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9/19/2016
WASHINGTON, D.C. – Nearly 900 mortgage originators, housing finance experts, and government officials will join Ginnie Mae over the next two days to explore the most critical challenges still facing the housing finance industry. The two-day Summit in Washington, DC will focus on the shift to independent mortgage bankers, new business models for managing mortgage servicing rights, and the uncertain regulatory environment.

“Independent mortgage bankers now comprise approximately 80 percent of Ginnie Mae’s monthly issuance volume,” said Ginnie Mae President Ted Tozer. “They are an important piece of the continued success of the housing finance industry. However, if we want borrowers to continue to have access to credit, we need to take a serious look at the liquidity challenges these institutions are facing.”

The fourth annual Summit takes place as the housing finance industry explores ways to continue providing credit to borrowers despite growing capacity concerns among independent mortgage bankers and decreasing values in mortgage servicing rights. “We cannot underestimate the central role that mortgage servicing rights value play in this market,” Tozer stated. “MSR values are declining at a time when we need to borrow against them or sell them to increase liquidity.”

Currently, Ginnie Mae’s outstanding unpaid principal balance exceeds $1.7 trillion dollars, an increase of more than 50 percent in approximately five years. Further, the corporation saw its highest monthly issuance guarantees in history in August with $48.4 billion dollars. Most of this increase is the result of independent mortgage bankers entering the Ginnie Mae program, helping to account for $3.1 trillion in issuance since 2009.

“These complex challenges, plus a regulatory environment that makes it challenging for depository institutions to return to the mortgage market, are more evidence that Ginnie Mae must continue to effectively and efficiently monitor and evaluate risks presented by this environment,” Tozer continued. The 2016 Ginnie Mae Summit provides an opportunity for networking and collaboration between leading lenders, document custodians, D.C.-based policy makers, members of Congress and staff, federal agencies, real estate trade groups and industry analysts. Educational sessions will also provide in-depth examination of Ginnie Mae’s business and programs from a variety of perspectives.

About Ginnie Mae
Ginnie Mae is a wholly-owned government corporation within the U.S. Department of Housing and Urban Development. Ginnie Mae pioneered the MBS, guaranteeing the very first security in 1970 and raises capital from investors in the global credit markets to ensure liquidity for affordable rental and homeownership opportunities across the country. Through its MBS, Ginnie Mae finances housing mortgage insurance programs run by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Office of Public and Indian Housing (PIH), and the Department of Agriculture’s Rural Housing Service. Ginnie Mae securities carry the full faith and credit of the United States Government.

7/11/2016

Washington, D.C. – Ginnie Mae today announced that Nancy Corsiglia will join Ginnie Mae as Executive Vice President and Chief Operating Officer, reporting to President Ted Tozer.

Corsiglia will administer Ginnie Mae’s $1.7 trillion Mortgage-Backed Securities (MBS) and Real Estate Mortgage Investment Conduit (REMIC) programs. She will also be responsible for managing Ginnie Mae’s daily operations, including all MBS operations, counterparty relationships, contracting, budget and legislative initiatives, and overall risk management.

Additionally, Corsiglia will maintain liaisons with key officials and executives of housing and securities industries, the investment community, members of Congress, and other departments and agencies of the federal government. Corsiglia replaces Mary Kinney, who retired in February 2016.

“We are thrilled to have someone with Nancy’s extensive secondary mortgage market knowledge join the team at Ginnie Mae,” said President Ted Tozer. “She has demonstrated extraordinary leadership throughout her career and has a proven track record. Nancy will play an important role in moving Ginnie Mae forward as the industry continues its transformation following the housing crisis.”

Corsiglia brings more than 25 years of financial services and mortgage industry experience to her role at Ginnie Mae. Prior to joining Ginnie Mae, she was a Managing Director at the Devonshire Advisory Group. She has also served in a variety of positions at Federal Agricultural Mortgage Corporation (Farmer Mac), including Executive Vice President, Chief Financial Officer and Vice President of Business Development. Corsiglia has an MBA degree from the Tuck School of Business at Dartmouth and an AB degree in Economics from Smith College.

