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6/15/2018

WASHINGTON, D.C. – Ginnie Mae today announced that issuance of its mortgage backed securities (MBS) totaled slightly more than $35 billion in May.

A breakdown of May issuance includes $33.431 billion of Ginnie Mae II MBS and $1.890 billion of Ginnie Mae I MBS, which includes $1.746 billion of loans for multifamily housing.

MBS issuance for Fiscal Year 2018 to the end of May totaled $286.338 billion. Ginnie Mae total outstanding principal balance of $1.960 trillion is an increase from $1.830 trillion in May 2017.

For more information on monthly issuance, UPB balance, REMIC monthly issuance, and Global Market analysis, visit Ginnie Mae Issuance.

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 mortgage backed securities MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the HUD 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 on 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.

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6/14/2018

Washington, DC – Ginnie Mae announced today that it was enhancing its Issuer Operational Performance Profile (IOPP) tool with the addition of a single-family prepayment rate metric. The new metric enables Ginnie Mae MBS Issuers to more easily monitor the prepayment rate of loans in the securities they’ve issued that carry the Ginnie Mae guaranty. The new feature is the latest move by Ginnie Mae to create tools that help its issuers understand how the corporation is monitoring prepayments to ensure the integrity and market predictability of Ginnie Mae MBS.

Issuers should continue to monitor their overall IOPP scores, including this new metric, as a tool for helping to assess their relative performance in the Ginnie Mae program. The IOPP scores are not public. Issuers with questions should contact their Account Executive.

“Ginnie Mae is laser-focused on the performance of our securities and knows that only in partnership with our Issuers can we continue to attract the global capital necessary to finance affordable homeownership,” said EVP and Chief Operations Officer Michael Bright.

All eligible issuers will have access to the new prepayment feature beginning June 25.

Meanwhile, last month, Ginnie Mae announced changes to the eligibility requirements of mortgages that are insured by the Department of Veteran’s Affairs (VA), a step intended to prevent so-called churning of VA mortgages, which had been a cause of unpredictable prepayment patterns. Full details of the new requirements can be found in the corporation’s All Participants Memorandum 18-04.

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 low- to moderate-income 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 HUD 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.

6/1/2018

Washington, DC -- In the interest of providing additional clarity and transparency to Ginnie MBS investors, Ginnie Mae is announcing that it has restricted VA single family -guaranteed loans pooled by Freedom Mortgage Corporation (Freedom), SunWest Mortgage Company, Inc. (SunWest), and NewDay USA (NewDay) in Ginnie Mae pools to Ginnie Mae II custom pools only. All three issuers are restricted from including VA single family guaranteed loans in Ginnie Mae I securities or Ginnie Mae II multi-issuer securities.

Freedom and SunWest remain approved Ginnie Mae issuers and remain authorized to pool FHA and RHS single family insured mortgages in all eligible Ginnie Mae pool types. The restriction for both issuers of their VA single family loans to Ginnie Mae II custom pools is effective for July 1, 2018 issuances and concludes with January 1, 2019 issuances.

NewDay remains an approved Ginnie Mae issuer and remains authorized to pool FHA and RHS single family insured mortgages in all eligible Ginnie Mae pool types. NewDay’s restriction to Ginnie Mae II custom pools commenced with its April 1, 2018 issuances and concludes with its October 1, 2018 issuances.

The conclusion date assumes that by the specified date, an issuer has demonstrated, to Ginnie Mae’s satisfaction, that (a) prepayment speeds are substantially more in-line with those of equivalent multi-issuer cohorts, and (b) such improved performance is sustainable.

In accordance with APM 18-02 and Section 3-21 of Ginnie Mae’s MBS Guide, any issuer who produces pools of loans or loan packages that consistently demonstrate prepayment activity that is substantially different from that of comparable loan packages or pools of loans will be contacted by Ginnie Mae for further discussion and review. Any issuers restricted from participation in Ginnie multi-issuer pools may, at Ginnie Mae’s sole discretion, be permitted to again participate in multi-issuer pools once their loan packages or pools of loans perform consistent with comparable loan packages or pools of loans and once they have provided to Ginnie Mae an acceptable plan for achieving and maintaining prepayment speeds consistent with Ginnie Mae’s program requirements.

Issuers with questions or concerns should contact their Ginnie Mae Account Executive. Investors with questions should contact Ginnie Mae’s Office of Capital Markets.

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 low- to moderate-income 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 HUD 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.

5/30/2018

Today, Ginnie Mae issued an All Participants Memorandum (APM) APM 18-04 announcing implementation of changes to pooling eligibility requirements for Department of Veteran’s Affairs (VA) insured or guaranteed mortgages pursuant to the “Loan Seasoning for Ginnie Mae Mortgage-Backed Securities” provision in the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155 / P.L. 115-174)These changes affect security issuances on or after June 1, 2018, but do not otherwise affect the guaranty or composition of MBS issued before that date.

