As a result of numerous inquiries, Ginnie Mae has provided additional clarity on the seasoning for VA refinances to help issuers comply with its 2018 guidance on pooling eligibility requirements. Under the Dodd-Frank reform act, to qualify for a Ginnie guarantee, a VA refi loan must have a recoupment period of 36 months and provide a net tangible benefit to the borrower. The seasoning requirement is aimed at curbing serial churning — the repeated refinancing of a loan to generate ...
Ginnie Mae’s new rule requiring servicers to maintain a minimum servicing spread of 25 basis points will have very little impact on medium and large servicers, according to analysts with Keefe, Bruyette & Woods.
Earlier this month, the Financial Stability Oversight Council proposed rule changes that would make it more difficult to designate non-banks as systemically important financial institutions. It’s unclear what the new guidance would mean for the nation’s largest nonbanks, Fannie Mae and Freddie Mac.
The Federal Housing Finance Agency late this week issued a final rule aimed at improving liquidity of the to-be-announced MBS as well as the new uniform MBS, which makes its debut in early June.
Ginnie Mae late Wednesday barred loanDepot from delivering VA single-family loans to Ginnie Mae I and multi-issuer pools apparently due to unusually high prepayment rates in its VA loan portfolio.
Surprising no one, the Federal Reserve’s Federal Open Market Committee Wednesday decided not to raise the target rate on federal funds above the current 2.25 percent. The vote, as usual, was unanimous.
Some Democrats are concerned that FHFA nominee Mark Calabria isn’t the best person to chart the GSEs’ future course. A full Senate confirmation of Calabria could take several months, though.
A new regulation set by the European Union for MBS and ABS issuance took effect at the start of the year. Though the rules don’t directly apply to U.S.-based deals, issuers here might have to comply if they want European investors to buy into their bonds.
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