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 […]

Reverse Mortgage Securities Issuance Falls Off Cliff to End 2013

The issuance of reverse mortgage-backed securities fell off a cliff to end 2013, with zero transactions in December, according to New View Advisors based on Ginnie Mae data. HREMIC issuance—the real estate mortgage investment conduits that comprise Ginnie Mae-guaranteed reverse mortgage securities, or HMBS—for the full year 2013 was down 18% from the previous year, with […]

Shutdown Leaves Small Mark on Mortgages, Reverse Backlog

The 16-day government shutdown that extended from October 1 through the middle of the month left much of the mortgage market relatively untouched, but several factors have weighed in on the market including a backlog of reverse mortgages that must now be processed by the Department of Housing and Urban Development as well as a […]

Ginnie Mae Clarifies Role During Government Shutdown

Ginnie Mae has clarified its role during the government shutdown, a week after the government discontinued appropriations to many of its departments. While the agency has reiterated it will continue to perform necessary functions including granting of commitment authority, issuance of Ginnie Mae-guaranteed mortgage-backed securities and REMICs, Ginnie Mae issued a notice to clarify questions […]

Reverse Mortgage Investor Market Sees HREMIC Issuance up 17%

The issuance of HREMICs, or the real estate mortgage investment conduits comprising reverse mortgage securities, saw an uptick of 17% during the first half of 2013, according to the latest Ginnie Mae data compiled by New View Advisors. Use of the HREMIC for reverse mortgage investments has been on the rise, totalling $3 billion in the […]

RMS Leads Reverse Mortgage HMBS Issuance, Urban at No. 2

In a quarterly tally of reverse mortgage securities issuance through Ginnie Mae’s HECM-backed mortgage securities (HMBS) program, Reverse Mortgage Solutions (RMS) has maintained its position for the highest level of HMBS issuance during the quarter, according to a report by New View Advisors.  With 63 pools totaling nearly $905 million during the first quarter, RMS […]

Investor Market for Reverse Mortgage HREMICs Keeps Record Pace

In the investor market for reverse mortgages, the pace of HREMICs—or the real estate mortgage investment conduits comprising reverse mortgage securities—is continuing at record according to the latest Ginnie Mae data compiled by New View Advisors. First quarter HREMIC issuance matched last year’s record pace, New View writes in its most recent market commentary, with […]

Ginnie Mae Reports Continued Profits, But Earnings Fall 48%

Ginnie Mae today reported net income of $609.6 million in fiscal year 2012, down 48% from $1.184 billion in the previous fiscal year. Revenues saw an increase of 17%, from $1.064 billion in 2011 to $1.246 billion in 2012. The securitization body for Home Equity Conversion Mortgages counted 11 HECM mortgage-backed securities issuers in its […]