Live Well Acquires $531 Million Reverse Mortgage Portfolio, Adds NYC Trading Desk

Live Well Financial announced Tuesday that it has acquired a bulk portfolio of Ginne Mae guaranteed bonds from an unnamed seller, which includes HREMIC Securities comprised of $531 million in notional balances. Following the announcement of the transaction, which settled in late August, the company also said it has hired a New York City-based group […]

Bloomberg: Ginnie Mae May Up Issuer Requirements

As nonbank companies become more commonplace versus traditional banks in the mortgage market, Ginnie Mae (NASDAQ:GNMA) is evaluating whether the government-backed agency’s issuers have enough easy-to-sell assets to survive in times of distress, Bloomberg reports. Ginnie Mae, which is the only securitizer of Home Equity Conversion Mortgages (HECMs), may increase liquidity requirements for the firms that issue and […]

Ginnie Mae Set To Go Electronic for Issuer Applications

Ginnie Mae will soon accept electronic applications from prospective issuers electronically, the company announced Wednesday. Beginning September 1, 2014, applicants must submit issuer applications via Ginnie Mae’s electronic Application Connection portal, moving away from the paper-based application process of the past. Paper applications will no longer be accepted after July 31, the company said. Applicants […]

HUD Invites Comments on Fixed-Rate Reverse Mortgage Insurance Halt

Three weeks following its ruling to halt insurance of certain Home Equity Conversion Mortgages (HECMs) that allow future draws against the principal limit at a fixed-rate, the Department of Housing and Urban Development (HUD) is now inviting public commentary on the decision. A notice published Thursday in the Federal Register encourages interested persons to submit comments, […]

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, […]