Among the more interesting changes: the FHFA, for the first time ever, is asking GSE customers to hold capital against the dollar amount of Ginnie Mae mortgages they service: 35 basis points.
Unlike previous models, the FICO Score 10 will consider account balances and missed payments over a 24-month period. It will flag borrowers who have consolidated credit card debt into riskier personal loans.
Ryan, though, is quick to point out that the single security initiative is largely successful, not a surprise since he played a key part in its rollout.
Since the launch of the single security, investors have increasingly turned to the use of specified pools rather than the TBA market, said Bob Ryan, a former FHFA official and one of the architects of the UMBS.