Ginnie Mae said new MBS issuers need to gain some experience in the agency’s program before they are allowed to do servicing transfers, but some newly approved issuers have attempted to do so. Roy Hormuth, director of single-family securitization at Ginnie Mae, said there has been some misconception among new issuers about doing a co-issuance program in their first month in the Ginnie program despite the fact that they are not ready for it. New issuers must first demonstrate that they can successfully manage the servicing themselves before they can transfer servicing immediately, he said. In a co-issuance transaction, a company sells...