The Department of Housing and Urban Development is adopting the mortgage banking industrys data standards format for the FHAs TOTAL Mortgage Scorecard, which HUD uses to evaluate the credit risk of FHA loans that are submitted through an automated underwriting system. The standards were developed by the Mortgage Industry Standard Maintenance Organization (MISMO), a nonprofit subsidiary of the Mortgage Bankers Association. MISMO is an open data standards group that promotes consistency among mortgage transaction participants to reduce loan processing costs, increase transparency, and ultimately ...
Industry response to a proposal to consolidate Ginnie Mae I and II mortgage-backed securities programs has been positive overall despite certain investor and issuer concerns, according to Ginnie Mae. In an industry update, Terry Carr, Ginnie Maes senior advisor of communications and Congressional relations, explained that meetings with stakeholders over the past three months have been productive. This concept has been well-received, she said. Ginnie Mae will soon begin developing a blueprint laying out the mechanics for converting ...
Ginnie Mae guaranteed more than $216.9 billion in mortgage-backed securities during the first half of 2013, up 18.8 percent from the same period last year. Issuance was also up 8.0 percent in the second quarter from the first quarter, according to an Inside FHA Lending analysis of Ginnie Mae data. Not surprisingly, a significant share $132.8 billion of Ginnie Mae MBS issuances over the six-month period were backed by FHA loans. VA accounted for $72.1 billion while Rural Housing Service loans totaled $10.5 billion. Ginnie Mae issuances dropped during the first quarter but surged in the second quarter as ... [1 chart]
The FHA is considering whether to establish a maximum limit for unacceptable loans as well as a process to make post-endorsement reviews more efficient.
As reported by Inside MBS & ABS earlier in the year, the two GSEs are sitting on large unrealized gains on some of their MBS holdings, including non-agency.