Selling Ginnie Mae servicing rights has been a difficult task the past few months. Signs of life anywhere? It all depends on your definition of the word life.
The nonbank mortgage giant also offered a 3Q gain-on-sale estimate of 405 basis points to 430 bps. In the second quarter, its GOS came to a mouth-watering 519 bps.
Roughly $5 billion worth of expanded-credit loans were stranded, looking for a home but investors wouldn’t bite unless the originator/seller was willing to take a major haircut on the sale. And many did.