The guidance is aimed at helping issuers understand how the new risk-based capital ratio requirements apply to mortgage servicing rights, among other issues.
Ginnie Mae is currently conducting one-on-one discussions to help issuers better understand the reasoning behind its new financial eligibility requirements that are set to take effect next year, the agency’s President Alanna McCargo said.
Following a boom in buyout activity of FHA and VA loans from Ginnie Mae pools in the first 18 months of the COVID-19 pandemic, loan removals continue to decline. (Includes data chart.)
The government guarantor is trying to get more sophisticated in the way it evaluates issuers, and that’s a good thing, according to former Ginnie Mae President Ted Tozer.
The trade group is backing a three-step loss-mitigation waterfall suggested by a former Ginnie president that would not require an actual buyout of the loan or an increase in the note rate.
The new standards are a result of a collaboration between Ginnie and the Federal Housing Finance Agency to align rules for their counterparties. Most of the new standards take effect Sept. 30, 2023.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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