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Ginnie In Brief

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flag over porch
by Ginnie Mae | 2/16/2021

Ginnie Mae’s role in the fixed-income markets is stronger than it has ever been, with record-breaking MBS issuance in several of the past few months. Our outstanding mortgage-backed securities (MBS) have grown steadily, in parallel with the demand for affordable home financing as 30-year fixed-rate mortgage costs fell to levels never before seen. The Ginnie Mae MBS program is here for mortgage borrowers and investors through all market conditions, whether led by purchase mortgage activity or refinance mortgage volume. Consider the numbers: Over the past decade, the value of Ginnie Mae’s outstanding MBS doubled from $1.05 trillion at the end of fiscal year 2010 to $2.12 trillion at the end of fiscal year 2020.

The volume increase in outstanding MBS reflects an expansion of the portion guaranteed by the Department of Veterans Affairs (VA). The share of VA mortgages in new Ginnie Mae MBS has increased sharply over the past ten years, from 23 percent in 2011, to nearly 44% in 2020.

Ginnie Mae is committed to maintaining a strong MBS program built on a foundation of flexibility and reliability in order to meet the secondary market needs of the Issuers responsible for loans to veterans under the VA program, while also minimizing risks to taxpayers.

 

GM VA MBS FY2020 v4.png



flag over porch
by Ginnie Mae | 2/12/2021

Ginnie Mae’s role in the fixed-income markets is stronger than it has ever been, with record-breaking MBS issuance in recent months. Our outstanding mortgage-backed securities (MBS) have grown steadily, in parallel with the demand for affordable home financing as 30-year fixed-rate mortgage costs fell to levels never before seen. The Ginnie Mae MBS program is here for mortgage borrowers and investors through all market conditions, whether led by purchase mortgage activity or refinance mortgage volume. Consider the numbers: Over the past decade, the value of Ginnie Mae’s outstanding MBS doubled from $1.05 trillion at the end of fiscal year 2010 to $2.12 trillion at the end of fiscal year 2020.

The volume increase in outstanding MBS reflects an expansion of the portion guaranteed by the Department of Veterans Affairs (VA). The share of VA mortgages in new Ginnie Mae MBS has increased sharply over the past ten years, from 23 percent in 2011, to nearly 44% in 2020.

Ginnie Mae is committed to maintaining a strong MBS program built on a foundation of flexibility and reliability in order to meet the secondary market needs of the Issuers responsible for loans to veterans under the VA program, while also minimizing risks to taxpayers.

 

GM_VA MBS_FY2020



GM_Blog_Post_thumb_290x217
by Ginnie Mae | 11/19/2020

For the fourth time in five years, Ginnie Mae and its insuring and guaranteeing partners have financed homeownership for more than 900,000 first-time homebuyers. Fiscal year 2020 was the second highest total in five years at 965,115, coming just short of the 2017 high-point of 975,340 and significantly higher than the 888,437 initial buyers in 2019.

Ginnie Mae attracts capital for mortgage lending facilitated by four government programs: the Federal Housing Administration (FHA); the Veterans Administration (VA), the Rural Housing Service within the U.S. Department of Agriculture (USDA) and lending under the Public Indian Housing (PIH) program within the Department of Housing and Urban Development.

Measured by total loans within Ginnie Mae MBS, FHA was the most frequently used program by first-time buyers in FY 2020 with more than 636,000 mortgages. That is followed by the VA program at 228,148, USDA at 99,220 and PIH at 1,531.

However, as a percentage of each underlying agency’s program, 72 percent of all USDA loans went to first-time homeowners, followed by USDA and PIH each at 44 percent and VA at 19 percent.

 

GM_Homeownership_v1 1024x.jpg

GM_MultifamilyRecord_Image_400x400
by Ginnie Mae | 8/21/2020

The Ginnie Mae multifamily mortgage-backed securities (MBS) program is breaking records. Although most of the attention in the mortgage market is on single-family loan volume as mortgage rates achieve historic lows, owners of properties financed through Ginnie Mae multifamily MBS also are taking advantage of record-low rates to refinance their loans and strengthen their portfolios.

Production figures in the first 9 months of FY 2020 have already surpassed FY 2019 totals, with issuance of Ginnie Mae multifamily MBS hitting $23.1 billion between October 2019 and June 2020 compared to $18.4 billion for all of FY 2019.

