Ginnie Mae wants to provide more loan-level data to its MBS investors so they can determine if the underlying mortgages were originated through a mortgage broker or some other third-party channel.
Starting in September, Ginnie Mae issuers must begin reporting whether a loan application was taken by mortgage broker or a correspondent lender, according to an All Participants Memorandum (APM) the secondary market agency issued last week.
APM 12-07 also directs Ginnie Mae MBS issuers to report to the agency if the borrower is a first-time homebuyer.
On Federal Housing Administration (FHA)-insured loans, issuers must report the percentage rate the lender charged for annual and upfront premiums. (Over the past few years, FHA has changed or raised its mortgage insurance premiums several times.)
Reporting of these data points begins in September. “However, effective with the January 2013 issuances and thereafter, failure to provide these data elements will prevent the pool from being issued,” the ARM says.
Ginnie Mae issuers already report data on the purpose of the loan (purchase, refinance or modified), the credit score, loan-to-value ratio and other features.