Under the APM, a refinance loan insured or guaranteed by the VA is eligible for Ginnie Mae securities only if it meets the following condition:

The note date of the refinance loan must be on or after the later of:

a) The date is 210 days after the date on which the first monthly payment was made on the mortgage being refinanced, and

b) the date on which 6 full monthly payments have been made on the mortgage being refinanced.

Refinances that do not meet the condition defined in the APM are ineligible for inclusion in any new pool or loan package in the Ginnie Mae I or Ginnie Mae II MBS Program, including refinances that closed prior to the date of this announcement. Ginnie Mae is engaging with issuers to implement a cure for pools that have been submitted with non-compliant loans.

Ginnie Mae expects that the law will be effective in helping curb abuses that have been identified in connection with certain refinance programs utilized by veterans.

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 low- to moderate-income 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 HUD 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.

5/14/2018

WASHINGTON, D.C. – Ginnie Mae today announced that issuance of its mortgage back securities (MBS) totaled $34 billion in April. A breakdown of April issuance includes $32.437 billion of Ginnie Mae II MBS and $1.631 billion of Ginnie Mae I MBS, which includes $1.446 billion of loans for multifamily housing. MBS issuance for Fiscal Year 2018 to the end of April totaled $251.017 billion. Ginnie Mae total outstanding principal balance of $1.950 trillion is an increase from $1.819 trillion in April 2017. For more information on monthly issuance, UPB balance, REMIC monthly issuance, and Global Market analysis, visit Ginnie Mae Issuance.

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 mortgage backed securities MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the HUD 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 on 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.

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4/11/2018

WASHINGTON, D.C. – Ginnie Mae today announced that issuance of its mortgage back securities (MBS) totaled $30.31 billion in March.

A breakdown of March’s issuance includes $28.659 billion of Ginnie Mae II MBS and $1.651 billion of Ginnie Mae I MBS, which includes $1.412 billion of loans for multifamily housing.

MBS issuance for Fiscal Year 2018 to the end of March totaled $216.949 billion. Ginnie Mae total outstanding principal balance of $1.942 trillion is an increase from $1.805 trillion in March 2017.

For more information on monthly issuance, UPB balance, REMIC monthly issuance, and Global Market analysis, visit Ginnie Mae Issuance

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 mortgage backed securities MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the HUD 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 on 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.

 

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3/20/2018

WASHINGTON, D.C. – Ginnie Mae today announced that issuance of its mortgage back securities (MBS) totaled $33.22 billion in February.

A breakdown of February’s issuance includes $31.512 billion of Ginnie Mae II MBS and $1.708 billion of Ginnie Mae I MBS, which provided access to $33.561 billion in capital for single family home loans and $1.387 billion for multifamily housing.

MBS issuance for Fiscal Year 2018 to the end of February totaled $186.639 billion. Ginnie Mae total outstanding principal balance of $1.934 trillion is an increase from $1.798 trillion in February 2017.

For more information on monthly issuance, UPB balance, REMIC monthly issuance, and Global Market analysis, visit GinnieMae.gov.

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 mortgage backed securities MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the HUD 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 on 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.

 

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3/14/2018

Chicago, Ill. and Washington, D.C., March 14, 2018 – The MPF Program recently surpassed $1 billion in mortgage-backed securities (MBS) issued. The MPF Government MBS product was the result of a partnership forged by the Federal Home Loan Bank of Chicago and the Government National Mortgage Association (Ginnie Mae) to issue securities guaranteed by Ginnie Mae and backed by mortgages originated by FHLB member financial institutions. The MPF Government MBS product provides mortgage lenders, particularly smaller institutions, direct access to the secondary mortgage market, and more options when creating mortgage products for their home-buying customers.

The MPF Government MBS product was initially made available only to eligible participating members of the Federal Home Loan Bank of Chicago. Today, it has expanded to six Federal Home Loan Banks that can now offer the MPF Government MBS product to their members. “The interest in the MPF Government MBS product continues to grow helping to make more affordable lending available throughout the country,” says John Stocchetti, Executive Vice President of the MPF Program. The MPF Program’s partnership with Ginnie Mae continues to provide lenders a channel to the MBS marketplace and the ability to choose whether to retain or release servicing on the government loans they originate.

