Securitizations on behalf of the Government National Mortgage Association fell to the lowest level in more than three years. But securities outstanding kept growing.
Ginnie Mae concluded March with outstanding mortgage-backed securities that had an unpaid principal balance
$1.9401 trillion, according monthly operational data.
The Washington-based firm’s book of business
continued to expand, growing from $1.9342 trillion as of the preceding month and $1.8055 trillion as of the same month last year.
Last month’s outstandings
were comprised of $0.1109 trillion in multifamily pools and $1.8293 trillion in residential pools. Included in the residential portion were $0.0550 trillion in jumbo MBS and $0.0561 trillion in home-equity conversion mortgage MBS.
Issuance of government-owned Ginnie’s MBS came to $30.310 billion — the slowest month since
February 2015, when securitizations totaled $24.923 billion.
MBS issuance was $33.220 billion in February 2018 and $32.931 billion in March 2018.
During the first-three months of this year, issuance amounted to $99.936 billion, while the total came to $216.949 billion since Ginnie started fiscal-year 2018 on Oct. 1, 2017.
Last month’s issuances consisted of $28.898 billion in residential MBS and $1.412 billion in multifamily securities.
The residential portion included $0.961 billion in jumbo MBS — the slowest month for jumbo issuances since November 2014’s $0.853 billion. Also included were $0.626 billion in HMBS — the lowest reverse mortgage securitization volume since September 2014’s $0.498 billion.
