Ginnie Mae is evaluating a new security backed by FHA home equity conversion loans that have reached balances above 98% of their maximum claim amounts.
Ginnie Mae is exploring a new reverse MBS to provide a new form of liquidity to issuers with home equity conversion mortgages above the 98% maximum claim amount.
The federal government last week filed a motion to dismiss a lawsuit by Texas Capital Bank against Ginnie Mae for eliminating TCB’s interest in the home equity conversion mortgages of bankrupt Reverse Mortgage Funding.
Industry participants support FHA’s plans to update policy on acceptable monetary investment funding sources and interested-party contributions for its home equity conversion mortgage for purchase program.
Both assets and liabilities at Ginnie Mae jumped when the agency took over HECMs from the failed Reverse Mortgage Funding. Still, Ginnie extended a streak of increasing cash on hand.
HECM servicing policy updates finalized; FHA ups 2024 loan limits; Ginnie Mae announces optional early closing date for multiclass transactions; FHA seeks comment on payment supplement final disclosure statement model document; new collaboration to offer homes for sale under FHA’s Claims Without Conveyance of Title second chance program.