Ginnie Mae will not have an annual summit this year but has rescheduled it for January 2018, according to Ginnie Mae’s new spokesperson. Michael Huff, senior advisor, congressional and stakeholder relations, said a new administration and staff departures have caused organizers to reconsider having the annual Ginnie Mae Summit this year, usually held in October. The Trump administration has yet to announce a nominee for the top job at Ginnie Mae since former president Ted Tozer left in January. David Kittle is reportedly a leading contender, but there has been no official announcement or confirmation. So far, Kittle has declined to comment. Kittle is a mortgage industry veteran who began as a loan officer and now heads his own company. He also was a top executive with the Mortgage Bankers Association and managed, among other things, the group’s political action committee. In addition, Kittle co-founded the ...
Ginnie Mae’s Fiscal YTD MBS Issuances Surpass $400 Billion. A modest volume increase in monthly securitizations in July pushed Ginnie Mae’s FY 2017 overall volume past $400 billion. Ginnie reported that $1.86 trillion of its mortgage-backed securities were outstanding as of July 1, up from $1.84 trillion in June and from $1.70 trillion from the same date last year. Last month, mortgage lenders pumped a hefty $112.4 billion of single-family home loans into the MBS platforms of Fannie Mae, Freddie Mac and Ginnie Mae, according to an analysis by Inside Mortgage Finance. Circuit Courts Split on DOL Overtime Rule. The U.S. Court of Appeals for the Ninth Circuit recently held that mortgage underwriters are not “administrative employees” and, therefore, not exempt from the overtime protections of the Fair Labor Standards Act. The court’s ruling in McKeen-Chaplin v. Provident Savings Bank overturned a ...
Walter Investment Management Corp. is evaluating options for its reverse mortgage business, including the possibility of selling some or all of its assets or collaborating with third parties. WIMC’s reverse-mortgage segment has been adversely affected by the Department of Housing and Urban Developments new requirements, raising the need for additional working capital to finance Ginnie Mae buyouts, according to the company’s 10-Q disclosures. The company reported pre-tax losses of $93 million in the second quarter of 2017. The reverse-mortgage segment reported $16.5 million of pre-tax loss for the same period, following a pre-tax loss of $26.9 million in the prior year quarter. During the second quarter, WIMC’s reverse-mortgage business generated $15.4 million in revenue, down $0.7 million year-over-year. Cash generated by the origination, purchase and securitization of Home ...
Mortgage origination volume was up substantially in all product categories during the second quarter, but the government-insured market posted the biggest gain, according to a new ranking and analysis by Inside Mortgage Finance. Mortgage lenders produced an estimated $125.0 billion of government-insured home loans during the second quarter, up 19.0 percent from the first three months of the year. That nudged the government-insured share of the market up to 27.5 percent, the highest it’s been since early 2010. In the immediate aftermath of the housing-market meltdown, jumbo and nonprime production was depressed significantly, boosting the shares of government and conventional-conforming production. FHA and VA production typically gains...[Includes two data tables]
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