While low mortgage rates are essential to this trend, owners can take advantage of low rates because of products in the market that meet their needs. For example, in times of economic uncertainty, the FHA product of long term, fixed rate financing becomes more attractive to borrowers, lenders, and investors.

In addition, multifamily Issuers continue to find value across Ginnie Mae’s products that help them reduce the rate on mortgages within Ginnie Mae MBS. Ginnie Mae Issuers utilizing the Interest Rate Reduction product have seen an average interest rate decrease of approximately 69 bps.

The Ginnie Mae Multifamily MBS Program currently relies on 54 Issuers to service 14,692 pools with $126.3 billion in UPB. Most of these Issuers have enjoyed a longstanding relationship with Ginnie Mae and have helped grow UPB from $39.4 billion in December 2008 to $126.3 billion in June 2020, a 223% increase.

Growth in the program over the last 12 years has been critical to facilitating the construction and renovation of Multifamily housing such as apartment buildings, hospitals, nursing homes, and assisted-living facilities. Today, 28 of 54 Issuers service more than $1 billion in UPB, including 6 Issuers that service more than $5 billion in UPB.

GM_Blog_Post_thumb_290x217
by Ginnie Mae | 7/29/2020

When Ginnie Mae published the Ginnie Mae 2020 policy and program white paper two years ago, the agency delivered a modernization roadmap that included waypoints for how it would create a stronger, more efficient and more secure technology platform to conduct business with MBS program participants. A key point of that roadmap was the MyGinnieMae (MGM) Portal, a robust online interface that would keep pace with evolving technologies in use by Issuers, servicers, document custodians and other participants in the government mortgage market.

Ginnie Mae piloted MGM in 2019 by inviting select Multifamily, HECM and Single-Family Issuers, and Document Custodians. This early phase allowed Ginnie Mae to work through the natural hiccups that occur when new technology is introduced into a process that becomes nearly second nature to customers. The pilot phase included focus groups with users, and Ginnie Mae incorporated their feedback and recommendations into the portal’s next and larger phase. How to organize and define functional roles within the portal was just one of the suggestions that bubbled up during the pilot phase.

The broader onboarding phase launched in January 2020, led by a Modernization outreach call, enhanced by Reporting and Feedback System eNotifications, and eventually MyGinnieMae messages. The first step began with equipping Organization Administrators (formerly known as Security Officers and Enrollment Administrators) with the knowledge they needed to assign the proper functional roles to their staff who will work within the Portal. Assigning these roles was critical because everything from issuance of mortgage-backed securities, pool certification, pool transfers to managing of Master Agreements is done within the Portal.

We knew that we had to engage customers in multiple ways to ensure that we connected with the right staff at our customers’ organizations. To do this, we utilized a “more is better” approach with our communications. Communications included emails from the Ginnie Mae Customer Experience Group (CXG) to Organization Administrators inviting them to create an MGM account, and notes from Ginnie Mae Account Executives to their customers. We also conducted on-site outreach during the 2019 Ginnie Mae Summit, giving Issuers and other customers the chance to ask questions about the general MGM adoption strategy scheduled for the beginning of 2020.

Those communications provided a schedule for upcoming training events on how to use the Portal. The series of online training events were designed for each type of organization that would use MGM. We began our first online training with Multifamily Issuers, progressing to single-family Issuers with large portfolios, then HECM Issuers, followed by smaller single-family Issuers and finishing with Document Custodians. More than one dozen online training sessions were held via Webex and Zoom, producing more than 24 hours of recorded training material, all of which is available from Ginniemae.gov, and the Ginnie Mae YouTube channel.

Archiving training videos gives customers who bring on new staff on-demand access to the information they will need to learn how to do business with Ginnie Mae, saving the customer time and cost.

We anticipate that all users of Ginnie Mae business applications will complete transition to the MyGinnieMae Portal by late-summer. Meanwhile, it’s important that organization administrators ensure that their users have been assigned the appropriate functional roles in the Portal by the implementation date. Assigning functional roles and being trained on how to use MGM is critical because the ability to use legacy credentials to access Ginnie Mae systems will expire. Without appropriate MGM credentials, customers will not be able to do business with Ginnie Mae.

Organization Administrators that require assistance may contact Ginnie Mae Customer Support at 1-833-GNMA HELP / 1-833-466-2435 or ginniemae1@bnymellon.com. For general inquiries regarding MyGinnieMae onboarding, training, and resources, contact the Ginnie Mae Customer Experience Group at cxg@hud.gov.

