Annaly’s income dropped by 71.5% compared with the fourth quarter. But the real estate investment trust was profitable while other REITs that focus on agency MBS have posted losses for the first quarter.
Ginnie posted a 1.3% quarterly gain in servicing outstanding to $2.726 trillion at the end of March, not including servicing of home-equity conversion mortgages.
The recent rise in FHA delinquencies appears to be an artificial effect caused by the new trial payment plans borrowers must complete before loans can be modified, according to research by the Center for Responsible Lending.
The new guidelines, which go into effect Aug. 6, require seller/servicers to have clear policies in place to mitigate the risks posed by this technology and to ensure it complies with existing laws and regulations.