WASHINGTON, D.C. – Ginnie Mae mortgage-backed securities (MBS) issuance volume was a record $82.6 billion in January, slightly above the previous record high $81.7 billion issued the prior month. Issuance is fueled by across-the-board demand for government-backed mortgages as consumers increase home refinance and home purchase volume during this period of record-low interest rates. Approximately 293,004 homes and apartment units were financed by Ginnie Mae guaranteed MBS in January.
“Historically low interest rates and the accessible mortgage programs of our federal insuring and guaranteeing partners continue to drive home purchase and mortgage refinancing,” said Ginnie Mae Acting Executive Vice President, Michael Drayne. “Market participants can be sure that Ginnie Mae is focused on meeting the diverse product needs of the investors and Issuers that keep capital flowing to millions of families each year.”
A breakdown of January issuance of $82.61 billion includes $77.95 billion of Ginnie Mae II MBS and $4.65 billion of Ginnie Mae I MBS, which includes $4.57 billion of loans for multifamily housing.
Ginnie Mae's total outstanding principal balance as of January 31 was $2.114 trillion, up from $2.10 trillion in December, and little changed with the January 2020 level of $2.13 trillion.
For more information on monthly MBS issuance, UPB balance, REMIC monthly issuance and global market analysis visit Ginnie Mae Disclosure.
About Ginnie Mae
Ginnie Mae is a wholly owned government corporation that attracts global capital into the housing finance system to support homeownership for veterans and millions of homeowners throughout the country. Ginnie Mae MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the Department of Housing and Urban Development’s Office of Public and Indian Housing and the Department of Agriculture Rural Housing Service. Ginnie Mae is the only MBS to carry the explicit full faith and credit of the United States government.
Ginnie Mae I MBS are modified pass-through mortgage-backed securities for which registered holders receive separate principal and interest payments on each of their certificates. Ginnie Mae I securities can include single-family, multifamily, manufactured home and project construction loans.
Ginnie Mae II MBS are modified pass-through mortgage-backed securities for which registered holders receive an aggregate principal and interest payment from a central paying agent. An Issuer may participate in the Ginnie Mae II MBS either by issuing custom, single-Issuer pools or through participation in the issuance of multiple-Issuer pools, which combine loans with similar characteristics.