5.5 $12.5 $11.0 $28.9

Nov-17 $43.5 $37.2 $37.8 $118.5 $3.9 $13.6 $8.3 $25.8

Dec-17 $45.3 $30.0 $36.2 $111.5 $9.2 $8.1 $7.0 $24.4

Jan-18 $47.4 $21.4 $35.2 $104.0 $12.1 $0.2 $7.7 $20.0

Feb-18 $40.3 $21.5 $31.9 $93.7 $8.3 $2.2 $7.1 $17.6

Mar-18 $35.6 $21.3 $29.0 $85.9 $4.9 $3.0 $6.3 $14.1

Apr-18 $36.3 $26.2 $32.7 $95.2 $1.7 $6.0 $8.8 $16.5

May-18 $38.9 $27.5 $33.7 $100.1 $5.1 $7.2 $10.5 $22.8

Jun-18 $38.2 $28.8 $35.6 $102.5 $2.5 $6.8 $10.3 $19.6

Jul-18 $40.3 $26.2 $35.6 $102.1 $4.2 $3.7 $10.4 $18.3

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

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

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

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

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

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 $52.5 $62.1 $52.7 $167.3 $10.1 $17.3 $7.4 $34.7

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

Monthly Agency Issuance
$15.6

$5.3

$0.9 $0.1 $0.0 

$6.0

$2.5

$0.7 

$0.2 $0.0

$5.6

$1.2

$0.1 

$0.0 $0.0 

$0

$5

$10

$15

$20

$25

$30

3 3.5 4 4.5 5

Streamlined Cash-out Not streamlined, not cash-out

Coupon

$ billions

Ginnie Mae Refinance Issuance by Type: 2020 YTD

US Agency Market, Originations

Sources: eMBS and Urban Institute.

Note: Based on at-issuance balance. Data as of January 2020.

The FHA refinance share stood at 38.9 percent in January 2020, below the 61.8 percent refi share for VA 

originations and the 57.8 percent share for the GSEs. Refinances as a share of all originations grew during most of 

2019 as interest rates were low. The bottom section shows that nearly all of 2020 YTD Ginnie Mae refinances, 

predominantly streamlined, were securitized in lower coupon pools. Cash-out refinances are typically securitized 

in higher coupons, but their volume has fallen sharply in recent months due to restrictions Ginnie Mae put in place 

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

23

57.8%

38.9%

61.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Mar-14

May-14

Jul-14

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Percent Refi at Issuance

Refi share GSE FHA VA

Sources: eMBS and Urban Institute. Note: Based on at-issuance balance. Data as of January 2020.
Credit Box

38.1%

41.8%

70.5%

51.8%

20%

30%

40%

50%

60%

70%

80%

May-14Sep-14 Jan-15May-15Sep-15 Jan-16May-16Sep-16 Jan-17May-17Sep-17 Jan-18May-18Sep-18 Jan-19May-19Sep-19 Jan-20

First-time homebuyer share (%)

First Time Homebuyer Share: Purchase Only Loans

Freddie Fannie Ginnie All

Sources: eMBS and Urban Institute. Note: Data as of January 2020.

The first time homebuyer share of Ginnie Mae purchase loans was 70.5 percent in January 2020, down slightly 

from its historical high in May 2019. 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 41.8 

percent and 38.1 percent of Fannie Mae and Freddie Mac purchase originations respectively. The bottom table 

shows that based on mortgages originated in January 2020, the average first-time homebuyer was more likely 

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

DTI, and pay a slightly higher rate.

24

Fannie Mae Freddie Mac Ginnie Mae All

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

Loan Amount ($ ) 260,472 286,244 266,706 288,203 227,034 274,804 244,184 283,676 

Credit Score 743.4 755.4 746.7 757.7 682.4 703.9 712.0 741.5

LTV (%) 87.6 78.9 87.0 79.7 96.8 95.4 92.3 83.9

DTI (%) 35.4 36.5 35.2 36.1 41.6 42.5 38.6 38.1

Loan Rate (%) 4.0 3.9 3.9 3.9 3.9 3.7 3.9 3.8

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 January 2020.
Credit Box

82.9%

54.1%

77.5%

70.5%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

May-14Sep-14 Jan-15May-15Sep-15 Jan-16May-16Sep-16 Jan-17May-17Sep-17 Jan-18May-18Sep-18 Jan-19May-19Sep-19 Jan-20

First-time homebuyer share (%)

First Time Homebuyer Share: 

Ginnie Mae Breakdown

 

FHA VA Other All

Sources: eMBS and Urban Institute. Note: Data as of January 2020. “Other“ refers to loans insured by HUD’s Office of Public and Indian Housing and

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

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

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

Within the Ginnie Mae purchase market, 77.5 percent of FHA loans, 54.1 percent of VA loans and 82.9 percent of 

other loans represent financing for first-time home buyers in January 2020. The bottom table shows that based 

on mortgages originated in January 2020, the average first-time homebuyer was more likely than an average 

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

25

FHA VA Other Ginnie Mae Total

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

Loan Amount ($) 222,548 239,863 266,865 317,104 157,145 170,472 227,034 274,804

Credit Score 672.8 675.2 702.7 730.3 696.2 704.0 682.4 703.9

LTV (%) 95.5 94.0 99.5 96.4 99.2 98.8 96.8 95.4

DTI (%) 43.1 44.2 40.2 41.6 35.0 35.5 41.6 42.5

Loan Rate (%) 3.9 3.9 3.7 3.6 3.8 3.8 3.9 3.7

Sources: eMBS and Urban Institute. Note: Includes only purchase loans. Data as of January 2020.
Credit Box

Sources: Credit Bureau Data and Urban Institute. 

Note: Data as of August 2017.