“This is one of the most unique and exciting positions in the housing finance industry,” Corsiglia said. “I look forward to the opportunity to work with Ginnie Mae staff as they continue to innovate and evolve during one of the most challenging eras in the history of housing finance."

About Ginnie Mae
Ginnie Mae is a wholly-owned government corporation within the U.S. Department of Housing and Urban Development. Ginnie Mae pioneered the MBS, guaranteeing the very first security in 1970, and raises capital from investors in the global credit markets to ensure liquidity for affordable rental and homeownership opportunities across the country. Through its MBS, Ginnie Mae finances housing mortgage insurance programs run by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Office of Public and Indian Housing (PIH), and the Department of Agriculture’s Rural Housing Service. Ginnie Mae securities carry the full faith and credit of the United States Government.

4/20/2016

Washington, D.C. – Ginnie Mae President Ted Tozer and China’s Vice Minister of the Ministry of Land and Resources WANG Shiyuan are working together to share best practices on affordable housing financing policy and strategy. A meeting held today between the two leaders represents an important element of Ginnie Mae’s global investor strategy, which is designed to deepen the bilateral relationship between the United States and China on affordable housing policy.

“This meeting is an important next step in the U.S. and China’s relationship when it comes to creating and sustaining affordable housing,” said Ginnie Mae President Ted Tozer. “We know that China is particularly interested in financing affordable housing in rural areas and we know that the most important element in generating affordable housing opportunities is finding innovative ways to finance those opportunities.”

The U.S. and China meeting also covered strategies for establishing sustainable community development and the benefits of Ginnie Mae’s single security and common securitization platform. The meeting comes as China faces unique challenges and opportunities in housing. Because of rapid urbanization, demand for housing has outstripped supply, despite a building boom that created a massive construction sector. The Ministry of Land and Resources (MLR) of the People's Republic of China is a ministry under the jurisdiction of the State Council of China. It is responsible for the regulation, management, preservation and exploitation of natural resources, such as land, mines and oceans.

In addition to China, Ginnie Mae has met with housing finance representatives from Japan, South Korea, Russia, Thailand and Taiwan in recent years. The meetings are a result of the success of the Ginnie Mae mortgage-backed securities program, which has a nearly $1.7 trillion dollar outstanding portfolio and the corporation’s consistent financial stability, generating more than $21 billion in total net income returned to the U.S. Treasure over its nearly 50 year history.

About Ginnie Mae
Ginnie Mae is a wholly-owned government corporation within the U.S. Department of Housing and Urban Development. Ginnie Mae pioneered the MBS, guaranteeing the very first security in 1970 and raises capital from investors in the global credit markets to ensure liquidity for affordable rental and homeownership opportunities across the country. Through its MBS, Ginnie Mae finances housing mortgage insurance programs run by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Office of Public and Indian Housing (PIH), and the Department of Agriculture’s Rural Housing Service. Ginnie Mae securities carry the full faith and credit of the United States Government.​

11/9/2015

Chicago and Washington, D.C., November 9, 2015 – The Mortgage Partnership Finance® (MPF) Program and the Government National Mortgage Association (Ginnie Mae) today announced a new feature available to program participants under the MPF Government MBS product.

The MPF Government MBS product now offers a servicing released option from Nationstar Mortgage in addition to the already existing servicing retained execution. This option provides greater flexibility for local community lenders that want to originate and sell their government loans into the secondary market. In addition, the product is available to lenders in more communities from coast to coast; the FHLB Atlanta, FHLB Boston, and FHLB Des Moines have been approved to offer the MPF Government MBS product. Those three Federal Home Loan Banks join the FHLB Chicago, a Ginnie Mae Issuer offering the MPF Government MBS product.

Through the MPF Government MBS product, the MPF Program purchases 30-year and 15-year fixed-rate mortgage loans originated by participating Federal Home Loan Bank members that are insured or guaranteed by the following government agencies: FHA, VA, and USDA through its RHS Section 502 loan program. The MPF Program issues securities guaranteed by Ginnie Mae backed by these government mortgages.

“The addition of the servicing released option will appeal to community lenders across the country. They can now receive the benefit of securities pricing with whatever size mortgage volumes they generate,” said Matt Feldman, President of the Federal Home Loan Bank of Chicago, which operates the MPF Program on behalf of nine Federal Home Loan Banks. “These exciting developments mean more FHLBank members can become more competitive as they support homeownership in their communities.”

