Securitizations on behalf of the Government National Mortgage Association fell to the lowest level in more than three years. But securities outstanding kept growing.

Ginnie Mae concluded March with outstanding mortgage-backed securities that had an unpaid principal balance $1.9401 trillion, according monthly operational data.

The Washington-based firm’s book of business continued to expand, growing from $1.9342 trillion as of the preceding month and $1.8055 trillion as of the same month last year.

Source: Mortgage Daily