The Government National Mortgage Association (GNMA, or “Ginnie Mae”) has announced new restrictions on the eligibility of Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) for adjustable rate loans operating off of the London Interbank Offered Rate (LIBOR) index, effective for all HMBS issuances dated on or after January 1, 2021, nearly a year ahead of […]
The reverse mortgage industry, in consultation with federal agencies and industry stakeholders, is taking active steps to prepare for the sunset of the London Interbank Offered Rate (LIBOR) index, which is scheduled to end in 2021. Work between capital markets experts, the Department of Housing and Urban Development (HUD), the Government National Mortgage Association (GNMA, […]
In spite of the prevailing perception that Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) issuers feared big draws on HECM lines of credit in March in the immediate aftermath of the COVID-19 coronavirus emergency in the United States, data released by the Government National Mortgage Association (GNMA, or “Ginnie Mae”) does not reflect that as […]
The U.S. Department of Housing and Urban Development (HUD) and the Government National Mortgage Association (GNMA, or “Ginnie Mae”) are both exploring additional relief options for the mortgage industry, including the Home Equity Conversion Mortgage (HECM) program, according to a senior HUD official in an interview with RMD. GNMA is also taking a look at […]
The U.S. Department of Housing and Urban Development (HUD) has promoted Eric Blankenstein to the position of the acting executive vice president at the Government National Mortgage Association (GNMA, or “Ginnie Mae”), according to an internal agency email obtained by Politico. Blankenstein’s current role is in HUD’s Office of General Counsel on Ginnie Mae matters. […]
The Government National Mortgage Association (GNMA, or “Ginnie Mae”) Executive Vice President and Chief Operations Officer Maren Kasper will be stepping down on October 18 for a new position in the private sector, according to a late Thursday press release issued by the organization. Kasper was previously appointed as acting president in the aftermath of […]
The London interbank offered rate (LIBOR), which has served as the backbone of adjustable-rate Home Equity Conversion Mortgages (HECMs) for over a decade and which has formed the benchmark for expected rates and rate adjustments, is set to expire in 2021. Now, Wall Street institutions are directing their resources to prepare for its end, according […]
The Department of Housing and Urban Development (HUD) announced Thursday new policy action initiatives designed to reduce the risks associated with cash-out refinance lending. It aims to accomplish this by lowering its maximum loan-to-value (LTV) requirements for cash-out refinance transactions from 85 percent to 80 percent, which will be effective for loan case numbers assigned […]
Once one of the top 10 reverse mortgage lenders by volume, the closure of Live Well Financial was as swift as it was unexpected. While the dust has yet to completely settle on this story, numerous legal proceedings extending out of the closure and ongoing investigations by financial regulators and federal law enforcement have further […]
Both the Government National Mortgage Association (GNMA, or “Ginnie Mae”) and the Department of Housing and Urban Development (HUD) have discussed how to implement a change to their rate index, moving away from the current London Inter-bank Offered Rate (LIBOR) standard. This was an element of a presentation made by Michael Drayne, SVP at the […]
