Federal Concerns Continue for Non-Bank Mortgage Servicers

Non-bank mortgage servicers continue to be targets of federal regulatory scrutiny, this time due to concerns about servicing transfers regarding loans backed by Fannie Mae and Freddie Mac. A report issued last week by the Federal Housing Finance Agency’s (FHFA) Office of the Inspector General (IG) detailed a number of concerns involving nonbank servicers selling […]

Ginnie Mae Forward Business Booms, Portfolio at $1.5 Trillion

Ginnie Mae’s mortgage-backed securities (MBS) portfolio topped $1.5 trillion in unpaid principal balance, the company announced this week.  The government-backed company, which is the only securitizer of Home Equity Conversion Mortgages, also recently rebounded slightly from a five-year low in the supply of Home Equity Conversion Mortgage-Backed Securities (HMBS). In May, issuers created $582 million in […]

HUD Halts Insurance of Fixed-Rate Future Draw Reverse Mortgages

Echoing a similar precedent set by Ginnie Mae, the Department of Housing and Urban Development (HUD) said Wednesday via mortgagee letter that it will not insure Home Equity Conversion Mortgages (HECMs) that allow future fixed-rate draws against the principal limit. Mortgage Letter 2014-11 states that while HUD has implemented various changes to the HECM program […]

HMBS Supply Reaches New 5-Year Low in April

After falling short in March, the supply of Home Equity Conversion Mortgage-Backed Securities (HMBS) hit a new five-year low in April, according to data compiled by Ginnie Mae and other analysis from New View Advisors. Issuers created only $396 million in new HMBS pools last month, 22% less than the approximately $510 million recorded during […]

HMBS Supply Falls Short in March, Summer Declines Expected

The monthly issuance of Home Equity Conversion Mortgage-Backed Securities (HMBS) has experienced a downward turn to date in 2014, and future declines may also be on the way this year, according to Ginnie Mae and other data compiled by New View Advisors. As of March 31, 2014, New View notes that HMBS pools with a […]

Reverse Mortgage Funding Hires Lambrecht to Drive Retail Growth

Following its late 2013 and early 2014 new product releases, Reverse Mortgage Funding is ramping up its retail presence in the reverse mortgage market and has hired Patrick Lambrecht as retail operations leader for the company.  In particular, Lambrecht will focus on the Home Equity Conversion Mortgage for Purchase and private label channels for RMD, […]

RMF’s HECM Choice Here to Stay, Despite Ginnie Mae Ruling

Despite Ginnie Mae’s recent ruling prohibiting lenders’ ability to securitize variations of fixed-rate Home Equity Conversion Mortgages (HECM), Reverse Mortgage Funding’s HECM Choice reverse mortgage looks like it’s here to stay, albeit with several changes. Changes to RMF’s HECM Choice product include requirements for the minimum amount principal limit a borrower can draw at closing […]

Celink Updates Reverse Mortgage Platform for New Ginnie Mae Issuer Guidelines

Celink, via an update to its reverse mortgage servicing platform, is giving issuers more flexibility on how quickly they can pool loan advances from Ginnie Mae (GNMA) Home Equity Conversion Mortgage-Backed Securities. The update is in response to changes implemented by GNMA in March relating to the pooling of loan advances—not the most recent changes […]

Ginnie Mae Rules On New Fixed-Rate Reverse Mortgage Products

Ginne Mae on Tuesday weighed in on lenders’ ability to securitize loan variations of the fixed-rate federally-insured reverse mortgage product. The agency, which guarantees and allows lenders to securitize pools of mortgage-backed securities, is prohibiting the inclusion of fixed-rate home equity conversion mortgage (HECM) loans where borrowers can choose a payment plan option allowing future […]

Ginnie Mae Investigating Inactive Mortgage Securities Issuers

Ginnie Mae issuers that have not issued a single agency mortgage backed security since gaining approval will be on the federal association’s radar, reports Inside Mortgage Finance. To investigate the causes of “dormant” issuer activity, Ginnie Mae President Ted Tozer told IMF that the agency has begun assigning staff  to “get a better handle on […]