Ginnie Mae is raising the minimum net worth requirement for issuers of FHA-insured reverse mortgages to $5 million from $1 million, while establishing a minimum servicing fee for 'home equity conversion mortgage' MBS.
"For HECM Securities, Ginnie Mae will be introducing a new minimum servicing fee margin of 36 basis points, which includes six basis points for the Ginnie Mae guaranty fee," the agency said late last week.
Details on the implementation of the fee structure will be addressed in a future memorandum to issuers.
The secondary market agency has initiated higher worth requirements for single-family and multifamily issuers of Ginnie-guaranteed mortgage-backed securities that go into effect October 1, 2011.
The net worth hike for issuers of HECM MBS (HMBS) also goes into effect in October.
HECM issuers also have meet new capital and liquidity requirements that Ginnie Mae is requiring of all MBS issuers.
