The mortgage market is broadly divided into two markets: The government-insured segment, in which the lender is protected from borrower default by insurance from either the Federal Housing Administration or Veterans Administration programs; and the conventional loan market.

In recent years, the conventional-loan market share has grown, while that of the FHA and VA has decreased. This trend has resulted in a decline in Government National Mortgage Assn. market share as well, because Ginnie. Mae issues securities exclusively composed of FHA and VA loans.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.