Ginnie Mae has set the stage for the launch of its reverse mortgage securitization program this September with the release of a guide for mortgage-backed securities issuers.The new guide for securitizing Federal Housing Administration-insured Home Equity Conversion Mortgages provides detailed issuer pooling and reporting specifications. "The HECM Mortgage Backed Securities Guide will be an essential source of information for issuers preparing to participate in the HMBS program," said Michael Frenz, executive vice president of Ginnie Mae. A Ginnie Mae HMBS pool must have a minimum outstanding balance of $1 million, and issuers must have a minimum net worth of $500,000, according to the HMBS guide.
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While rising national home values leave close to half of owners on solid financial footing, growth in seriously underwater loans points to pockets of stress.
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The regulator renewed his fight with the policymaker after the latter left the rates he oversees unchanged and distinguished them from those for mortgages.
July 30 -
One mortgage firm is out of business months after a cybersecurity incident, which compromised the personal information of over 30,000 of its former clients.
July 30 -
Fears of identity theft are top of mind for many Americans, even as many admit they're open to lying themselves in order to get mortgage credit.
July 30 -
Federal Reserve Chair Jerome Powell said during his regular press conference Wednesday that the process of determining tariff-related price increases was always going to be slow, but it has taken longer than he expected.
July 30 -
Still, Redwood Trust lost $100 million on a GAAP basis for the period, a result of its previous decision to pivot to a scalable operating model in mortgages.
July 30