Ginnie Mae President Ted Tozer said Ginnie Mae welcomes the development because it means that more consumers in more areas will benefit. “This is directly in line with the mission of Ginnie Mae, which is to make sure that as many lenders as possible, regardless of their size, can access the capital markets, which in turn provides the credit access that is the foundation of the American mortgage finance market,.” he said.

Ginnie Mae guarantees more than $1.6 trillion of mortgage-backed securities and the vast majority of government loans are placed in Ginnie Mae MBS. Access to the Ginnie Mae program is critical for government loan originators.

What the Industry is Saying about the MPF Program

American Bankers Association: Robert Davis, Executive Vice President at the American Bankers Association, noted “Community banks are drawn to the MPF program because it gives them liquidity options and attractive pricing to better serve their customers. The original partnership between MPF and Ginnie Mae expanded the options for banks to better meet their customers’ needs, and the further addition of a servicing released option for government guaranteed loans will give banks greater flexibility at a time when new capital rules are making retained servicing more costly and difficult. Both MPF and Ginnie Mae are to be commended for these innovations.”

Credit Union National Association (CUNA): “Credit unions are leaders in FHA, VA, and RHS lending, and access to additional liquidity on affordable terms will allow them to better serve their members,” said Ryan Donovan, chief advocacy officer for the Credit Union National Association (CUNA). “We welcome and applaud the expansion of the MPF program as a positive development that should help facilitate additional credit union mortgage lending, ensuring that even more Americans will have access to affordable mortgage credit."

Independent Community Bankers of America: “The new servicing released option will provide community bank lenders better price execution on their sale of loans into the MPF Government MBS Program, thus making this program more competitive,” commented Ron Haynie, SVP of Mortgage Finance Policy for the Independent Community Bankers of America. “Most community banks sell their government loans servicing released, making this program a better fit for their business model, and allows them to sell their government loans to an aggregator that does not compete with them in mortgage originations or banking business.”

National Association of Federal Credit Unions: “NAFCU and our members welcome the expanded offering between Ginnie Mae and the MPF Program,” said Carrie Hunt, Senior Vice President of Government Affairs & General Counsel. “Ginnie Mae’s securitization of certain MPF loans will assist in reducing costs across the mortgage finance process. We appreciate the leadership at the Atlanta, Boston, Chicago, and Des Moines FHLBs in finding ways to improve the liquidity access and flexibility for credit unions. Ultimately, this will help credit union members and by extension, the communities they serve.”

About the MPF Program
The MPF Program allows participating members of the Federal Home Loan Bank System to sell fixed-rate loans into the secondary mortgage market. To participate in the MPF Program, a financial institution must be a member of a Federal Home Loan Bank that offers the MPF Program. Currently, the Federal Home Loan Banks of Atlanta, Boston, Chicago, Dallas, Des Moines, New York, Pittsburgh, Topeka, and San Francisco purchase loans from participating members through the MPF Program. To learn more about the MPF Program, visit its website, www.fhlbmpf.com. “Mortgage Partnership Finance” and “MPF” are registered trademarks of the Federal Home Loan Bank of Chicago.

About Ginnie Mae
Ginnie Mae is a wholly-owned government corporation within the U.S. Department of Housing and Urban Development. Ginnie Mae raises capital from investors in the global credit markets to ensure liquidity for affordable rental and homeownership opportunities across the country. Through its MBS, Ginnie Mae finances housing mortgage insurance programs run by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Office of Public and Indian Housing (PIH), and the Department of Agriculture’s Rural Development Housing and Community Facilities Program (RD).

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9/22/2015

WASHINGTON, DC – More than 700 mortgage originators, housing finance experts, and government officials are attending the third annual Ginnie Mae Summit in Arlington, VA. The two-day Summit will explore the biggest challenges facing the housing industry, including the shift to independent mortgage bankers, new business models for managing mortgage servicing rights, and the uncertain regulatory environment.

“After the tremendous upheaval over the last five years, the housing finance industry is truly at a crossroads,” said Ginnie Mae President Ted Tozer. “The surge in independent mortgage bankers, the increased frequency of mortgage servicing rights transfers, and the complexity of our Issuers business models is straining our capacity. The question for the future will be whether government programs will be for the many or just a few,” said Tozer.

