Ginnie Mae Issuance
Browse articles from all of our Newsletters related to Ginnie Mae Issuance.
June 24, 2016 - Inside MBS & ABS
Ginnie Mae is once again getting anxious about the growing and large presence of nonbanks that service the agencys MBS, fearing a liquidity crisis could erupt because some firms rely too heavily on non-traditional and very sophisticated funding mechanisms. In a statement issued to Inside MBS & ABS this week, Ginnie contrasted nonbanks to depositories who traditionally were the primary issuers of Ginnie Mae MBS. The agency added...[Includes one data table]
June 23, 2016 - Inside Mortgage Finance
The sale of residential mortgage servicing rights has been gaining steam the past few weeks unless you happen to be in the market for Ginnie Mae product. In particular, theres a growing concern about price discounts on Ginnie servicing rights, and a strong belief that the agency including its president, Ted Tozer is once again getting anxious about so many nonbanks being such large players in the market. Tozer is so concerned about the matter that the agency with the help of the Mortgage Bankers Association is hosting whats been described as a liquidity summit in Washington, DC, with several stakeholders and regulators, including officials from the Federal Reserve and U.S. Treasury. The summit, closed to the media, is scheduled for June 24. Ginnie issued...
June 17, 2016 - Inside FHA/VA Lending
Ginnie Mae securitization of rural home loans got off to a wobbly start in the first quarter of 2016 as securitization volume fell 13.8 percent from the prior quarter, according to an Inside FHA/VA Lending analysis of Ginnie data. Approximately $3.9 billion in loans with a USDA guarantee were securitized during the first three months, with the top five issuers accounting for $2.1 billion of mortgage-backed securities produced by the segment during the period. USDA securitization volume dropped 9.2 percent year over year. Top USDA issuer Chase Home Finance accounted for $1.2 billion of securitized rural housing loans, while PennyMac, in distant second place, finished the quarter with $378.5 million. Wells Fargo ($294.0 million), Pacific Union Financial ($122.8 million) and Amerihome Mortgage ($102.2 million), in sequential order, comprised the rest of the top five issuers. Pacific Union climbed over ...
June 17, 2016 - Inside MBS & ABS
The outstanding supply of single-family MBS in the market fell slightly in the first quarter, but you have to go two paces to the right of the decimal point to see it. A new Inside MBS & ABS analysis indicates that outstanding MBS totaled $6.407 trillion as of the end of March. That was down 0.01 percent from the previous quarter, stalling a steady expansion of the market that took place in 2015. And with a modest 0.2 percent increase in total single-family mortgage debt outstanding, the modest contraction in MBS nudged...[Includes two data tables]
June 16, 2016 - Inside Mortgage Finance
The supply of single-family home loan debt in early 2016 grew for the fourth consecutive quarter to hit $10.008 trillion, its highest level in three and a half years, according to Federal Reserve data released late last week. The first-quarter gain was a modest 0.2 percent from the end of last year, and a 1.5 percent increase from March 2015. But the servicing market is a slow-changing glacier, and steady increases over the past year are another indicator that the mortgage market has largely recovered from the housing recession. Most of the gain came...[Includes two data tables]
June 3, 2016 - Inside FHA/VA Lending
A California-based mortgage lender and six senior executives have agreed to pay $12.7 million to the Securities and Exchange Commission to resolve allegations they schemed to defraud investors in the sale of residential mortgage-backed securities with a Ginnie Mae guarantee. The SEC complaint alleged that, from March 2011 to March 2015, Ginnie Mae issuer First Mortgage Corp. and its top executives pulled current performing loans out of Ginnie Mae MBS. The issuer falsely claimed that the loans were delinquent so that it could recycle them as newly issued MBS and sell them at a profit. FMC allegedly issued Ginnie Mae MBS prospectuses with false and misleading information by using a Ginnie Mae rule that allowed issuers to repurchase seriously delinquent loans. In addition, the SEC complaint alleged that FMC deliberately delayed depositing checks from borrowers who had been behind on ...
June 3, 2016 - Inside FHA/VA Lending
FHA originations rose significantly in the first quarter of 2016 from the same period last year even as VA loan production decreased slightly, according to an analysis of Ginnie Mae data. Lenders delivered $54.4 billion of FHA-insured loans to Ginnie Mae for securitization during the first three months, up 36.2 percent from the previous year. In contrast, the volume of VA loans securitized over the same period, $35.0 billion, fell 1.5 percent compared to the same period a year ago. A strong purchase-mortgage market drove FHA activity from January to March. The reduction in FHAs annual insurance premium in January 2015 continued to have an impact on FHAs purchase-loan market share. In 2015, FHA purchase originations accounted for $151.0 billion of the estimated $881.0 billion in total purchase originations (conventional and government single-family forward originations), according to ... [ 2 charts ]
June 3, 2016 - Inside MBS & ABS
First Mortgage Corp., a privately-held mortgage company based in Ontario, CA, and six executives have agreed to pay the Securities and Exchange Commission $12.7 million to resolve charges they concocted a scheme to defraud investors in Ginnie Mae MBS, the SEC announced this week. According to the SECs complaint, from March 2011 through March 2015, FMC repurchased current loans from Ginnie pools that it claimed were delinquent. FMC bought...