FICO Score Distribution: Mortgage Owners vs All Consumers

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

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

All Consumers Mortgage owners

All Consumers- Percentiles

Minimum P5 P10 P25 P50 P75 P90 P95 Maximum

300 503 524 587 682 774 813 822 839

26

Mortgage Owners- Percentiles

Minimum P5 P10 P25 P50 P75 P90 P95 Maximum

300 570 615 682 752 801 818 824 839

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

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

mortgage (682).
t,

rtgages,

house

mortg

$9,833

hold

Deb

Purchase FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 284,670 644 684 737 778 798 728 

Fannie 90,797 690 722 759 787 802 752 

Freddie 83,619 694 726 762 789 802 754 

Ginnie 110,254 623 646 680 730 774 689 

Refi FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 321,647 659 699 745 780 799 736 

Fannie 135,072 688 720 757 785 801 750 

Freddie 104,296 686 718 756 784 801 748 

Ginnie 82,279 624 653 692 744 782 696 

All FICO

Number of Loans P10 P25 Median P75 P90 Mean

All 606,317 651 692 741 779 798 732 

Fannie 225,869 688 721 758 786 801 751 

Freddie 187,915 689 722 759 786 801 751 

Ginnie 192,533 623 649 685 736 778 692 

 

Purchase FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 110,254 623 646 680 730 774 689 

FHA 66,036 618 640 667 703 743 673 

VA 35,150 631 665 718 769 795 715 

Other 9,068 639 659 694 734 767 698 

Refi FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 82,279 624 653 692 744 782 696 

FHA 33,869 611 639 666 697 734 669 

VA 47,879 639 674 719 766 793 716 

Other 531 639 664 699 744 775 699 

All FICO: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 192,533 623 649 685 736 778 692 

FHA 99,905 616 640 667 701 740 672 

VA 83,029 635 670 719 767 794 716 

Other 9,599 639 660 694 734 768 698 

January 2020 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 January 2020.

In January 2020, the median Ginnie Mae FICO score was 685 versus 758 for Fannie Mae and 759 for Freddie Mac. 

Note that the FICO score for the 10th percentile was 623 for Ginnie Mae, versus 688 for Fannie Mae and 689 for 

Freddie Mac. Within the Ginnie Mae market, FHA loans have a median FICO score of 667, VA loans have a median 

FICO score of 719 and other loans have a median FICO score of 694.

27
January 2020 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 284,826 72.0 80.0 95.0 96.5 100.0 87.6 

Fannie 90,696 63.0 77.0 80.0 95.0 97.0 82.1 

Freddie 83,664 63.0 79.0 80.0 95.0 95.0 81.9 

Ginnie 110,466 92.5 96.5 96.5 100.0 101.5 96.4 

Refi LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 333,173 49.0 62.8 75.0 85.0 96.4 73.2 

Fannie 135,078 44.0 58.0 70.0 79.0 84.0 66.8 

Freddie 104,307 45.0 59.0 72.0 80.0 85.0 68.0 

Ginnie 93,788 71.4 81.4 90.7 98.0 100.0 88.0 

All LTV

Number of Loans P10 P25 Median P75 P90 Mean

All 617,999 55.0 70.0 80.0 95.0 97.8 79.8 

Fannie 225,774 49.0 63.0 75.0 85.0 95.0 73.0 

Freddie 187,971 50.0 66.0 78.0 85.0 95.0 74.2 

Ginnie 204,254 79.6 89.9 96.5 99.0 101.0 92.5 

 

Purchase LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 110,466 92.5 96.5 96.5 100.0 101.5 96.4 

FHA 66,160 92.8 96.5 96.5 96.5 96.5 95.1 

VA 35,194 91.1 100.0 100.0 102.2 103.0 98.1 

Other 9,112 95.1 99.0 100.9 101.0 101.0 99.1 

Refi LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 93,788 71.4 81.4 90.7 98.0 100.0 88.0 

FHA 38,823 72.1 81.4 87.8 97.0 98.3 86.6 

VA 54,362 70.7 82.7 91.8 99.3 101.0 88.9 

Other 603 85.9 93.7 99.2 101.0 102.3 95.6 

All LTV: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 204,254 79.6 89.9 96.5 99.0 101.0 92.5 

FHA 104,983 80.8 90.4 96.5 96.5 97.1 92.0 

VA 89,556 76.0 88.1 98.5 100.0 102.2 92.5 

Other 9,715 94.5 98.8 100.8 101.0 101.0 98.9 

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 January 2020.

In January 2020, the median loan-to-value ratio (LTV) was 96.5 percent for Ginnie Mae, 75 percent for Fannie Mae 

and 78 percent for Freddie Mac. The 90th percentile was 101.0 percent for Ginnie Mae, and 95 percent for both 

Freddie and Fannie. Within the Ginnie Mae market, the median LTV was 96.5 for FHA, 98.5 for VA and 100.8 for 

other programs.

28
De

mortgages,

household

$9,833

bt,

Purchase DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 284,681 24.0 31.1 39.0 45.0 50.0 38.1 

Fannie 90,894 22.0 29.0 37.0 43.0 47.0 35.8 

Freddie 83,658 22.0 29.0 37.0 43.0 47.0 35.6 

Ginnie 110,129 28.6 35.4 42.5 49.2 54.3 41.8 

Refi DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 280,995 22.0 28.0 36.0 43.0 48.0 35.4 

Fannie 135,069 21.0 28.0 36.0 43.0 47.0 34.6 

Freddie 104,306 21.0 28.0 36.0 43.0 46.0 34.8 

Ginnie 41,620 24.5 32.0 40.2 48.3 53.9 39.6 

All DTI

Number of Loans P10 P25 Median P75 P90 Mean

All 565,676 23.0 30.0 38.0 44.0 49.0 36.7 

Fannie 225,963 22.0 28.0 36.0 43.0 47.0 35.1 

Freddie 187,964 22.0 28.0 36.0 43.0 47.0 35.1 

Ginnie 151,749 27.5 34.3 42.0 49.0 54.2 41.2 

 

Purchase DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 110,129 28.6 35.4 42.5 49.2 54.3 41.8 

