When Ginnie released its new capital eligibility standards this past summer, nonbanks far and wide were not happy. The agency later extended the implementation deadline until late 2024, but some shops are pondering their options. Ocwen is one of them.
Servicers will now have a shorter wait time to deliver reperforming loans back into Ginnie MBS, and the loans will no longer have to go into special RG pools. The changes are aimed at increasing liquidity for Ginnie issuers. (Includes data chart.)
Ginnie Mae President Alanna McCargo said she’s hopeful the one-year extension of the implementation deadline for Ginnie’s new risk-based capital requirements will give its nonbank issuers room to breathe and time to consider their restructuring.
Ginnie Mae believes the year-plus implementation period should give potentially affected issuers enough time to plan and execute strategies for coming into compliance its new risk-based capital requirements.
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.
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