The secondary mortgage market could be in for historic change in the wake of President Trump this week ordering the Treasury Department to end the conservatorships of Fannie Mae and Freddie Mac and come up with a new paradigm.
The Community Home Lenders Association this week asked Congress to increase the pay for Ginnie Mae staffers, arguing that a professional, well-trained workforce would ensure the agency “does not have any unintended incentives to reduce the number of issuers it regulates, merely because it might lack the capacity or expertise.”
Ginnie Mae’s new rule requiring servicers to maintain a minimum servicing spread of 25 basis points will have very little impact on medium and large servicers, according to analysts with Keefe, Bruyette & Woods.
The inconsistency between the scope of Ginnie Mae’s loan seasoning guidance and VA’s cash-out interim final rule may require a legislative change, according to Ginnie Mae.
New production of agency single-family MBS fell for the sixth month in a row in Febru-ary, sinking to the lowest monthly output in nearly five years. [Includes two data charts.]
Ginnie Mae is in the early stages of developing stress tests for its MBS issuers to ensure they have enough liquidity to withstand adverse economic conditions.
Approval of new MBS issuers by Ginnie Mae fell drastically in 2018. Data provided by the agency showed that only eight out of 28 applications received last year were approved. In the year before, Ginnie approved 22 out of 31 applications.
A new outline on housing-finance reform from Sen. Mike Crapo, R-ID, hands over management of the conventional mortgage market to Ginnie Mae, begging the question: Is Ginnie up to the task?
Ginnie Mae late Wednesday barred loanDepot from delivering VA single-family loans to Ginnie Mae I and multi-issuer pools apparently due to unusually high prepayment rates in its VA loan portfolio.
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