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Ginnie Mae Repurchase Trends — Loan Buyback and Liquidation Activity

This page tracks Ginnie Mae loan repurchase (buyback) and liquidation activity across FHA, VA, and USDA government-loan programs over a trailing 24-month window. A repurchase occurs when an issuer removes a loan from a Ginnie Mae mortgage-backed security pool, absorbing the credit risk directly onto their balance sheet.

Key Repurchase Metrics

  • Monthly repurchase rate as a percentage of total liquidations
  • Total repurchase volume by month
  • FHA share of total repurchases
  • 24-month repurchase rate high and low
  • Agency breakdown: FHA, VA, and USDA repurchase volumes
  • Liquidation composition: payoffs, repurchases, loss mitigation, foreclosures

Why This Matters

Rising repurchase volumes signal increased credit stress in the government-loan market. Each buyback requires the issuer to fund the full unpaid principal balance, creating liquidity pressure. Sustained elevated repurchase rates can indicate systemic origination quality issues, servicer distress, or shifting agency enforcement posture.

Source: Ginnie Mae Monthly Pool-Level Disclosure Data (liquidation and removal records). Covers FHA, VA, and USDA program pools. Reported monthly with one-month lag.

Repurchase & Buyback Activity

Loan repurchase trends across government and conventional mortgage programs

Source: Ginnie Mae Monthly Liquidation Data
24-month lookback · Mar 24 – Feb 26

Repurchase Rate at 18mo

+0.63
1.95%

2024 vintage: 1.95% vs 2023: 1.31% vs 2022: 0.07%

Ginnie Mae
2024 vintage

Monthly Repurchases

-7
9,284

Feb 26 vs Jan 26

1.5k10.0k
Ginnie Mae
Feb 26

FHA Share

89.1%

8,275 of 9,284 repurchases are FHA

71.590.6
Ginnie Mae
Feb 26

24-Month Volume

1,501 - 10,021

Monthly repurchase count range over trailing 24 months

1.5k10.0k
Ginnie Mae
Feb 26

Agency Breakdown

Repurchase volume by program: FHA, VA, and USDA

FHA
VA
USDA

Liquidation Composition: Feb 26

Breakdown of 104,712 total liquidations in the latest reporting month

Payoffs
87,512(83.6%)
Repurchases
9,284(8.9%)
Loss Mitigation
5,623(5.4%)
Foreclosures
2,191(2.1%)
Other
102(0.1%)

Cumulative Repurchase Rate by Vintage (Ginnie Mae)

Cumulative repurchase rate (%) by origination vintage and loan age

Vintage6mo12mo18mo24mo30mo36mo42mo48mo
2022
0.000
0.000
0.070
0.213
0.459
0.699
1.000
2023
0.228
0.613
1.314
2.131
3.247
2024
0.290
0.842
1.948
2025
0.622
Rate Scale
0%
3.247%
Source: Ginnie Mae Monthly Liquidation Data (Dec 2023 - Jan 2026) for repurchase counts; Loan Performance Data for total loans per vintage. True repurchase rate = cumulative repurchases / total originated loans.
Source: Ginnie Mae Monthly Loan Liquidation Data

Understanding Repurchases

What loan buybacks mean and why they matter across agencies

What is a Loan Repurchase?

A repurchase (or “buyback”) occurs when a loan originator or servicer is required to buy back a loan from the investor, guarantor, or securitization pool. In government lending (FHA, VA, USDA), an issuer removes a loan from a Ginnie Mae MBS pool and absorbs the credit risk. In conventional lending, Fannie Mae or Freddie Mac may require the seller/servicer to repurchase loans that breach representations and warranties. In both cases, the repurchasing entity takes on the full unpaid principal balance and associated credit risk.

Why Repurchases Matter

Rising repurchase volumes signal increased credit stress across the mortgage market. Each buyback requires the originator or servicer to fund the full unpaid principal balance, creating liquidity pressure. Sustained elevated repurchase rates can indicate systemic origination quality issues, servicer distress, shifting agency enforcement posture, or evolving rep & warrant risk. Monitoring repurchase activity across Ginnie Mae, Fannie Mae, and Freddie Mac provides a comprehensive view of credit quality and counterparty risk in the mortgage ecosystem.

Data Sources

  • *Ginnie Mae Monthly Pool-Level Disclosure Data (liquidation and removal records)
  • *Fannie Mae Single-Family Loan Performance Data (quarterly dispositions)
  • *Freddie Mac Single-Family Loan-Level Dataset (quarterly performance)
  • *Government data reported monthly; conventional data reported quarterly

Government Loan Removal Codes (Ginnie Mae)

Ginnie Mae classifies pool removals by reason code:

1
Prepayment in full

Borrower payoff or refinance

2
Repurchase / buyout

Issuer removes delinquent or defective loan

3
Foreclosure / third-party sale

Property disposition after default

4
Loss mitigation

Loan modification, partial claim, or workout

5
Charge-off / write-off

Unrecoverable loss on the loan

6
Other removal

Administrative or pool transfer actions

Conventional Loan Disposition Codes (Fannie Mae / Freddie Mac)

Fannie Mae and Freddie Mac classify loan dispositions by code:

01
Prepaid

Borrower paid off or refinanced the loan

02
Third Party Sale

Property sold to third party at foreclosure

03
Short Sale

Pre-foreclosure negotiated sale below balance

06
Repurchase

Seller/servicer repurchase due to breach

09
REO

Real estate owned - property acquired by lender

15
Repurchase (note sale)

Note sale or other repurchase disposition

16
Repurchase (performing)

Repurchase of a performing or re-performing loan