Countrywide, Norwest Led in Ginnie Mae Issuance in First Half

Countrywide Funding Corp. and Norwest Mortgage dominated the federally insured home loan business in the first half of 1995, according to Mortgage Marketplace, an American Banker newsletter.

The companies issued $4.5 billion and $4.4 billion, respectively, of securities backed by the Government National Mortgage Association during the six months through June 30. Together they accounted for roughly one- third of total Ginnie Mae volume during the period, the newsletter said.

Ginnie Mae securities are made up of pools of loans insured by the Federal Housing Administration and the Department of Veterans Affairs. Mortgage banking concerns like Countrywide and Norwest Mortgage originate these loans and issue the securities in accordance with Ginnie Mae's guidelines.

Countrywide, which finished last year in third place among Ginnie Mae issuers, pushed aside Norwest Mortgage and Prudential Home Mortgage to grab top honors in the midyear ranking. The Pasadena, Calif., company is on track to beat its 1994 volume of $6.8 billion.

Norwest Mortgage, a Des Moines unit of Norwest Corp., Minneapolis, slipped to second place in the overall ranking but ranked first among issuers of Ginnie Mae securities backed by VA loans.

Prudential Home Mortgage's Springfield, Ill., operation dropped to third, place with $1.6 billion in Ginnie Mae issuances. Last year, the company led the pack with volume of $9.3 billion. Prudential Home, based in Clayton, Mo., has been on the auction block since early spring.