The head of Ginnie Mae said the agency is trying to “triage” its application problem after finding out that over the past year it could approve less than half of all applicants — and that several of those who received a green light have yet to issue any securities.
“We really want a large issuer base,” Ginnie Mae president Ted Tozer told attendees at the Mortgage Bankers Association's (MBA) National Secondary Market Conference Monday in New York.
The Ginnie Mae president, speaking on a secondary markets panel, said the agency is adding some account executives to its traditionally lean staff and hopes to push through the best prospects first, making the processing time shorter for players with complete applications and strong capital levels.
In fiscal year 2011, out of 85 applications, 35 were approved, and 50 were either denied or withdrawn, Tozer said. Of the 35 approved, only 22 have issued securities.