Ginnie Mae

While prepayment speeds on agency mortgage-backed securities rose in April, that increase should be short-lived as further significant interest drops are not expected, said a report from Keefe, Bruyette & Woods.

The Government Accountability Office called on Ginnie Mae to undertake four reforms to its operations, citing concerns regarding the ongoing shift in size and capitalization of mortgage-backed securities issuers.

Live Well Financial, a reverse and traditional mortgage lender that abruptly stopped originating on May 3, will lay off 103 employees, according to a Virginia Employment Commission filing.

Alarmed about continued high nonmarket-based prepayment rates, Ginnie Mae is requesting input from lenders on how to make the mortgage-backed securities it guarantees fairer to investors without hurting borrowers.

HomeStreet Bank could receive nearly $190 million in total for selling $14 billion in mortgage servicing rights to New Residential and PennyMac, and selling its home loan centers to Homebridge.

Agency mortgage-backed security prepayment speeds increased in February with much of the refinance activity coming from newer loans and those with high coupons, a report from Keefe, Bruyette & Woods said.

Ginnie Mae could limit how much servicing income mortgage lenders can sell off through a transaction if they don't establish a minimum 25-basis-point spread at the portfolio level by next year.

Community banks and credit unions fear a Senate plan and other legislative ideas will nullify steps taken by Fannie Mae and Freddie Mac that have made it easier for smaller institutions to compete.

Policymakers could improve independent mortgage banks' financial stability by giving these companies improved access to liquidity, according to the Mortgage Bankers Association.

The Federal Reserve Bank of New York is streamlining its Ginnie Mae holdings by combining mortgage-backed securities with similar characteristics into larger pass-through instruments.