FHA 66,140 30.6 37.4 44.3 50.4 54.8 43.3 

VA 34,893 26.7 33.8 41.4 48.4 54.0 40.8 

Other 9,096 25.7 30.6 35.9 40.2 42.9 35.0 

Refi DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 41,620 24.5 32.0 40.2 48.3 53.9 39.6 

FHA 20,984 27.5 34.3 42.9 49.7 54.5 41.6 

VA 20,250 22.4 30.0 37.6 46.1 52.8 37.7 

Other 386 14.4 20.7 29.5 36.6 41.4 28.9 

All DTI: Ginnie Mae Breakdown By Source

Number of Loans P10 P25 Median P75 P90 Mean

All 151,749 27.5 34.3 42.0 49.0 54.2 41.2 

FHA 87,124 29.8 36.7 44.0 50.2 54.7 42.9 

VA 55,143 25.0 32.0 40.1 47.7 53.6 39.7 

Other 9,482 25.1 30.3 35.7 40.1 42.9 34.8 

January 2020 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 January 2020.

In January 2020, the median Ginnie Mae debt-to-income ratio (DTI) was 42.0 percent, considerably higher than the 

36.0 percent median DTI for both Freddie Mac and Fannie Mae. The 90th percentile for Ginnie Mae was 54.2 

percent, also much higher than the 47.0 percent DTI for Fannie Mae and Freddie Mac, respectively. Within the 

Ginnie Mae market, the median FHA DTI ratio was 44.0 percent, versus 40.1 percent for VA and 35.7 percent for 

other lending programs.

29
Credit Box: Historical

660

680

700

720

740

760

780

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

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

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

FICO Scores for Refinance Loans

Freddie Median FICO Fannie Median FICO

Ginnie Median FICO All Median FICO

759

758

685

741

660

680

700

720

740

760

780

May-14Sep-14 Jan-15May-15Sep-15 Jan-16May-16Sep-16 Jan-17May-17Sep-17 Jan-18May-18Sep-18 Jan-19May-19Sep-19 Jan-20

FICO Scores

FICO Scores for All Loans

30

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

Sources: eMBS and Urban Institute. Note:Data as of January 2020. Sources: eMBS and Urban Institute. Note: Data as of January 2020.

Sources: eMBS and Urban Institute. Note: Data as of January 2020.

The median FICO score for all agency loans originated in January 2020 was 741, up considerably since the 

start of last year, owing to the refinance wave, which higher FICO borrowers take advantage of with greater 

frequency. The figures show that the median FICO score for Ginnie Mae borrowers has always been 

considerably lower than for GSE borrowers. Since early 2019, the median FICO scores for Fannie, Freddie and 

Ginnie borrowers have moved up for both purchase and refinance loans. The difference between Ginnie Mae 

and GSE borrower FICOs is slightly wider for purchase loans than for refi loans.
Credit Box: Historical

96.5

65.0

70.0

75.0

80.0

85.0

90.0

95.0

100.0

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Loan-to-Value Ratio

LTV Ratio for All Loans

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

Median LTVs for Ginnie Mae loans have historically been at 96.5 percent, much higher than the 75–80 LTVs 

for the GSEs. 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.

31

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 January 2020.

80.0

78.0

75.0

36.0

42.0

38.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

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

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%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83

FHA Cumulative Default Rate by DTI and FICO

32

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

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

Loan age

Cumulative default rate

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83

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 January 2020.

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 borrower 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 January 2020.
95%

85%

64%

47%

36%

97%

88%

62%

41%

31%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

<640 640–680 680–700 700–750 ≥ 750

33

94%

84%

64%

47%

35%

97%

88%

64%

43%

33%

0%

20%

40%

60%

80%

100%

120%

<640 640–680 680–700 700–750 ≥ 750

November 2017- January 2018 November 2019- January 2020

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 

97% 92%

79%

65%

53%

99% 97%

84%

67%

52%

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 November 2019- January 

2020, Ginnie Mae accounted for 97 percent of agency issuance for DTIs under 35 and FICOs below 640, 

compared to just 33 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 November 2019− January 2020, 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 84 percent; it was 62-64 percent for the same 

FICO in the lower DTI buckets. Comparing this period to 2 years earlier, it is clear the GSEs have marginally 

stepped up their higher LTV lending for borrowers with FICOs of 700 or more, taking a small amount of market 

share in high LTV/higher FICO borrowers from Ginnie Mae.
High LTV Loans: Ginnie Mae vs. 

GSEs

Sources: eMBS and Urban Institute.

November 2017-January 2018

FICO

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

34

< 35 2.9% 5.3% 3.0% 7.6% 9.4% 28.2%

35 −45 5.3% 9.5% 5.1% 11.3% 9.7% 40.9%

≥ 45 4.2% 8.4% 4.2% 8.4% 5.7% 31.0%

All 12.4% 23.3% 12.3% 27.3% 24.8% 100.0%

November 2019-January 2020

FICO

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

< 35 2.8% 4.7% 2.7% 7.7% 10.6% 28.4%

35 −45 4.9% 8.4% 4.7% 11.7% 10.9% 40.6%

≥ 45 4.5% 8.0% 3.9% 8.4% 6.3% 31.0%

All 12.2% 21.1% 11.2% 27.8% 27.7% 100.0%

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

Share of Loans with LTV ≥ 95

Ginnie Mae GSE All

November 2017- January 2018 68.2% 16.4% 32.3%

November 2019- January 2020 65.7% 13.4% 26.9%

Ginnie Mae dominates high-LTV lending, with 65.7 percent of its issuances in the November 2019-January 2020 

period having LTVs of 95 or above, compared to 13.4 percent for the GSEs. The GSEs have decreased their highLTV lending share from 16.4 percent in November 2017−January 2018. Ginnie Mae’s high-LTV lending is down 

just slightly over the same period from 68.2 percent. The share of high-LTV agency loans going to highest FICO 

borrowers (i.e. above 750) has increased from the November 2017-January 2018 period to the November 2019-

January 2020 period. The distribution by DTI looks very similar across the two three month periods.
Nonbank Originators

Sources: eMBS and Urban Institute

Note:Data as of January 2020.

