Final GNMA Tally for FY 2012: $388 Billion, Streamlines Key

Mortgage bankers issued $388 billion of Ginnie Mae MBS in fiscal year 2012 (which ended Sept. 30), up 11% from FY 2011, according to new figures released by the secondary mortgage agency.

Ginnie Mae ended the fiscal year on a strong note with MBS issuance topping $39 billion in both September and August. In July issuance totaled $32 billion.   

Ginnie Mae president Tozer said the increase in Ginnie Mae issuance reflects the impact of the special FHA streamline refinance program. In June the Federal Housing Administration slashed its mortgage insurance premiums to encourage homeowners with pre-June 2009 FHA-insured loans to refinance.

As of September 30, 117,000 FHA borrowers had completed a streamline refinancing when measured by the June start date. This compares with 156,600 FHA streamline refinancings completed over the previous 9 months (September 2011 through May 2012).

The last time monthly issuance of Ginnie MBS exceeded $39 billion was in December 2009.

The top three GNMA issuers include Wells Fargo, JPMorgan Chase and U.S. Bank with Quicken Home Loans close behind, according to figures compiled by the Quarterly Data Report.