As adopted, Appendix Q of the QM rule requires items to be considered and verified for the two prior years, and requires well-documented projections for the following three years.
Ginnie Mae officials have moved beyond whether they should consolidate the agencys two MBS programs to how they should do it, but it remains much less certain that similar proposals to restructure the Fannie/Freddie market will take root. The newer Ginnie II MBS program has become significantly more popular than the original Ginnie I security, both in terms of new issuance and the outstanding supply of securities. Speaking at the Mortgage Bankers Association secondary market conference in New York this week, Ginnie President Ted Tozer said...
As default rates on vintage non-agency MBS have improved, performance and investor proceeds this year will largely be based on servicers actions, according to Standard & Poors. Loss mitigation, work-out timelines and other servicer behaviors are of particular concern for investors. S&P said its outlook for performance of vintage non-agency MBS is stable. Feedback from servicers indicates that the number of new loan modifications on mortgages in non-agency MBS this year will be near levels seen last year and well below activity in 2010. Instead of quantity, S&P said, servicers have focused on quality. It appears...