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 January 2020.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jan-13

Mar-13

May-13

Jul-13

Sep-13

Nov-13

Jan-14

Mar-14

May-14

Jul-14

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

Nonbank Origination Share: All Loans

All Fannie Freddie

35

Ginnie

86.8%

66,3%

61.4%

50.8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

All Fannie Freddie Ginnie

Nonbank Origination Share: 

Refinance Loans

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

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

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 86.8 percent in January 2020, down 

from a record high of 90.2 percent in December 2019. Freddie’s nonbank share grew slightly to 50.8 percent, 

while Fannie’s nonbank share fell slightly to 61.4 percent in January (note that these numbers can be volatile on 

a month-to-month basis). Ginnie Mae, Fannie Mae and Freddie Mac all have higher nonbank origination shares 

for refi activity than for purchase activity. Freddie Mac’s nonbank share is the lowest among the three agencies 

for both purchase and refinance loans.
Ginnie Mae Nonbank Originators 

Sources: eMBS and Urban Institute

Note:Data as of January 2020.

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 January 2020.

In January 2020, Ginnie Mae’s nonbank share fell to 86.8 percent. The nonbank originator share for FHA fell 

slightly to 93 percent in January, just off the high reached in December 2019. The nonbank originator share for 

VA was lower than last month at 80.8 percent and the nonbank originator share for other loans, which can 

fluctuate quite a bit month to month, fell slightly to 88.7 percent.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Jan-13

Mar-13

May-13

Jul-13

Sep-13

Nov-13

Jan-14

Mar-14

May-14

Jul-14

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

36

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

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%

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

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%

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

Ginnie Mae Nonbank Share: 

Refinance Loans

All FHA VA Other

93%

89%

87%

81%
Sources: eMBS and Urban Institute. 

Note: Data as of January 2020. 

Sources: eMBS and Urban Institute. 

Note: Data as of January 2020. 

742

757

730

680

690

700

710

720

730

740

750

760

770

Jul-13

Oct-13

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

Agency FICO: Bank vs. Nonbank

FICO All Median FICO Bank Median FICO Nonbank Median FICO

Sources: eMBS and Urban Institute. Note: Data as of January 2020. 

37

660

680

700

720

740

760

780

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

All Median FICO Bank Median FICO

Nonbank Median FICO

Ginnie Mae FICO: Bank vs. Nonbank

660

680

700

720

740

760

780

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

All Median FICO Bank Median FICO

Nonbank Median FICO

GSE FICO: Bank vs. Nonbank

Nonbank Credit Box

FICO FICO

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

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

and nonbank FICOs have increased since 2014. In contrast, within the Ginnie Mae space, FICO scores for bank 

originations are measurably higher since 2014 while nonbank FICOs have remained flat. This largely reflects the sharp 

cut-back in FHA lending by many banks.
Sources: eMBS and Urban Institute. Note: Data as of January 2020. Sources: eMBS and Urban Institute. Note: Data as of January 2020.

66

68

70

72

74

76

78

80

82

84

86

88

90

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

GSE LTV: Bank vs. Nonbank

All Median LTV Bank Median LTV

Nonbank Median LTV

Sources: eMBS and Urban Institute. Note: Data as of January 2020.

90

91

92

93

94

95

96

97

98

99

100

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

All Median LTV Bank Median LTV

Nonbank Median LTV

Sources: eMBS and Urban Institute. Note: Data as of January 2020.

38

30

32

34

36

38

40

42

44

46

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

All Median DTI Bank Median DTI

Nonbank Median DTI

30

32

34

36

38

40

42

44

46

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

GSE DTI: Bank vs. Nonbank

All Median DTI Bank Median DTI

Nonbank Median DTI

Nonbank Credit Box

Ginnie Mae LTV: Bank vs. Nonbank

Ginnie Mae DTI: Bank vs. Nonbank

LTV LTV

DTI DTI

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

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

early 2017, there has been a substantial increase in DTIs, which has mostly reversed over the course of 2019. This is 

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

borrower payments were driven up relative to incomes. With the fall in interest rates in 2019, DTIs have dropped.
650

660

670

680

690

700

710

720

730

740

750

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

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 January 2020.

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 January 2020.

The median FICO score for Ginnie Mae bank originators increased by about 10 points in January 2020, 

widening the gap between non-bank and bank median FICO lending. The gap between banks and non-banks is 

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

39

650

660

670

680

690

700

710

720

730

740

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

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

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

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

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

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 January 2020. Sources: eMBS and Urban Institute Note:Data as of January 2020.
34

35

36

37

38

39

40

41

42

43

44

45

46

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

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 January 2020.

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 January 2020.

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.

40

34

35

36

37

38

39

40

41

42

43

44

45

46

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

FICO score

Ginnie Mae DTI: 

Bank vs. Nonbank

All Median DTI Bank Median DTI

Nonbank Median DTI

34

35

36

37

38

39

40

41

42

43

44

45

46

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

Ginnie Mae FHA DTI: Bank vs. 

Nonbank

FHA All Median DTI FHA Bank Median DTI

FHA Nonbank Median DTI

34

35

36

37

38

39

40

41

42

43

44

45

46

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

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 January 2020. Sources: eMBS and Urban Institute Note:Data as of January 2020.
Holders of Ginnie Mae MSRs

Sources: eMBS and Urban Institute. Note: Data as of January 2020.

