A few weeks back, Ginnie issued a request for information on a proposal that would tack on a capital requirement of an additional 25-basis points of an applicant’s Fannie Mae and Freddie Mac obligations.
Priority Financial still wants a Ginnie eagle and believes it has the financial wherewithal to make grade. “We want to resubmit, but we’ve had no communication from them,” said CEO Mark Shenkman.
As anticipated, Wells suffered from stiffer competition on the home front and saw its gain-on-sale margins get clipped. However, mortgage sales revenue was bolstered by Ginnie Mae buyout activity...
“You can cut people in five minutes but if you need to rehire them, you’re going to have a tough time getting them back,” said industry consultant Paul Hindman.