Once effective, the requirements of the HECM law are significant, according to Allison Schoenthal, an attorney and partner in the New York office of Hogan Lovells...
Customers Bancorp has obtained ownership of interest-only strips of Ginnie securities backed by HECMs that served as primary collateral for loans made to a nonbank that closed in May.
Congress withdrew a provision in the Blue Water Navy Vietnam Veterans Act that would have raised the guarantee fee on VA home loans. Instead, it approved the removal of the cap on VA mortgages.
Originators and servicers of Home Equity Conversion Mortgages need to gear up for tighter standards approved by the state legislature. It has not yet been delivered to the governor.
The agency has lifted a suspension of loanDepot from its multi-issuer securities program, noting the nonbank’s prepayment speeds on VA loans have normalized and are strictly being monitored.
Experts at a recent conference agree that MSR pricing and liquidity in the Ginnie Mae market remain solid although a little off from 2018, when investor appetite seemed insatiable.
Low revenues, high expenses and trend lines moving in the wrong direction are causing large bank-owned mortgage companies to underperform compared to independent mortgage banks in the retail space, according to a report by Stratmor Group.