The 2015 Summit takes place as the industry continues to manage the transition from traditional depository institutions to independent mortgage bankers (IMB) in the wake of the financial crisis. The number of IMBs in Ginnie Mae has increased from 18 percent in 2010 to 64 percent in 2015, a change that Ginnie Mae has welcomed. “We need the new entrants,” said Tozer. Ginnie Mae issuers have channeled an additional $602 billion into U.S. housing. IMBs have helped almost five million people get a mortgage since banks retreated from the market in 2011. In addition, Ginnie Mae’s outstanding unpaid principal balance now stands at nearly $1.6 trillion dollars, an increase of more than 50 percent in five years. Further, the corporation saw its highest monthly issuance guarantees in history in July with $47.1 billion dollars.

“The steady, continued growth of Ginnie Mae is a testament to how much they are necessary to the housing finance system,” said Bill Cosgrove, Owner & CEO, Union Home Mortgage Corporation. “They are delivering an invaluable service by providing access to the secondary mortgage market, particularly for smaller institutions. We are building our net worth through Ginnie Mae.”

Ginnie Mae President Ted Tozer told attendees that Ginnie Mae will continue to meet the evolving needs of the housing finance industry, however, today’s mortgage market is vastly different than the one in which Ginnie Mae was conceived nearly 50 years ago. “Today’s risks are a lot greater and the business models of our issuers are increasingly more complex,” Tozer stated. “And, when you add in sharply higher annual volumes, more frequent trading of servicing rights, these risks are amplified many times over. We must keep pace with the industry’s transformation.”

“It’s crucial that Ginnie Mae be able to efficiently monitor risks presented by this new environment,” noted Mark Zandi, Chief Economist, Moody’s Analytics. “Quite frankly, without Ginnie Mae, FHA, and VA, we'd have gone into the abyss during the economic crisis. But today, there is reason for optimism about the direction of the housing finance system.”

“Bringing capital to mortgage servicing rights is very complex,” said Stanford Kurland, Chairman & CEO, PennyMac Loan Services. “It would be foolhardy for Congress not have more invested in understanding the risk tolerance of seller servicers.”

The 2015 Ginnie Mae Summit provides an opportunity for networking and collaboration between leading lenders, document custodians, D.C.-based policy makers, members of Congress and staff, federal agencies, real estate trade groups and industry analysts. Educational sessions will also provide in-depth examination of Ginnie Mae’s business and programs from a variety of perspectives.

About Ginnie Mae
Ginnie Mae is a wholly-owned government corporation within the U.S. Department of Housing and Urban Development. Ginnie Mae pioneered the MBS, guaranteeing the very first security in 1970 and raises capital from investors in the global credit markets to ensure liquidity for affordable rental and homeownership opportunities across the country. Through its MBS, Ginnie Mae finances housing mortgage insurance programs run by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Office of Public and Indian Housing (PIH), and the Department of Agriculture’s Rural Housing Service. Ginnie Mae securities carry the full faith and credit of the United States Government.

9/16/2015

WASHINGTON, DC – Ginnie Mae announced today that it is changing the Platinum program’s guaranty fee structure and lowering the minimum amount necessary to create a Ginnie Mae Platinum Security. The changes are effective for October 2015 settlements and thereafter.

“The Platinum program is an efficient mechanism for investors to manage their Ginnie Mae securities,” said John Getchis, Ginnie Mae’s senior vice president of capital markets. “We want to encourage utilization of the program by lowering the G-Fee, the minimum amount investors need to create a platinum security, which will increase the administrative, pricing and distribution efficiency of the mortgage-backed securities program.”

Ginnie Mae Platinum Securities allow investors to combine Ginnie Mae MBS pools with uniform mortgage interest rates and original terms to maturity into a single security, backed by the full faith and credit of the United States Government. Investors then receive a single payment from the combined securities every month, rather than separate payments from each individual security. Because it lowers administrative costs and improves liquidity, particularly for small pools, the Ginnie Mae Platinum Security is an attractive product. Ginnie Mae Platinum Securities can be used in structured finance transactions, repurchase transactions and general trading.