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

41

Rank MSR Holder UPB ($ millions) Share Cumulative 

Share

1 Wells Fargo $218,789 13.1% 13.1%

2 Lakeview $203,510 12.2% 25.2%

3 PennyMac $184,309 11.0% 36.2%

4 Freedom Home Mortgage $114,913 6.9% 43.1%

5 Nationstar $97,684 5.9% 49.0%

6 Quicken Loans $63,905 3.8% 52.8%

7 US Bank $57,621 3.4% 56.3%

8 Carrington Home Mortgage $39,258 2.3% 58.6%

9 USAA Federal Savings Bank $37,716 2.3% 60.9%

10 Caliber Home Loans $36,339 2.2% 63.0%

11 JP Morgan Chase $33,743 2.0% 65.0%

12 Truist Bank $32,155 1.9% 67.0%

13 Amerihome $28,054 1.7% 68.6%

14 Navy Federal Credit Union $27,756 1.7% 70.3%

15 Newrez $25,335 1.5% 71.8%

16 The Money Source $21,549 1.3% 73.1%

17 Midfirst Bank $20,502 1.2% 74.3%

18 Ditech Financial $18,569 1.1% 75.4%

19 Home Point Financial $18,402 1.1% 76.5%

20 M&T Bank $18,301 1.1% 77.6%

21 Roundpoint $17,473 1.0% 78.7%

22 Loan Depot $15,578 0.9% 79.6%

23 Guild Mortgage $15,309 0.9% 80.5%

24 Flagstar Bank $13,649 0.8% 81.3%

25 PHH Mortgage $13,589 0.8% 82.1%

26 Citizens Bank $12,821 0.8% 82.9%

27 Pingora $12,536 0.7% 83.7%

28 Fifth Third Bank $10,669 0.6% 84.3%

29 Bank of America $10,663 0.6% 84.9%

30 Planet Home Lending $10,502 0.6% 85.6%

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

of January 2020, over half (52.8 percent) of the Ginnie Mae MSRs are owned by the top six firms. The top 30 

firms collectively own 85.6 percent. Eighteen of these 30 are non-depositories, the remaining 12 are depository 

institutions.
69.5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Oct-13

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

Share of outstanding loans by UPB

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

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

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

to $219 billion. Lakeview, PennyMac, Freedom Home Mortgage, and Nationstar (all nonbanks) make up the 

remainder of the top five largest holders of MSRs, owning $204 billion, $184 billion, $114 billion, and $98 billion 

respectively as of January 2020. As of January 2020, nonbanks collectively owned servicing rights for 69.5 

percent of all outstanding unpaid principal balance guaranteed by Ginnie Mae. In December 2013, the nonbank 

share was much smaller at 27.7 percent.

Holders of Ginnie Mae MSRs

Sources: eMBS and Urban Institute. Note: Data as of January 2020.

Share of Ginnie Mae MSRs held by Nonbanks

Top 5 MSR Holders: Outstanding Ginnie Mae Loans by UPB

42

$218,789

$184,309

$203,510

$114,913

$97,684

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

Oct-13

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

1. Wells Fargo 2. Lakeview

3. PennyMac 4. Freedom Home Mortgage

UPB ($ millions) 5. Nationstar
Prepayments

0%

5%

10%

15%

20%

25%

30%

35%

Aug-12 Feb-13 Aug-13 Feb-14 Aug-14 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20

Constant Prepayment Rate (%)

2011 Issued 4.0 Coupon CPR

43

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

Sources: Credit Suisse and Urban Institute. Note: Data as of February 2020.

Sources: Credit Suisse and Urban Institute. Note: Data as of February 2020.

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

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

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

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

insurance premium can also be applied to the refinanced loan. 

From late 2016 to later 2018, as interest rates increased, the bulk of the mortgage universe found it noneconomic to refinance and the prepayment speeds for all agency MBS slowed substantially. The small month-tomonth variation in speeds reflected primarily seasonality and changes in day count. With the drop in rates 

beginning in late 2018 and persisting through the start of 2020, we have seen a notable pick up in prepayment 

activity. The recent drop in rates could accelerate speeds in the months ahead.

14%

13%

0%

5%

10%

15%

20%

25%

30%

Feb 11 Aug 11 Feb 12 Aug 12 Feb 13 Aug 13 Feb 14 Aug 14 Feb 15 Aug 15 Feb 16 Aug 16 Feb 17 Aug 17 Feb 18 Aug 18 Feb 19 Aug 19 Feb 20

Constant prepayment rate (%)

Aggregate Prepayments

Fannie CPR Freddie CPR Ginnie I CPR Ginnie II CPR

23%

18%

17%

13%
Prepayments

0%

5%

10%

15%

20%

25%

30%

35%

Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19 Oct-19 Feb-20

Constant Prepayment Rate (%)

2015 Issued 3.5 Coupon CPR

44

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

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20

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 February 2020.

Sources: Credit Suisse and Urban Institute. Note: Data as of February 2020.

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

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

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

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

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

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

finding it non-economic to refinance, the muted month to month variations in speeds reflected seasonality, 

changes in day count and changes in mortgage interest rates. With the drop in rates beginning in late 2018 and 

persisting through 2019, we have seen a notable pick up in prepayment activity. The recent drop in rates could 

accelerate speeds in the months ahead.

16%

12%

19%

16%
Prepayments

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20

Constant Prepayment Rate (%)

2018 Issued 4.0 Coupon CPR

Fannie 2018 4.0 Coupon CPR Freddie 2018 4.0 Coupon CPR

45

Ginnie II 2018 4.0 Coupon CPR

0%

5%

10%

15%

20%

25%

30%

Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19 Feb-20

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 February 2020.

Sources: Credit Suisse and Urban Institute. Note: Data as of February 2020.

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

prepayment in the early months but are more interest rate responsive thereafter. The charts below show the 

behavior of the 2017-issued 3.5s and the 2018-issued 4.0s, the largest coupon cohorts of those vintage years. 

Despite slower seasoning, 2017 Ginnie II 3.5s have been prepaying faster than their conventional 

counterparts since late 2017, due primarily to fast VA prepayment speeds. Similarly, the 2018 Ginnie II 4.0s 

prepaid more slowly than their conventional counterparts until January of 2019. In 2019, speeds of all 2018 

4.0s have accelerated, and Ginnie II speeds have accelerated more than their conventional counterparts.

