Ginnie Mae wants the flexibility to lower the denomination of its mortgage-backed securities, which could be a sign that it plans to go after retail investors.Currently, Ginnie cannot guarantee securities with a face amount of less than $25,000. However, the U.S. government agency has issued a proposed rule that would eliminate that restriction so it can issue MBS in denominations as small as $1,000. The comment period ends June 14. Ginnie is continually looking at ways to "remain attractive to investors," the proposal says. "To this end, Ginnie Mae would like to offer investors different denominations of Ginnie Mae guaranteed securities." The proposed rule does not say anything about marketing $1,000 Ginnie Mae securities. Fannie Mae and Freddie Mac offer MBS with denominations as low as $1,000. Ginnie Mae can be found online at http://www.ginniemae.gov.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18