View All

Ginnie In Brief

Sort by: Newest | Oldest
flag over porch
by Ginnie Mae | 2/16/2021

Ginnie Mae’s role in the fixed-income markets is stronger than it has ever been, with record-breaking MBS issuance in several of the past few months. Our outstanding mortgage-backed securities (MBS) have grown steadily, in parallel with the demand for affordable home financing as 30-year fixed-rate mortgage costs fell to levels never before seen. The Ginnie Mae MBS program is here for mortgage borrowers and investors through all market conditions, whether led by purchase mortgage activity or refinance mortgage volume. Consider the numbers: Over the past decade, the value of Ginnie Mae’s outstanding MBS doubled from $1.05 trillion at the end of fiscal year 2010 to $2.12 trillion at the end of fiscal year 2020.

The volume increase in outstanding MBS reflects an expansion of the portion guaranteed by the Department of Veterans Affairs (VA). The share of VA mortgages in new Ginnie Mae MBS has increased sharply over the past ten years, from 23 percent in 2011, to nearly 44% in 2020.

Ginnie Mae is committed to maintaining a strong MBS program built on a foundation of flexibility and reliability in order to meet the secondary market needs of the Issuers responsible for loans to veterans under the VA program, while also minimizing risks to taxpayers.

 

GM VA MBS FY2020 v4.png



flag over porch
by Ginnie Mae | 2/12/2021

Ginnie Mae’s role in the fixed-income markets is stronger than it has ever been, with record-breaking MBS issuance in recent months. Our outstanding mortgage-backed securities (MBS) have grown steadily, in parallel with the demand for affordable home financing as 30-year fixed-rate mortgage costs fell to levels never before seen. The Ginnie Mae MBS program is here for mortgage borrowers and investors through all market conditions, whether led by purchase mortgage activity or refinance mortgage volume. Consider the numbers: Over the past decade, the value of Ginnie Mae’s outstanding MBS doubled from $1.05 trillion at the end of fiscal year 2010 to $2.12 trillion at the end of fiscal year 2020.

The volume increase in outstanding MBS reflects an expansion of the portion guaranteed by the Department of Veterans Affairs (VA). The share of VA mortgages in new Ginnie Mae MBS has increased sharply over the past ten years, from 23 percent in 2011, to nearly 44% in 2020.

Ginnie Mae is committed to maintaining a strong MBS program built on a foundation of flexibility and reliability in order to meet the secondary market needs of the Issuers responsible for loans to veterans under the VA program, while also minimizing risks to taxpayers.

 

GM_VA MBS_FY2020



GM_Blog_Post_thumb_290x217
by Ginnie Mae | 11/19/2020

For the fourth time in five years, Ginnie Mae and its insuring and guaranteeing partners have financed homeownership for more than 900,000 first-time homebuyers. Fiscal year 2020 was the second highest total in five years at 965,115, coming just short of the 2017 high-point of 975,340 and significantly higher than the 888,437 initial buyers in 2019.

Ginnie Mae attracts capital for mortgage lending facilitated by four government programs: the Federal Housing Administration (FHA); the Veterans Administration (VA), the Rural Housing Service within the U.S. Department of Agriculture (USDA) and lending under the Public Indian Housing (PIH) program within the Department of Housing and Urban Development.

Measured by total loans within Ginnie Mae MBS, FHA was the most frequently used program by first-time buyers in FY 2020 with more than 636,000 mortgages. That is followed by the VA program at 228,148, USDA at 99,220 and PIH at 1,531.

However, as a percentage of each underlying agency’s program, 72 percent of all USDA loans went to first-time homeowners, followed by USDA and PIH each at 44 percent and VA at 19 percent.

 

GM_Homeownership_v1 1024x.jpg

GM_MultifamilyRecord_Image_400x400
by Ginnie Mae | 8/21/2020

The Ginnie Mae multifamily mortgage-backed securities (MBS) program is breaking records. Although most of the attention in the mortgage market is on single-family loan volume as mortgage rates achieve historic lows, owners of properties financed through Ginnie Mae multifamily MBS also are taking advantage of record-low rates to refinance their loans and strengthen their portfolios.

Production figures in the first 9 months of FY 2020 have already surpassed FY 2019 totals, with issuance of Ginnie Mae multifamily MBS hitting $23.1 billion between October 2019 and June 2020 compared to $18.4 billion for all of FY 2019.