25%

19%

34%

31%
Prepayments

0%

5%

10%

15%

20%

25%

30%

35%

40%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38

Constant Prepayment Rate (%)

2017 Issued 4.0 Coupon CPR, by Loan Age

46

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

Loan age

Sources: Credit Suisse and Urban Institute. Note: Data as of February 2020.

Sources: Credit Suisse and Urban Institute. Note: Data as of February 2020..

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

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

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

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

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

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

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

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

ineligible for securitization. Ginnie’s latest action on this front became effective for securities issued on or 

after Nov 1 2019. It bars the securitization of over 90% LTV cash-out refinances into Ginnie I and Ginnie II 

pools (custom pools excepted). In addition, VA has implemented a net tangible benefit test, requiring the 

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

2018 Ginnie II 4.5s indicates they are much more responsive to interest rate changes than conventional 

mortgages.

27.0%

20.5%

17.6%

0%

10%

20%

30%

40%

50%

60%

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

Constant Prepayment Rate (%)

2018 Issued 4.5 Coupon CPR, by Loan Age

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

Loan age

32.5%

24.4%

18.1%
Reverse Mortgage Volumes

$0.76

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

May-12

Jul-12

Sep-12

Nov-12

Jan-13

Mar-13

May-13

Jul-13

Sep-13

Nov-13

Jan-14

Mar-14

May-14

Jul-14

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

$ Billions

HMBS Issuance Volume

54.1

$0

$10

$20

$30

$40

$50

$60

Jul-12

Sep-12

Nov-12

Jan-13

Mar-13

May-13

Jul-13

Sep-13

Nov-13

Jan-14

Mar-14

May-14

Jul-14

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

$ Billions

HMBS Outstanding

Other Ginnie Mae Programs

Sources: Ginnie Mae and Urban Institute. Note: Data as of January 2020.

Sources: Ginnie Mae and Urban Institute. Note: Data as of January 2020.

Ginnie Mae reverse mortgage issuance has been volatile in recent months; after falling consecutively in August 

and September 2019, volume rose to $0.91 billion in December 2019 but it has fallen in January 2020 to $0.76 

billion. Issuance has been generally declining since early 2018 largely due to the implementation of the new, 

lower principal limit factors. In January 2020, outstanding reverse mortgage securities totaled $54 billion, lower 

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

47
Multifamily Market

$2.0

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

Jul-12

Sep-12

Nov-12

Jan-13

Mar-13

May-13

Jul-13

Sep-13

Nov-13

Jan-14

Mar-14

May-14

Jul-14

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

$ Billions

Ginnie Mae Multifamily MBS Issuance

$125.9

$0

$20

$40

$60

$80

$100

$120

$140

Jul-12

Sep-12

Nov-12

Jan-13

Mar-13

May-13

Jul-13

Sep-13

Nov-13

Jan-14

Mar-14

May-14

Jul-14

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

Jan-20

$ Billions

Ginnie Mae Multifamily MBS Outstanding

Other Ginnie Mae Programs

Sources: Ginnie Mae and Urban Institute. Note: Data as of January 2020.

Sources: Ginnie Mae and Urban Institute. Note: Data as of January 2020.

Ginnie Mae multifamily issuance volume in January 2020 totaled $2.0 billion, a mild decrease from the past 

month. Outstanding multifamily securities totaled $125.9 billion as of the first month of 2020.

48
Market Conditions

Sources: SIFMA and Urban Institute. Note: Data as of January 2020.

$301 

$531 

$39 

$0

$100

$200

$300

$400

$500

$600

$700

1998 2001 2004 2007 2010 2013 2016 2019

49

$ Billions

Average Daily Fixed Income Trading Volume by Sector

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

4.35%

3.19%

0.41% 0%

2%

4%

6%

8%

10%

12%

14%

1997 2000 2003 2006 2009 2012 2015 2018

Percent

Average Daily Turnover by Sector

Agency MBS Turnover Treasury Turnover Corporates Turnover

Agency MBS trading volume is $301 billion/day on average in January 2020, more robust than in the 2014-2019 

period, but still below the pre-crisis peak of $345 billion in 2008. Average daily trading volume for Treasuries at 

the end of 2019 exceeded the pre-crisis peak but has now fallen back below 2008 levels. Agency MBS turnover 

in 2020 YTD also has been slightly higher than the 2014-2019 period; in 2020, average daily MBS turnover was 

4.35 percent, above the 2019 average of 3.67 percent. Note that agency MBS turnover in January 2020 was 

higher than US Treasury turnover, a 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: Data as of January 2020.
Market Conditions

$271.3

150

200

250

300

350

400

450

500

550

600

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

$ Billions

Repo Volume: Securities In

50

$56.4

0

10

20

30

40

50

60

70

80

90

100

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

$ Billions

Dealer Net Positions: Federal Agency and GSE MBS

Sources: Federal Reserve Bank of New York Primary Dealer Statistics and Urban Institute. Note: Data as of February 2020.

Sources: Federal Reserve Bank of New York Primary Dealer Statistics and Urban Institute. Note: Data as of February 2020.

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

dramatically. The volume of repurchase activity is up from the near 13-year low in 2017. The large decline 

through time reflects banks cutting back on lower margin businesses.
MBS Ownership

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007Q4 2008Q4 2009Q4 2010Q4 2011Q4 2012Q4 2013Q4 2014Q4 2015Q4 2016 Q4 2017 Q4 2018 Q4 2019 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 2019.

Credit Unions

Foreign Investors

The largest holders of agency debt (Agency MBS + Agency notes and bonds) include the Federal Reserve (15 

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

are a fraction of what they once were.

Share of Total Agency Debt by Owner

51
MBS Ownership

Debt,

$9,833

hous ld eho

mortgages, rt

Sources: Federal Reserve Flow of Funds and Urban Institute. Note: Data as of Q4 2019.

