Ginnie Mae
Ginnie Mae Notifies Select Market Participants to Take Corrective Action to Control ‘Churning’
Ginnie Mae continues to take steps to address churning in its mortgage-backed security (MBS) program. These efforts are designed to keep mortgage rates affordable for veterans and first-time home buyers, in addition to preserving the liquidity of the security around the globe.
Ginnie Mae Operations To Continue During a Lapse in Government Funding
During a lapse in government funding, Ginnie Mae will reduce staffing to essential personnel levels. Importantly, Ginnie Mae will continue to remit timely payment of principal and interest to investors. There will also be no disruption of essential functions like the granting of commitment authority and support for continued issuance of Ginnie Mae-guaranteed Mortgage Backed Securities (MBS) and REMICs.
Ginnie Mae MBS Outstanding Increases to $1.904 Trillion
Ginnie Mae today announced that issuance of its mortgage back securities (MBS) totaled $39.13 billion in November. A breakdown of November’s issuance includes $37.215 billion of Ginnie Mae II MBS and $1.986 billion of Ginnie Mae I MBS, which provided access to $37.734 billion in capital for single family home loans and $1.467 billion for multifamily home loans
Ginnie Mae Breaks Annual Issuance Record in FY17
Ginnie Mae announced that its mortgage back securities (MBS) issuance totaled $504.58 billion for FY17, which is an all-time annual issuance record. Issuance in FY16 totaled $466.6 billion.
VA, Ginnie Mae Create Task Force to Address Mortgage Refinancing Issues
The Government National Mortgage Association (Ginnie Mae) and the Department of Veterans Affairs (VA) announce the formation of the “Joint Ginnie Mae – VA Refinance Loan Task Force.”
Ginnie Mae Issues Guidance for Disaster Pass-Through Assistance and Delinquency Ratio Exemptions for Qualifying...
Ginnie Mae issued an All Participants Memorandum (APM) – APM 17-04 to Single-Family Issuers providing updates and further guidance on the availability of optional, special assistance for Hurricanes Harvey, Irma or Maria including associated eligibility requirements and the application process.
Ginnie Mae exposure to Hurricane(s) Harvey, Irma, and Maria
Ginnie Mae announced the exposure to its MBS Portfolio by Hurricanes Harvey, Irma, and Maria. The information provided breaks down the number of loans and unpaid principal balance amounts in the presidentially declared disaster areas in Texas, Florida, Georgia, Puerto Rico, and the U.S. Virgin Islands. Additionally, it provides the percentage of Ginnie Mae Single Family GNMA II fixed rate, Multiple Issuer MBS pools impacted.
Ginnie Mae Unpaid Principal Balance Increases to $1.870 Trillion
Ginnie Mae today announced that issuance of its mortgage back securities (MBS) totaled $44.13 billion in August, an increase from July’s issuance of $41.95 billion.
Ginnie Mae Issues Guidance to Issuers Affected by Hurricanes’ Harvey and Irma
Ginnie Mae issued an All Participants Memorandum (APM) – PM 17-02 to Single-Family Issuers providing buyout guidance for loans impacted by Hurricane Harvey and Hurricane Irma.
Ginnie Mae Outlines Action on VA Refinance Speeds
In a letter today to Sen. Elizabeth Warren (D-MA), Ginnie Mae outlines its actions to curb VA refinance speeds and aggressive marketing by some VA approved lenders. As Ginnie Mae notes in its letter, rapid refinance and loan churning was recognized as a problem in its VA portfolio last year. This led to Ginnie Mae’s initial measures to change its program rules to address the issue. These initial measures were successful in stopping these practices with many lenders.
Ginnie Mae Extends Assistance to Harvey-Impacted Issuers
Ginnie Mae is highlighting its assistance program to help its Mortgage Backed Security (MBS) Issuers impacted by Hurricane Harvey. “We’ll work with our partners to ensure we get through this together,” said Michael Bright, Ginnie Mae Executive Vice President, Chief Operating Officer and Acting President.
FHA TO REDUCE ANNUAL INSURANCE PREMIUMS ON MOST MORTGAGES
As the nation’s housing market continues to improve, U.S. Housing and Urban Development Secretary Julián Castro today announced the Federal Housing Administration (FHA) will reduce the annual premiums most borrowers will pay by a quarter of a percent. FHA’s new premium rates are projected to save new FHA-insured homeowners an average of $500 annually
Ginnie Mae Calls on Industry to Address Liquidity Challenges as Fourth Annual Summit Opens:...
Nearly 900 mortgage originators, housing finance experts, and government officials will join Ginnie Mae over the next two days to explore the most critical challenges still facing the housing finance industry. The two-day Summit in Washington, DC will focus on the shift to independent mortgage bankers, new business models for managing mortgage servicing rights, and the uncertain regulatory environment.