While low mortgage rates are essential to this trend, owners can take advantage of low rates because of products in the market that meet their needs. For example, in times of economic uncertainty, the FHA product of long term, fixed rate financing becomes more attractive to borrowers, lenders, and investors.

In addition, multifamily Issuers continue to find value across Ginnie Mae’s products that help them reduce the rate on mortgages within Ginnie Mae MBS. Ginnie Mae Issuers utilizing the Interest Rate Reduction product have seen an average interest rate decrease of approximately 69 bps.

The Ginnie Mae Multifamily MBS Program currently relies on 54 Issuers to service 14,692 pools with $126.3 billion in UPB. Most of these Issuers have enjoyed a longstanding relationship with Ginnie Mae and have helped grow UPB from $39.4 billion in December 2008 to $126.3 billion in June 2020, a 223% increase.

Growth in the program over the last 12 years has been critical to facilitating the construction and renovation of Multifamily housing such as apartment buildings, hospitals, nursing homes, and assisted-living facilities. Today, 28 of 54 Issuers service more than $1 billion in UPB, including 6 Issuers that service more than $5 billion in UPB.

GM_Blog_Post_thumb_290x217
by Ginnie Mae | 7/29/2020

When Ginnie Mae published the Ginnie Mae 2020 policy and program white paper two years ago, the agency delivered a modernization roadmap that included waypoints for how it would create a stronger, more efficient and more secure technology platform to conduct business with MBS program participants. A key point of that roadmap was the MyGinnieMae (MGM) Portal, a robust online interface that would keep pace with evolving technologies in use by Issuers, servicers, document custodians and other participants in the government mortgage market.

Ginnie Mae piloted MGM in 2019 by inviting select Multifamily, HECM and Single-Family Issuers, and Document Custodians. This early phase allowed Ginnie Mae to work through the natural hiccups that occur when new technology is introduced into a process that becomes nearly second nature to customers. The pilot phase included focus groups with users, and Ginnie Mae incorporated their feedback and recommendations into the portal’s next and larger phase. How to organize and define functional roles within the portal was just one of the suggestions that bubbled up during the pilot phase.

The broader onboarding phase launched in January 2020, led by a Modernization outreach call, enhanced by Reporting and Feedback System eNotifications, and eventually MyGinnieMae messages. The first step began with equipping Organization Administrators (formerly known as Security Officers and Enrollment Administrators) with the knowledge they needed to assign the proper functional roles to their staff who will work within the Portal. Assigning these roles was critical because everything from issuance of mortgage-backed securities, pool certification, pool transfers to managing of Master Agreements is done within the Portal.

We knew that we had to engage customers in multiple ways to ensure that we connected with the right staff at our customers’ organizations. To do this, we utilized a “more is better” approach with our communications. Communications included emails from the Ginnie Mae Customer Experience Group (CXG) to Organization Administrators inviting them to create an MGM account, and notes from Ginnie Mae Account Executives to their customers. We also conducted on-site outreach during the 2019 Ginnie Mae Summit, giving Issuers and other customers the chance to ask questions about the general MGM adoption strategy scheduled for the beginning of 2020.

Those communications provided a schedule for upcoming training events on how to use the Portal. The series of online training events were designed for each type of organization that would use MGM. We began our first online training with Multifamily Issuers, progressing to single-family Issuers with large portfolios, then HECM Issuers, followed by smaller single-family Issuers and finishing with Document Custodians. More than one dozen online training sessions were held via Webex and Zoom, producing more than 24 hours of recorded training material, all of which is available from Ginniemae.gov, and the Ginnie Mae YouTube channel.

Archiving training videos gives customers who bring on new staff on-demand access to the information they will need to learn how to do business with Ginnie Mae, saving the customer time and cost.

We anticipate that all users of Ginnie Mae business applications will complete transition to the MyGinnieMae Portal by late-summer. Meanwhile, it’s important that organization administrators ensure that their users have been assigned the appropriate functional roles in the Portal by the implementation date. Assigning functional roles and being trained on how to use MGM is critical because the ability to use legacy credentials to access Ginnie Mae systems will expire. Without appropriate MGM credentials, customers will not be able to do business with Ginnie Mae.

Organization Administrators that require assistance may contact Ginnie Mae Customer Support at 1-833-GNMA HELP / 1-833-466-2435 or ginniemae1@bnymellon.com. For general inquiries regarding MyGinnieMae onboarding, training, and resources, contact the Ginnie Mae Customer Experience Group at cxg@hud.gov.

View All