Ginnie Mae developed the first mortgage-backed security in 1970 which allowed for loans to be pooled in a security that could be sold in the secondary market. “This partnership with the Federal Home Loan Bank of Chicago is just the beginning of the productive partnerships that Ginnie Mae’s charter allows and that we intend to leverage in the coming years,” said Michael Bright, Ginnie Mae Executive Vice President and Chief Operating Officer. “These types of programs help to level the playing field for small and local financial institutions, help Ginnie Mae fulfill its core mission, and creates important opportunities for innovation in our mortgage system.”

About the MPF Program
The MPF Program allows eligible Federal Home Loan Bank members to sell conventional conforming, government and jumbo loans to their Federal Home Loan Bank or other investors. To learn more visit fhlbmpf.com. “Mortgage Partnership Finance” and “MPF” are registered trademarks of the Federal Home Loan Bank of Chicago.

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 HUD 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.

2/15/2018

WASHINGTON, D.C. - Ginnie Mae today announced that issuance of its mortgage back securities (MBS) totaled $36.41 billion in January.

A breakdown of January's issuance includes $34.611 billion of Ginnie Mae II MBS and $1.795 billion of Ginnie Mae I MBS, which provided access to $36.834 billion in capital for single family home loans and $1.403 billion for multifamily housing.

MBS issuance for Fiscal Year 2018 to the end of January totaled $153.419 billion. Ginnie Mae total outstanding principal balance of $1.924 trillion is an increase from $1.786 trillion in January 2017.

For more information on monthly issuance, UPB balance, REMIC monthly issuance, and Global Market analysis, visit GinnieMae.gov.

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 mortgage backed securities MBS programs directly support housing finance programs administered by the Federal Housing Administration, the Department of Veterans Affairs, the HUD 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 on 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.

2/8/2018

WASHINGTON – Ginnie Mae continues to take steps to address churning in its mortgage-backed security (MBS) program. These efforts are designed to keep mortgage rates affordable for veterans and first-time home buyers, in addition to preserving the liquidity of the security around the globe. To that end, Ginnie Mae has notified a small number of issuers who are outliers among market participants in the Ginnie Mae multi-issuer MBS on the metric of prepayment speeds. Such deviations from market norms are not acceptable and put a veteran earned benefit at risk. This work builds off the “Ginnie Mae – VA Loan Churn Task Force,” which has been ongoing since September 2017.

Issuers who have been notified are expected to deliver a corrective action plan that identifies immediate strategies to bring prepayment speeds in line with market peers. In the event issuers are unable to demonstrate a path to improved performance, said issuers risk being restricted from access to Ginnie Mae multi-issuer pools. Thereafter, those issuers may only have access to Ginnie Mae custom pools.

“We have an obligation to take necessary measures to prevent the lending practices of a few from impairing the performance of our multi-issuer securities, and thus raising the cost of homeownership for millions of Americans,” said Michael Bright, Ginnie Mae Executive Vice President and Chief Operating Officer. “By addressing the anomalous performance of a few lenders, Ginnie Mae is acting to protect veterans, the broader Ginnie Mae program, the American taxpayer and the consumers we serve. We expect issuers receiving these notices to respond quickly, produce a corrective action plan and come into compliance with our program.”

Denise Rohan, National Commander of the American Legion added, “On behalf of two million members of the American Legion, I applaud the efforts of Ginnie Mae to curb misleading mortgage refinancing marketing targeting veterans and the unscrupulous practice known as “churning” – the refinancing of a loan multiple times to generate profits for lenders at the expense of veterans. Aggressive home mortgage churning creates uncertainty for investors and higher interest rates for borrowers. Our veterans didn’t serve their country around the globe in order to be taken advantage of by unscrupulous lenders at home. The American Legion stands with Ginnie Mae and Senators Warren and Tillis as they work to protect veterans from predatory home lending and ensure veterans have an affordable pathway to home ownership.”

Ginnie Mae’s issuance of these notices directly follows recent announcements of program changes, APM 17-06, Pooling Eligibility for Refinance Loans and Monitoring of Prepay Activity, and APM 18-02, Risk Parameters Applicable to Single Family Issuers. These APMs outline acceptable risk parameters for mortgages backing Ginnie Mae securities and ongoing issuer evaluation.

“We are focusing on outliers that are harming Ginnie Mae’s program, not at issuers that genuinely help support responsible lending,” continued Bright. “The vast majority of our issuers fall squarely in the latter category, and we look forward to continuing to work with them to provide refinance opportunities to veterans, rural communities, and low to moderate-income homeowners.” This action comes after Ginnie Mae completed a comprehensive review of issuer performance, which included an in-depth evaluation of prepayment speeds on the MBS pools of individual issuers. This analysis identified a small number of issuers with prepayment speeds that substantially deviate from the mean for an extended period of time.

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 low- to moderate-income 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 HUD 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.

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Questions and Answers

 

What does Ginnie Mae mean by “loan churning”?

