88 88
INVESTMENT GOVERNMENT PROPERTY PRESERVATION
GINNIE MAE MBS
ISSUANCE VOLUME
EXCEEDS 53B IN
FEBRUARY
Approximately 191,000 homes and
apartment units were financed by Ginnie Mae
guaranteed mortgage-backed securities (MBS)
in February, as Ginnie Mae's MBS issuance
volume for February 2022 hit $53.01 billion.
"e release of February MBS pool factors
and prepayment activity show encouraging
results," Ginnie Mae Office of Capital Markets
SVP John Getchis said. "Noticeably, borrower
default-related prepayments occurring in
Ginnie Mae's securities continue their trend
of monthly declines. February's default-related
prepayments consisted of less than 29,000
loans, the lowest level since April 2020, and
well below the 48,708 average of the preceding
12-months. is trend improves the value
proposition of Ginnie Mae MBS relative to
other fixed-income and MBS investments."
Approximately 230,000 homes and
apartment units were financed by Ginnie Mae
MBS in January, as MBS issuance volume for
January 2022 hit $62.98 billion.
A breakdown of February 2022 issuance of
$53 billion includes $50.26 billion of Ginnie
Mae II MBS and $2.75 billion of Ginnie Mae
I MBS, which includes approximately $2.59
billion in loans for multifamily housing. As of
February 28, Ginnie Mae's total outstanding
principal balance stood at $2.179 trillion, up
from $2.168 trillion in January 2022, and up
from $2.106 trillion year over year.
In late January, Ginnie Mae issued a
new memorandum (APM 22-01) stating
that they are streamlining its documentation
requirements for servicers participating in the
Federal Housing Administration's (FHA)
Advanced Loan Modification program
(ALM).
e memo did away with the requirement
for recordation and title insurance in some
cases. e new policy also supports the Biden
administration's "goal of assisting homeowners
impacted by the pandemic get on the road to
economic recovery" by creating a more efficient
process so that servicers can assist more
homeowners to transition from forbearance to
permanent loan modifications.
Journal
