Residential Credit Solutions (RCS) has been approved by Ginnie Mae as an issuer and servicer for the GNMA I and II single-family MBS programs.
“We are pleased to begin our association with Ginnie Mae, expanding our firm’s ability to serve the needs of the residential mortgage industry," said Dennis Stowe, the president and CEO of RCS. "RCS’ approval provides an opportunity to expand our servicing and sub-servicing offerings to issuers and investors providing assistance to a broader constituency of homeowners.”
According to a January report, the December 2011 tally for GNMA II single-family pools had reached over $19.60 billion, while GNMA I single-family pools totaled more than $5.66 billion.
Issuance for the Ginnie Mae Home Equity Conversion Mortgage-Backed Security or HMBS included in GNMA II single family pools came in at $598 million. Ginnie Mae’s multifamily MBS issuance was over $1.6 billion.