Ginnie Mae Reverse Mortgage Volume Continues to Soar

The Government National Mortgage Association (Ginnie Mae) announced that it issued more than $853 million of its HECM mortgage-backed securities (HMBS) in July, bringing the YTD total issuance to over $2 billion.

The numbers from July are the third consecutive record setting month for GNMA and shows that lenders are becoming more comfortable using GNMA as an alternative to selling directly to Fannie Mae.

In the next few weeks we should learn who will replace Joseph Murin, former GNMA president who left his position in August to form the Collingwood Group with former Federal Housing Administration commission Brian Montgomery.


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  • This HMBS growth probably reflects the more competitive Fixed interest rates that GNMA offers (relative to the significantly higher FNMA Fixed and LIBOR Expected Rates) rather than increasing lender 'comfort' with GNMA. Demand for larger Principal Limits drives borrowers and originators and lenders to the GNMA Fixed Products now.

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