Late last year, Ginnie seized the mortgage servicing assets of Reverse Mortgage Funding after the company filed for bankruptcy, citing liquidity issues.
Former Ginnie Mae President Ted Tozer wants FHA to consider adjusting or eliminating its minimum downpayment requirement to put homeownership in the reach of more consumers.
Many smaller lenders can’t access the Ginnie platform because its eligibility standards require issuers to have “huge volumes,” Ginnie President Alanna McCargo noted.