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September 2, 2014

GNMA Working on ‘Position Paper’ on Nonbank Servicers; Agency Concerned About Capital and Infrastructure

By Paul Muolo

“The new guys are quickly gaining on the traditional players,” said Ginnie president Ted Tozer. “Some have grown from zero to $5 billion to $10 billion overnight. We’re concerned about their infrastructure and capital.”

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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