Ginnie Mae announced last Friday that during a quality control review, it identified about 2,360 mortgages backing 1,693 of its RMBS that may be buydown mortgages --- loans with funds contributed from third parties to reduce monthly payments in the early part of the mortgage --- and thus ineligible for those securities. Ginnie's program requirements prohibit the inclusion of buydown loans in certain securities. In the next phase of the review, Ginnie Mae will work with its issuers to see whether these loans are in fact buydowns or have been misreported by issuers. If the loans turn out to be buydowns, Ginnie Mae will require issuers to substitute eligible mortgages or buy them out of the pools. The loan review has led Ginnie to expand its quality control efforts by establishing a formal quality control function in the Office of Program Operations. Among other things, the expanded quality control procedures include a periodic post-issuance review of outstanding Ginnie Mae securities. Ginnie Mae already performs pre-issuance quality control reviews. The post-issuance review provides additional assurance that outstanding securities comply with Ginnie Mae program requirements. A list of the specific securities and the number and unpaid principal balance of the possible buydown loans can be found on Ginnie Mae's website at www.ginniemae.gov.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
March 28 -
There are two series, 2024-1 and 2024-2, that have revolving periods—three for the 2024-1 and five for the 2024-2—during which noteholders will not receive any principal.
March 28 -
The trust employs a 24-month revolving period. There is an increased risk that collateral quality could deteriorate as the transaction evolves with new collateral.
March 27 -
Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27