June 3, 2016 - Inside MBS & ABS
Increased securitization of purchase-money mortgages provided the lift for a pickup in the production of new single-family MBS by Fannie Mae, Freddie Mac and Ginnie Mae in May, according to a new market analysis and ranking by Inside MBS & ABS. The three agencies produced a total of $114.71 billion of new single-family MBS last month, a 5.3 percent increase from Aprils volume. May was the third straight month of increased production and it just barely exceeded the $113.56 billion issued during the same period a year ago. For the first five months of 2016, production was down 2.8 percent from last year. Purchase mortgages accounted...[Includes two data tables]
June 2, 2016 - Inside Mortgage Finance
Wells Fargo and JPMorgan Chase recently launched programs to deliver low-downpayment mortgages to Fannie Mae that differ from the government-sponsored enterprises recent expansion into high loan-to-value financing. Both banks introduced new 97 percent LTV programs they believe are easier to use than the GSE initiatives and, for certain borrowers, a better choice than FHA financing. Wells Fargos yourFirstMortgage requires a minimum of 3 percent downpayment for fixed-rate mortgages. The company will consider FICO scores significantly lower than other similar high-LTV programs, to as low as 620, along with debt-to-income ratios up to 45 percent. Factoring in nontraditional uses of credit such as rent, utility bill payments and tuition is...
May 27, 2016 - Inside MBS & ABS
The share of new home mortgage originations packaged into MBS drifted slightly lower in the first quarter of 2016, a new Inside MBS & ABS analysis reveals. Some $255.7 billion of newly originated mortgages were pooled in MBS in the first three months of the year, representing a paltry 67.3 percent of the estimated $380 billion of first-lien originations in the primary market. For the purposes of calculating securitization rates, loans aged more than three months and modified loans are excluded from agency MBS issuance figures. Fannie Mae and Freddie Mac securitized...[Includes one data table]
May 27, 2016 - Inside MBS & ABS
The Federal Reserve Bank of New Yorks Open Market Trading Desk this week conducted the first of two small-value agency MBS sales operations, for the purpose of testing operational readiness. The second test is slated for June 1, 2016. The total current face value of sales across the two operations will be less than $150 million, according to the bank. The first transaction, which involved four Fannie Mae MBS currently valued at approximately $120 million, occurred in the middle of this week. The settlement date is June 13, 2016. Meanwhile, the June 1 operation will involve...
May 26, 2016 - Inside Mortgage Finance
Mortgage brokers grabbed a slightly bigger share of the originations market in the first quarter of 2016, according to a new Inside Mortgage Finance ranking and analysis. Mortgage brokers generated an estimated $38 billion of new home loans during the first quarter, a modest 2.7 percent increase from the previous period. Meanwhile, correspondent production declined by 0.8 percent to an estimated $122 billion and retail originations weakened by 2.2 percent. There appeared...[Includes four data tables]
May 20, 2016 - Inside FHA/VA Lending
The rapid deconsolidation in the Ginnie Mae issuer community and shift to nonbanks helped expand access for borrowers, but its also given the agency new issues to consider, officials said. Back in 2010-11, three Ginnie issuers dominated the program, noted Ginnie Mae President Ted Tozer during the Mortgage Bankers Association secondary-market conference in New York this week. But those three firms now account for just 14 percent of the agencys business, and nonbanks held a combined 70 percent of the market, he said. Many new firms became issuers in part so they could get away from the credit overlays imposed by the national aggregators, Tozer said. The result is that the average score on a Ginnie loan is now 60 points lower than on loans securitized by Fannie Mae and Freddie Mac, he added. Michael Drayne, senior vice president in Ginnies office of issuer & portfolio management, said the ...
May 19, 2016 - Inside Mortgage Finance
The heavy role of Fannie Mae, Freddie Mac and Ginnie Mae in the post-crisis mortgage market has brought lower rates and considerable liquidity to the mortgage business, but industry leaders question whether private capital can meet the growing need to finance nonbank servicing portfolios and the eventual pullback of the Federal Reserve. We wouldnt have the same price we have now without the government being there; its programs provide a 2 to 3 percent discount, said Stan Middleman, CEO of Freedom Mortgage Corp., during a panel session at the Mortgage Bankers Associations secondary market conference this week. They are the whole enchilada. If you took them out, wed have nothing. The government-sponsored enterprises are...
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