Entities are prohibited by the Internal Revenue Service from using their own employer identification number to request additional EINs required for Ginnie Mae custom pools.
Average FHA and VA credit scores declined for both purchase and refi loans pooled into Ginnie Mae MBS in the first quarter. Wholesale-broker production gained a larger share of the market.
The financial conditions of Ginnie Mae’s largest nonbank issuers appear to be healthy and the firms ready for any potential economic downturn, the secondary mortgage market agency said.
Ginnie Mae MBS production rose in April thanks to strong increases in both purchase and refinance business. Rate-term transactions accounted for much of the surge in refi activity, but cash-out deals remain the most prevalent.
Ginnie Mae is seeking feedback from stakeholders on the impact of potential changes to rules governing loan eligibility for Ginnie II multi-issuer MBS pools.
Following seasonal patterns, the number of FHA and VA loans in early stages of delinquency fell sharply from the fourth quarter of 2018 to early 2019. Nonbanks continued to expand their footprint, accounting for 62.2% of outstanding Ginnie single-family servicing.
New Ginnie Mae mortgage-backed securities volume in the first quarter of 2019 declined to the lowest level in nearly five years. Total single-family MBS production fell 15.7% sequentially to $76.97 billion.
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