The government guarantor is considering making its pandemic-era pass-through assistance program credit facility for nonbanks permanent. And it comes at a pressing time.
Ginnie Mae President Alanna McCargo wants small banks, credit unions and community development financial institutions to have access to the Ginnie securitization program.
Nonbanks will need to provide more details about how they value MSRs as Ginnie works on its new capital rules. The good news: MSRs are worth a lot more these days.
Nonbank boosters continue to fear Ginnie Mae’s final capital rule may not accurately reflect the intrinsic value of MSRs. Others fear it could be too soft.
Still some milk left in the EBO cow? As Jay Bray of Mr. Cooper put it: “With forbearance programs winding down, the EBO opportunity is rapidly diminishing.”
The number of newly minted Ginnie Mae issuers has fallen dramatically the past year. Something to worry about or the byproduct of the mortgage industry’s cyclicality?
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