These revisions to the Platinum program will reduce the administrative fee associated with creating these securities, allow certificate holders of Ginnie Mae MBS to aggregate smaller pools into larger, more fungible pool sizes, achieve superior TBA pricing, increase the availability of the TBA supply – particularly in the higher MBS coupons – and eliminate the need to pay higher MultiClass REMIC Fees to distribute the smaller MBS holdings.

The changes to the program include:

Ginnie Mae Platinum Guaranty Fee

The fee structure will be modified by increasing the number of pricing tiers and by lowering the Fee by 0.25 - 0.50 Tics across the tiers. The new tier structure is illustrated in the table below:

​Face Amount ​New Fee in Tics* ​Old Fee in Tics*
​$5,001,000 to $9,999,999 ​2.5 ​No Tier
​$10,000,000 to $24,999,999 ​2.5 ​3.0
​$25,000,000 to $49,999,999 ​1.5 ​2.0
​$50,000,000 to $499,999,999 ​0.75 ​1.0
​$500,000,000 or more ​0.25 ​0.5
  *1 Tic = 1/32 of 1%


The minimum Fee will be $5,000, and the maximum Fee will be $156,250.

Non-Cash Fee

The Non-Cash Fee payable by the allocation of a portion of the underlying Ginnie Mae MBS Certificates to the creation of the Ginnie Mae Platinum Principal Only (PO) Bond will be reduced from $5,000 to $1,000.

Minimum Aggregate Remaining Principal Balance

The minimum aggregate remaining principal balance of the underlying Ginnie Mae MBS Certificates will be reduced from $10,005,000 to $5,001,000. The newly issued Ginnie Mae Platinum Certificate will have an original principal balance equal to the aggregate remaining principal balance of the underlying Ginnie Mae MBS Certificates as of the Issuance Date, minus the Non-Cash Fee of $1,000.

About Ginnie Mae

Ginnie Mae is a wholly-owned government corporation within the U.S. Department of Housing and Urban Development (HUD). Ginnie Mae pioneered the MBS, guaranteeing the very first security in 1970 and raises capital from investors in the global credit markets to ensure liquidity for affordable rental and homeownership opportunities across the country. Through its MBS, Ginnie Mae finances housing mortgage insurance programs run by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Office of Public and Indian Housing (PIH), and the Department of Agriculture’s Rural Housing Service. Ginnie Mae securities carry the full faith and credit of the United States Government.

9/8/2015

WASHINGTON, D.C. – Ginnie Mae today announced four changes that will impact the business operations for many of its Issuers. The corporation is updating the requirements for notification and prior approval of changes in Issuer business status. The changes are designed to increase efficient business operations for both Issuers and for Ginnie Mae. The revised requirements are effective immediately.

“The housing finance industry is continuing to evolve in response to changes in the economic and regulatory environment, and Ginnie Mae must evolve with the industry,” said Michael Drayne, Ginnie Mae’s senior vice president of Issuer and Portfolio Management. “Our rapid increase in volume, coupled with the growing complexity of the business operations of our Issuers, means that Ginnie Mae must be very responsive as it continues to support the industry.”

The Ginnie Mae MBS Guide updates cover:

  • Changes in Relationship with Regulatory Agencies – Written notice must be provided to Ginnie Mae if an Issuer is the subject of a material adverse change in its business relationship with the FDIC, CFPB or a state regulatory agency. 
  • Mergers – Notification deadlines for the submission of documents have changed pre- and post-merger. Additionally, the number of legal and financial documents required during a merger has been reduced. 
  • Change in Ownership or Control of an Issuer or Guarantor – The definition of a “change in ownership or control” will now be consistent with the Statement of Financial Accounting Standards No. 57 (FAS-57) issued by the Financial Accounting Standards Board. Additionally, the number of legal and financial documents required during a change in ownership or control has been reduced. 
  • Transfer of Assets – Issuers planning on executing a transfer of assets must provide Ginnie Mae written notice regarding the transfer at least thirty (30) days prior to the desired effective date.

