Ginnie Mae Snapshot: Mortgage-Backed Securities Portfolio & Activities

Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.56 trillion in March 2024, including $32.4 billion of total MBS issuance, marking $12.5 billion in net growth. March’s new MBS issuance supports the financing of more than 101,000 households, including more than 45,000 first-time homebuyers. Approximately 68% of the March MBS issuance reflects new mortgages that support home purchases because refinance activity remained low due to higher interest rates.

The March issuance includes $31.5 billion of Ginnie Mae II MBS and $883 million of Ginnie Mae I MBS, including $793 million in loans for multifamily housing.

For the 2024 calendar year to date, Ginnie Mae has supported the pooling and securitization of more than 137,000 first-time homebuyer loans.

MBS portfolio grows month-over-month

In February, Ginnie Mae’s MBS portfolio outstanding grew to $2.54 trillion, including $30.9 billion of total MBS issuance, leading to $11.4 billion of net growth. February’s new MBS issuance supported the financing of more than 96,000 households, including more than 44,000 first-time homebuyers. Approximately 70% of the February MBS issuance reflects new mortgages that support home purchases. The February issuance includes $30 billion of Ginnie Mae II MBS and nearly $894 million of Ginnie Mae I MBS, including nearly $816 million in loans for multifamily housing.

Modernizing MBS

Ginnie Mae also recently announced the transition from the Independent Public Accounting (IPA) module in the Ginnie Mae Enterprise Portal (GMEP) to the new Ginnie Mae Central (GMC) in the MyGinnieMae enterprise portal. According to Participants Memorandum (APM) 24-04, GMC will help further modernize elements of the Mortgage-Backed Securities (MBS) Program to create a more efficient statement submission process for Issuers.

“Implementing Ginnie Mae Central marks an important transformation for our MBS program and represents a milestone in our on-going modernization effort,” said Ginnie Mae Principal EVP Sam I. Valverde. “Ginnie Mae Central will simplify submissions for our Issuers and employ easy-to-use technology to make our program more approachable and more direct.”

International leaders converge for historic summit

Ginnie Mae recently brought together more than 150 senior government officials and industry leaders from 13 countries at its inaugural U.S.-Latin America Investor Roundtable at the offices of the U.S. Department of Housing & Urban Development (HUD) in Washington, D.C. to discuss housing finance.

The conference, held both in-person and virtually, held panel discussions on the expansion of housing finance availability through the use of portfolio lending or capital markets funding, government’s role in promoting social and sustainable lending, innovation in housing finance, and more affordable and environmentally friendly housing.

“Housing affordability and community development is a central part of the many policy and economic priorities we share across the Americas,” said Ginnie Mae President Alanna McCargo. “Our collaboration with the Inter-American Development Bank and the organizations that participated in the roundtable is a start of collective work to pursue avenues to increase the affordable housing supply and help more households access safe and affordable rental and homeownership opportunities.”

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Eric C. Peck

Eric C. Peck has 25-plus years’ experience covering the mortgage industry, most recently serving as Editor-in-Chief for National Mortgage Professional Magazine. He graduated from the New York Institute of Technology, where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books, and has served as Copy Editor for
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