Refinance business held up better than the purchase market in February, and a handful of issuers actually increased their Ginnie MBS activity. (Includes two data charts.)
Overall volume was up for both purchase and refinance loans as Ginnie posted its second-highest monthly MBS issuance. VA provided most of the oomph. (Includes two data charts.)
A gusher of refinance loans over the second half of the year pushed Ginnie MBS production to a record $498 billion in 2019, up 28% from the previous year. (Includes four data charts.)
Finance of America Reverse has announced a new offering backed by active, first-lien Home Equity Conversion Mortgage loans purchased from Ginnie Mae pools and other third parties.
The agency’s proposals for increasing the supply of capital to fund Ginnie mortgage servicing rights include advance financing for servicing and exploring non-traditional MSR ownership.
Ginnie Mae MBS volume was boosted by a 41% jump in VA loan deliveries and a 22% boost in FHA. Both programs saw sharp increases in refi volume along with rising purchase-mortgage business. (Includes four data charts.)
The Senate Appropriations Committee has directed HUD to review Ginnie Mae’s overwhelming reliance on outside contractors to perform key func-tions, including oversight, risk management and compliance.
Recent enhancements to Ginnie Mae’s counterparty risk policy are positive because they ensure servicers do their job with greater accuracy and precision, an agency-approved servicer said. Ginnie mandates additional ratings for issuers whose portfolios exceed a certain threshold.
The volume of broker-originated FHA and VA refinance loans pooled in new Ginnie MBS jumped 94.1% from the first to the second quarter. Correspondent production saw the smallest gains among the three channels.
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