The revisions are part of Ginnie Mae’s ongoing effort to update the corporation’s requirements and infrastructure for its mortgage-backed-securities program as the result of changes within the housing finance industry and secondary mortgage market. Ginnie Mae has adapted to these changes by updating and strengthening capital and liquidity requirements, changing its counterparty risk management practices, allowing Issuers to pledge mortgage servicing rights (MSRs) as capital.

More detailed information about the changes in Issuer business status can be found in Chapter 3 of the Mortgage-Backed Securities Guide 5500.3, Rev.1 (MBS Guide). You can review APM 15-14 here.

About Ginnie Mae
Ginnie Mae is a wholly-owned government corporation within the U.S. Department of Housing and Urban Development. Ginnie Mae pioneered the MBS, guaranteeing the very first security in 1970 and raises capital from investors in the global credit markets to ensure liquidity for affordable rental and homeownership opportunities across the country. Through its MBS, Ginnie Mae finances housing mortgage insurance programs run by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Office of Public and Indian Housing (PIH), and the Department of Agriculture’s Rural Housing Service. Ginnie Mae securities carry the full faith and credit of the United States Government.

8/27/2015

WASHINGTON, DC – Today, Ginnie Mae and the Japan Housing Finance Agency (JHFA) will hold the first Housing Finance and Capital Markets Roundtable at the U.S. Department of Housing and Urban Development. The roundtable is part of the partnership between Ginnie Mae and JHFA, which was formalized by the signing of a Memorandum of Understanding (MOU) signed in January 2014.

“Both the U.S. and Japan have similar interests and concerns regarding the stability in global financial markets,” said Ginnie Mae President Ted Tozer. “Today’s roundtable is an important step toward having a meaningful discussion about the housing finance industry challenges still facing both countries, and working together to create real and sustainable solutions to those problems.”

The event will bring in housing finance experts from the government, financial, and banking sector, as well as, policymakers, academia and association leadership. The goal is to share current policy effectiveness and challenges in the private capital markets. Roundtable panelists will discuss the progress and challenges of enhancing mortgage finance and capital liquidity to support the recovery of the housing finance market, as well as the future outlook of housing finance and capital markets.

Japan, through its financial institutions, is an important investor in Ginnie Mae's mortgage backed securities (MBS), playing an integral role in helping Ginnie Mae fulfill its mission of bringing global capital into the U.S. housing finance market — a system that runs through the heart of the U.S. economy — while minimizing risk to the taxpayer. Japan and the U.S. share many common interests, especially regarding housing finance. Japan has become one of Asia’s most successful democracies and largest economies, which is driving homeownership among the people of Japan.

“This roundtable will make the partnership between Ginnie Mae and the Japan Housing Finance Agency even stronger,” said Japan Housing Finance Agency President Toshio Kato. “The information shared today will increase the understanding of how to form, guarantee, and sell securitized instruments to support homeownership growth in Asian and other emerging countries.”

The January 2014 MOU acknowledged the success of the Ginnie Mae mortgage-backed securities program in providing liquidity for the housing finance system. Further, the MOU sought to gain a greater understanding of Ginnie Mae’s business model at attracting global capital on behalf of the diverse government sponsored lending programs for single family, multifamily, healthcare facilities, and reverse mortgages. Japan is the world’s third largest economy and by entering this MOU on housing and housing finance, that partnership will become even stronger and will better facilitate the sharing of strategies and policies to enhance the funding of MBS and investments.

Ginnie Mae raises capital from investors in the global credit markets to ensure liquidity for affordable rental and homeownership opportunities across the country. Through its MBS, Ginnie Mae finances housing mortgage insurance programs run by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Office of Public and Indian Housing (PIH) and the Department of Agriculture’s Rural Development Housing and Community Facilities Program (RD).

The Housing Finance and Capital Markets Roundtable can be accessed live via the following links from 1:30 pm – 5:00 pm:


With Captions - http://portalapps.hud.gov/HUDMediaChannel/liveplayer.jsp

Without Captions - http://portalapps.hud.gov/HUDMediaChannel/liveplayer_secondary.jsp

8/13/2015

WASHINGTON, D.C. – Ginnie Mae today announced that the corporation guaranteed $47.06 billion in mortgage-backed securities (MBS) for July, surpassing the old record set in July 2009 of $46.1 billion. So far, for Fiscal Year (FY) 2015, Ginnie Mae has guaranteed more than $346 billion in MBS, compared to $242 billion at this point in FY 2014.