72.0%

50%

55%

60%

65%

70%

75%

2007Q4 2008Q4 2009Q4 2010Q4 2011Q4 2012Q4 2013Q4 2014Q4 2015Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4

Percent of MBS over Outstanding Agency Debt

MBS Share of Total Agency Debt

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

included in the top 25. Data as of February 2020.

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

fund that activity, hence the MBS share of total agency debt increases. As of Q4 2019, the MBS share of total 

agency debt stood at 72.0 percent. Commercial banks are now the largest holders of Agency MBS. Out of their $2.1 

trillion in holdings as of the end of February 2020, $1.5 trillion was held by the top 25 domestic banks.

52

Commercial Bank Holdings ($Billions) Week Ending

Jan-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Jan 29 Feb 5 Feb 12 Feb 19

Largest 25 

Domestic Banks 1,394.9 1,464.4 1,471.3 1,495.3 1,508.6 1,529.1 1,507.9 1,526.9 1,548.8 1,550.0 1,528.8 1,531.5

Small Domestic 

Banks 485.3 506.0 506.2 511.5 515.4 520.5 528.9 534.4 534.0 537.3 537.6 537.6

Foreign Related 

Banks 26.0 29.6 33.8 34.7 36.5 37.4 37.0 38.0 39.0 40.4 39.8 38.7

Total, 

Seasonally

Adjusted 1,906.2 2,000.0 2,011.3 2,041.5 2,060.5 2,087.0 2,073.8 2,099.3 2,121.8 2,127.7 2,106.2 2,107.8
MBS Ownership

Debt,

$9,833

hous he old

mortgages,

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 $331,072 $188,861 $131,989 $10,134 $88 16.7%

2 Wells Fargo & Company $252,535 $182,814 $65,936 $2,958 $827 12.7%

3 JP Morgan Chase & Co. $143,485 $93,693 $36,597 $205 $12,990 7.2%

4 U S. Bancorp. $93,914 $43,762 $29,495 $20,657 $1 4.7%

5 Charles Schwab Bank $89,040 $52,065 $19,196 $17,779 $0 4.5%

6 Citigroup Inc. $72,342 $61,511 $2,433 $6,564 $1,834 3.6%

7 Truist Bank $68,581 $23,908 $18,243 $26,062 $368 3.5%

8 Capital One Financial Corporation $63,600 $25,739 $14,676 $22,424 $761 3.2%

9 Bank of New York Mellon Corp. $55,954 $34,758 $4,184 $15,696 $1,316 2.8%

10 PNC Bank, National Association $52,962 $45,959 $2,748 $2,301 $1,953 2.7%

11 State Street Bank and Trust Company $42,248 $22,722 $10,143 $6,799 $2,584 2.1%

12 HSBC Bank USA, National Association $26,171 $5,054 $13,017 $8,098 $2 1.3%

13 Ally Bank $24,631 $15,300 $2,211 $4,340 $2,780 1.2%

14 Morgan Stanley $24,014 $13,923 $6,029 $4,062 $0 1.2%

15 E*TRADE Bank $21,952 $10,470 $3,212 $8,270 $0 1.1%

16 USAA Federal Savings Bank $20,933 $17,662 $2,420 $851 $0 1.1%

17 Citizens Bank, National Association $20,763 $10,416 $4,050 $5,635 $662 1.0%

18 KeyBank National Association $20,577 $1,469 $660 $18,449 $0 1.0%

19 TD Bank $18,203 $1,858 $184 $15,854 $306 0.9%

20 Regions Bank $16,248 $10,623 $3,310 $2,314 $1 0.8%

Total Top 20 $1,459,225 $862,567 $370,733 $199,451 $26,474 73.3%

Sources: Inside Mortgage Finance and Urban Institute. Note: Data as of Q4 2019.

Out of the $2.0 trillion in MBS holdings at banks and thrifts as of Q4 2019, $1.5 trillion was agency pass-throughs: 

$1.1 trillion in GSE pass-throughs and $427 billion in Ginnie Mae pass-throughs. Another $429 billion was agency 

CMOs, while non-agency holdings totaled $40 billion. In Q4, 2019, MBS holding at banks and thrifts increased for 

the fifth consecutive quarter, although the increase was smaller than in the previous 4 quarters. The increase was 

almost entirely in GSE pass-throughs, Ginnie Mae pass-through holdings were flat.

53

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

1Q17 $1,762.38 $1,280.63 $950.72 $329.91 $419.34 $7.03 $55.39

2Q17 $1,798.66 $1,320.59 $985.12 $335.47 $417.89 $6.38 $53.79

3Q17 $1,838.93 $1,364.75 $1,012.89 $351.86 $418.08 $5.65 $50.45

4Q17 $1,844.15 $1,378.53 $1,010.83 $367.70 $413.97 $4.63 $47.01

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

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

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

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

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

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

Bank and Thrift Residential MBS Holdings
Sources: SIFMA and Treasury International Capital (TIC). Note: Data as of November 2019.

15.9%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

May-12

Aug-12

Nov-12

Feb-13

May-13

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

Percent of Agency MBS Owned by Foreigners

Foreign Share of Agency MBS

MBS Ownership

$1,089.0

$443.7

$645.3

0

200

400

600

800

1,000

1,200

Nov-13

Jan-14

Mar-14

May-14

Jul-14

Sep-14

Nov-14

Jan-15

Mar-15

May-15

Jul-15

Sep-15

Nov-15

Jan-16

Mar-16

May-16

Jul-16

Sep-16

Nov-16

Jan-17

Mar-17

May-17

Jul-17

Sep-17

Nov-17

Jan-18

Mar-18

May-18

Jul-18

Sep-18

Nov-18

Jan-19

Mar-19

May-19

Jul-19

Sep-19

Nov-19

$ Billions

Monthly Agency MBS Holdings by Foreigners

54

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

Sources: Treasury International Capital (TIC) and Urban Institute. Note: Data as of November 2019. In December 2017, there was a data 

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

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

Foreign investors held 15.9 percent of agency MBS in November 2019, up from a low of 12.0 percent in July 

2014. For the month of November 2019, this represents $1.09 trillion in Agency MBS, $444 billion held by 

foreign private institutions and $645 billion held by foreign institutions.
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 November 2019.

