Of the three major hurricanes that hit the U.S. recently, Ginnie Mae is finding it may have the most exposure to Hurricane Irma.

More than 675,000 loans representing an unpaid principal balance of $111.3 million in outstanding securitized loans from Ginnie pools are in presidentially declared disaster areas affected by Irma, a storm that hit Florida, Georgia, Puerto Rico and the U.S. Virgin Islands.

Hurricane Harvey affected more than 275,000 loans and $61.4 million in UPB in Texas. Maria affected more than 115,000 loans and $11.8 million in UPB in Puerto Rico and the U.S. Virgin Islands.

In total, a little less than 10% of Ginnie's $1.8 billion portfolio of 10.9 million loans could be affected by the storm, although the extent of the specific property damage in disaster areas remains to be seen.

The Ginnie II fixed-rate coupon with the highest exposure to the storms is the 4% coupon. The 4% coupon has a 10.71% exposure to the hurricanes. The 3% coupon, in contrast, has the least exposure to the storms. Only 6.48% of collateral underlying securities with a 3% coupon are in disaster areas.

The exposures of other coupons in Ginnie II pools are as follows: 6.86% for the 2.5% coupon, 8.34% for the 3.5% coupon, 9.24% for the 5% coupon and a 10.01% for the 4.5% coupon.

Ginnie is giving expanded loan buyout authority to certain issuers in order to help them remove loans affected by the storm from securitized pools.