Ginnie Mae defines loan churning to mean an issuer’s use of a set of market schemes to repeatedly refinance a borrower’s mortgage, often without providing a sufficient, countervailing net economic benefit to the homeowner. This practice of loan churning is hurting the FHA, USDA, and VA loan programs, and, by extension, the low- to moderate-income borrowers, rural Americans, and veterans who participate in them.

What impact do churning practices have on Ginnie Mae or its stakeholders?

The vast majority of the loans originated under the FHA, VA, and USDA housing programs are securitized through the Ginnie MBS platform. The churning practices witnessed in recent years are damaging to Ginnie Mae MBS because they cause rapid refinancing of loans in Ginnie Mae securities. This causes investors of all stripes across the globe to withdraw capital from the Ginnie Mae market, which results in higher than necessary borrowing rates for all federal housing program borrowers.

How can churning be addressed in the Ginnie Mae program?

Previously, Ginnie Mae implemented policy changes to diminish the economic incentive associated with refinancing borrowers within months of their initial home purchase (See APM 17-06). Most recently, with APM 18-02, Risk Parameters Applicable to Single Family Issuers, Ginnie Mae took steps to address its concerns regarding the impact of loans in its pools with fast prepayments speeds. Ginnie Mae believes these steps are necessary to keep mortgage rates affordable for veterans and low- to moderate- income borrowers, in addition to preserving the liquidity of the security around the globe.

Some form of a net tangible benefit requirement for refinancings is also an important part of solving this problem, and the VA has been evaluating a range of potential policy actions, including a net tangible benefit test. The idea with such a requirement would be to ensure that the benefit to the borrower is greater than any incremental costs associated with the refinancing terms. FHA did something similar by implementing a net tangible benefit test for refinances in their program. Ginnie Mae’s understanding is that the VA is undertaking a process to identify what makes sense for its program in this area.

Combined, these actions can help ensure a healthy MBS market that provides affordable mortgage rates for FHA, VA and USDA borrowers, and in turn, a continued flow of capital into the U.S. housing market.

What is the primary purpose of APM 18-02 and how does it advance Ginnie Mae’s mission?

The primary purpose of APM 18-02 is to protect the integrity of the Ginnie Mae MBS program and ensure that low- to moderate-income borrowers, veterans, and investors in Ginnie Mae securities are not disadvantaged by the actions of a few outliers.

Multi-issuer securities, by their very nature, trade at a “cheapest to deliver” price. This means that the performance of the worst issuer or servicer often sets the pricing for all other participating issuers in the common security, and therefore the worst can impact the rates for all borrowers who rely on the program. The actions announced in APM 18-02 are being implemented to protect the health of the Ginnie Mae security overall by addressing activity from a few issuers that create pools of loans that materially drag down the average.

Such action is squarely within Ginnie Mae’s historical expertise. In fact, Ginnie Mae’s charter explicitly tasks Ginnie Mae with maintaining and enhancing the liquidity of the secondary mortgage market to ensure the sustained flow of global capital into the U.S. primary mortgage market. This is Ginnie Mae’s primary mission. Ginnie Mae must identify, monitor, and, if need be, implement requirements that maintain the integrity of the common MBS which we administer.

What has been the impact of APM 18-02?

Ginnie Mae MBS have improved in price. Once completed, the analysis suggests that removing outlier loans from Ginnie Mae multi-issuer securities can lower borrowing rates for veterans and FHA and USDA borrowers by as much as a half a percentage point.

What methodology does Ginnie Mae use to determine whether an issuer’s performance is materially worse than its peers as to be an outlier?

Ginnie Mae engaged in a data-driven process of evaluating several aspects of pool characteristics of all issuers against each other. To police our security, Ginnie Mae often choses relative performance, rather than absolute performance, of these metrics because it is the relative performance that suggests outliers. This is similar to so-called “horizontal analysis” performed by prudential regulators.

How many Issuers fall within the category of outlier prepayment speeds?

Under the analysis, only a handful of issuers were shown to be consistent material outliers over an extended period of time. The careful criteria identified market participants whose pool performance clearly and persistently deviates from Ginnie Mae’s norms.

Should Ginnie Issuers be afraid to refinance VA loans that are in Ginnie pools?

Absolutely not. As explained above, Ginnie Mae is concerned with material outliers, not issuers that are genuinely helping to support responsible lending. There are market and borrower dynamics where refinance activity makes absolute sense. Ginnie Mae is here to support the FHA, VA, and USDA programs by bringing capital into the U.S. housing market for these activities. With this APM, however, we are addressing participants in the Ginnie Mae multi-issuer security with prepayment speeds that cannot be explained by economic conditions or market dynamics.

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