Ginnie Mae this week adopted a prior-approval policy for mortgage servicers that switch subservicers, bring subservicing in-house or move in-house servicing to subservicers. Noting an increasing number of companies that are making such changes in their servicing operations, the agency said some mandatory reporting requirements are getting lost in the shuffle. Effective immediately, any Ginnie issuer that wants to bring servicing in-house from a subservicer must get the agency’s prior written approval, according to All-Participants Memo 15-11. Existing rules require...
The lender could not provide any volume figures, but Logemann said one in 10 inquiries she receives “has some element” of a consumer who has gone through a foreclosure or short sale
The Federal Home Loan Bank Mortgage Partnership Finance program has announced its first security issuance with a Ginnie Mae guarantee. The $5 million security is backed by home loans originated by community banks and credit unions through the MPF Government MBS product. The Mortgage Bankers Association welcomed the new MBS, seeing it as another opportunity for all lenders to access the capital markets directly, reducing costs and increasing originations. “Many community banks use the FHLB MPF program to sell conventional mortgages into the secondary market,” observed Ron Haynie, senior vice president at the Independent Community Bankers of America. “This expansion in aggregating and securitizing government loans provides community banks with the opportunity to reach more borrowers, especially in rural and small-town markets, and to safely sell those loans to ...
Parkside Lending recently “re-introduced” a non-qualified-mortgage product aimed at financing for investment properties. The lender said the “new and improved” Parkside Collateral Loan is available via the wholesale channel. Parkside said there is no borrower-related debt-to-income ratio calculation for the product. Instead, qualification is based on the property DTI ratio with a maximum of 90 percent. The loan allows for credit scores as low as ... [Includes three briefs]
Hatteras Financial has ramped up its efforts to acquire jumbo mortgages and plans to issue a jumbo mortgage-backed security before the end of the year, according to officials at the real estate investment trust. “Our portfolio plus commitments of jumbo [adjustable-rate mortgages] today is estimated to be about $258 million, so we’re making progress and nearing scale where we can consider securitization,” Benjamin Hough, Hatteras’ president and COO, said this week ...
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