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

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

MBS holdings by $40.9 billion, China has increased their holdings by $57.6 billion and Taiwan has increased 

their holdings by $10.9 billion.

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

Country Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Oct-19 Nov-19

Q3 

2018

Q4 

2018

Q1 

2019

Q2 

2019

Q3 

2019

Oct19Nov19

Japan 257,547 254,511 271,999 284,322 296,445 311,043 315,885 298,043 -3,036 17,488 12,323 12,123 14,598 4,842 -17,842

Taiwan 250,009 250,639 261,262 265,992 265,520 263,011 262,781 260,893 630 10,623 4,730 -472 -2,509 -230 -1,888

China 180,635 190,203 188,921 208,540 227,312 233,778 234,745 237,757 9,568 -1,282 19,619 18,772 6,466 967 3,012

Ireland 46,817 48,220 48,020 46,623 44,850 41,374 39,672 42,108 1,403 -200 -1,397 -1,773 -3,476 -1,702 2,436

Luxembourg 36,372 38,800 50,869 44,561 46,328 46,606 41,034 41,083 2,428 12,069 -6,308 1,767 278 -5,572 49

South Korea 44,039 43,944 44,794 42,604 42,669 41,309 40,917 40,625 -95 850 -2,190 65 -1,360 -392 -292

Bermuda 27,866 27,610 28,777 28,450 29,286 29,183 28,697 28,345 -256 1,167 -327 836 -103 -486 -352

Cayman 

Islands 31,017 31,638 31,398 30,374 30,819 29,432 31,005 30,615 621 -240 -1,024 445 -1,387 1,573 -390

Malaysia 12,710 12,874 12,671 12,395 12,108 15,585 16,223 16,759 164 -203 -276 -287 3,477 638 536

Netherlands 11,995 12,229 9,601 9,400 13,548 10,546 10,909 10,829 234 -2,628 -201 4,148 -3,002 363 -80

Rest of World 125,197 128,807 128,323 130,053 128,049 135,460 143,846 144,683 3,610 -484 1,730 -2,004 7,411 8,386 837

Total 1,024,200 1,039,475 1,076,635 1,103,314 1,136,934 1,157,327 1,165,714 1,151,740 15,275 37,160 26,679 33,620 20,393 8,387 -13,974

55

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

Country Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Oct-19 Nov-19

Q3 

2018

Q4 

2018

Q1 

2019

Q2 

2019

Q3 

2019

Oct19Nov19

Japan 253,972 250,851 268,150 280,394 293,002 307,681 312,631 294,863 -3,121 17,299 12,244 12,608 14,678 4,950 -17,767

Taiwan 249,773 250,397 261,008 265,733 265,293 262,789 262,566 260,683 624 10,611 4,725 -440 -2,504 -223 -1,883

China 176,345 185,811 184,302 203,827 223,181 229,743 230,840 233,941 9,466 -1,509 19,525 19,354 6,562 1,097 3,101

Ireland 37,832 39,021 38,346 36,751 36,197 32,923 31,493 34,116 1,189 -676 -1,594 -554 -3,274 -1,430 2,623

Luxembourg 34,012 36,384 48,328 41,968 44,055 44,386 38,886 38,984 2,372 11,944 -6,360 2,087 331 -5,501 98

South Korea 33,064 32,708 32,977 30,546 32,100 30,986 30,927 30,863 -356 269 -2,431 1,554 -1,113 -60 -63

Bermuda 24,969 24,644 25,658 25,267 26,496 26,458 26,060 25,768 -325 1,014 -391 1,229 -38 -398 -292

Cayman 

Islands 24,384 24,847 24,256 23,086 24,431 23,193 24,967 24,715 463 -591 -1,170 1,345 -1,238 1,774 -252

Malaysia 12,319 12,474 12,250 11,965 11,731 15,217 15,867 16,411 155 -224 -285 -234 3,486 650 544

Netherlands 11,437 11,658 9,000 8,787 13,011 10,021 10,401 10,333 221 -2,658 -213 4,224 -2,989 380 -68

Rest of World 95,510 98,414 96,359 97,436 99,460 107,538 116,822 118,278 2,904 -2,056 1,078 2,023 8,078 9,285 1,456

Total 953,612 967,209 1,000,632 1,025,760 1,068,956 1,090,935 1,101,459 1,088,956 13,597 33,423 25,128 43,196 21,979 10,524 -12,503
0

50

100

150

200

250

300

350

400

May-09

Sep-09

Jan-10

May-10

Sep-10

Jan-11

May-11

Sep-11

Jan-12

May-12

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

$ Billions

Total Fed Absorption

Total Fed Purchases Gross Issuance

MBS Ownership

0

50

100

150

200

250

Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Jul-14

Jan-15

Jul-15

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

$ 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 January 2020.

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

Institute. Note: Data as of January 2020.

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

Note: Data as of January 2020.

56

0

10

20

30

40

50

60

70

Jan-12

Jul-12

Jan-13

Jul-13

Jan-14

Jul-14

Jan-15

Jul-15

Jan-16

Jul-16

Jan-17

Jul-17

Jan-18

Jul-18

Jan-19

Jul-19

Jan-20

$ Billions

Fed Absorption of Ginnie Mae MBS

Total Fed Purchases Gross Issuance

The Federal Reserve is actively winding down its mortgage portfolio; MBS purchases are very low. During the 

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

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

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

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

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

absorption of gross issuance was 3.80 percentin January 2020.
Disclosures

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 the Urban Institute's 

Housing Finance Policy Center and State Street Global Advisors as of March 26th, 2020 and are subject to 

change based on market and other conditions. The views should not be attributed to the Urban Institute, 

its trustees, or 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.

© 2020 State Street Corporation. All Rights Reserved. 

Tracking Code: 3014255.1.1.AM.INST 

Expiration Date: 03/31/2021