Generation Mortgage announced to its brokers that is in the process of working out the details in order to offer a competitive fixed rate HECM utilizing Ginnie Mae’s HECM MBS product. Currently the product is available to a select group of brokers in order to fulfill its commitments to Ginnie Mae, but they plan to […]
Category: GNMA
The Government National Mortgage Association (Ginnie Mae) announced earlier this week that it issued $34.5 billion in total mortgage-backed securities (MBS) in April. For the first four months of calendar year 2009, Ginnie Mae provided $124.18 billion of liquidity to the secondary market, compared to $58 billion for the first four months of 2008. "We […]
The Pittsburgh Post Gazette wrote earlier this week that Ginnie Mae President, Joesph Murin is urging homeowners to take advantage of mortgage rates near 60-year lows by refinancing. He feels that reports of rampant foreclosure problems in Michigan, Ohio, Florida and other troubled housing markets have given people a dimmer view of the economy than […]
Any serious expansion of reverse mortgage production in 2009 and beyond will require increased investor support, and not just from buyers with a direct line to the U.S. Treasury. Since its inception, reverse mortgage financing has been a one-note song, with funds coming almost entirely through Fannie Mae and the HECM (Home Equity Conversion Mortgage). […]
During a time when credit markets are hurting, Ginnie Mae continues to provide liquidity to reverse mortgage lenders. Last month Cerritos, California based Sun West Mortgage completed an issuance of $120 million in HECM Mortgage Backed Securities (HMBS). The three HMBS pools comprised of Libor HECM, CMT HECM and Fixed-Rate HECM reverse mortgage products, respectively, […]
Last week Ginnie Mae announced that due to “recent industry and market conditions," they are raising the bar for issuers of its mortgage-backed securities. In a memo issued to lenders last Friday, Michael J. Frenz, executive vice president of Ginnie Mae said that by Oct. 1, 2010, all issuers of its single-family securities must have […]
While secondary market conditions continue to look worse, reverse mortgage lenders are still taking advantage of Ginnie Mae’s new HECM MBS program to provide liquidity. In July, Sun West Mortgage Company (SWMC) completed $150 million in issuances of Ginnie Mae HMBS Reverse Mortgage securities where it acted as a Master Servicer for the transaction. "We […]
Enactment of the Housing and Economic Recovery Act (HERA) carries what many view as a long-awaited modernization of FHA rules for reverse mortgages. The new law, which lowers fees while raising loan limits, has the industry speculating that a significant rise will be seen in FHA-insured reverse mortgages among middle-class seniors. There are about 12 […]
Government National Mortgage Association (Ginnie Mae) announced last Friday that Financial Freedom, issued two fixed rate reverse mortgage transactions and one LIBOR transaction under Ginnie Mae’s Home Equity Conversion Mortgage (HECM) Mortgage-Backed Securities (HMBS) program. The $177 million fixed rate issuances and the $104 million LIBOR issuance are among the first MBS pools backed by […]
Last week Sun West Mortgage announced that they recently completed a $175 million in issuance of Ginnie Mae HMBS Reverse Mortgage securities working with a third-party issuer and servicer. The transaction was managed by Sun West and executed through ReverseSoft. ReverseSoft is designed by XLDynamics and is Sun West’s proprietary reverse mortgage system that they […]
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