Ginnie, other agencies discuss efforts to modernize technology and business platforms to conform with the digitized, paperless mortgage market and deliver faster, efficient service.
Ginnie Mae should give way to VA if the latter implements protections substantially similar to the agency’s proposed pooling restrictions on higher-risk cash-out refinance loans, according to the Mortgage Bankers Association.
Liquidity does not appear to be a cause of concern for the secondary market agency’s top nonbank issuers despite differences in how liquidity issues are addressed from firm to firm.
As a result of numerous inquiries, Ginnie Mae has provided additional clarity on the seasoning for VA refinances to help issuers comply with its 2018 guidance on pooling eligibility requirements. Under the Dodd-Frank reform act, to qualify for a Ginnie guarantee, a VA refi loan must have a recoupment period of 36 months and provide a net tangible benefit to the borrower. The seasoning requirement is aimed at curbing serial churning — the repeated refinancing of a loan to generate ...
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.
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