“This growth is clear indication of the value of our single securitization platform. The scalability of our platform allows Ginnie Mae to support the shift from traditional depository institutions to new entrants – which have primarily been non-depositories,” said Ginnie Mae President Ted Tozer. “The rapid rise of these new entrants has been critical to our growth and to keeping mortgage credit available to middle class America.”

Government lending overall has reached an all-time high – and in terms of consumer demand there’s no reason for it to slow, given the Federal Housing Administration’s (FHA) recent mortgage insurance premium drop and competitive interest rates for FHA, VA, and RHS loans. Purchase activity has been increasing over the last several months. July’s purchase activity comprises more than 60% of total issuances, compared to approximately 34% increase for loan refinances. “The increase in purchase activity is further proof that the housing recovery is moving into high gear,” said Tozer.

Currently, Ginnie Mae’s mortgage-backed securities (MBS) portfolio stands at $1.57 trillion in unpaid principal balance (UPB). “Despite this rapid growth, the Ginnie Mae platform, while fueling competition, also spreads risk among our issuers.”

Last month, Ginnie Mae II single-family pools led the way with more than $43.8 billion in MBS issuance, while Ginnie Mae I single-family pools totaled nearly $1.6 billion. Total single-family issuance for July was more than $45.5 billion. Ginnie Mae’s multifamily MBS issuance was nearly $1.5 billion. The Ginnie Mae Home Equity Conversion Mortgage-Backed Securities (HMBS), included in Ginnie Mae II single-family pools, totaled $809 million in July.

About Ginnie Mae
Ginnie Mae is a wholly-owned government corporation within the U.S. Department of Housing and Urban Development. Ginnie Mae pioneered the MBS, guaranteeing the very first security in 1970 and raises capital from investors in the global credit markets to ensure liquidity for affordable rental and homeownership opportunities across the country. Through its MBS, Ginnie Mae finances housing mortgage insurance programs run by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Office of Public and Indian Housing (PIH), and the Department of Agriculture’s Rural Housing Service. Ginnie Mae securities carry the full faith and credit of the United States Government.

8/3/2015

WASHINGTON, DC – Ginnie Mae today announced revisions to the Document Custody Manual which appears in the Mortgage-Backed Securities Guide. The revised Manual, Appendix V-1, provides the requirements and procedures for Document Custodians as well as the specific requirements relating to the loan documents that serve as collateral for securitized pools of loans. Issuers and Document Custodians will be required to comply with this updated version of the Manual for pools issued on January 1, 2016 and thereafter.

“Ginnie Mae continues to adapt to the needs of today’s marketplace and the unprecedented growth in Ginnie Mae’s business. The number and complexity of servicing transfers, in particular, has grown substantially in recent years and the revised Manual is a critical element in helping Ginnie Mae adapt to these changes,” said Michael Drayne, Ginnie Mae’s senior vice president of Issuer and Portfolio Management.

Key changes to the Manual include:

  • Added definitions of some key terms and clarified others to be consistent with the Glossary in the MBS Guide
  • Updated requirements as to how copies of documents are to be treated for initial certification, final certification, and recertification clarified requirements for transactions that trigger recertification requirements

The revised Document Custody Manual is part of Ginnie Mae’s recently announced multi-year effort to effectively update program requirements and infrastructure relating to pool collateral. Ginnie Mae plans to engage issuers, document custodians and other stakeholders as the corporation undertakes a comprehensive review and reform of the policies and procedures relating to the management of pool collateral via third party document custodians, additional information about changes to the Appendix V-1) of Ginnie Mae’s Mortgage Backed Securities Guide 5500.3, Rev. 1, found on www.ginniemae.gov.

About Ginnie Mae
Ginnie Mae is a wholly-owned government corporation within the U.S. Department of Housing and Urban Development. Ginnie Mae pioneered the MBS, guaranteeing the very first security in 1970 and raises capital from investors in the global credit markets to ensure liquidity for affordable rental and homeownership opportunities across the country. Through its MBS, Ginnie Mae finances housing mortgage insurance programs run by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), the Office of Public and Indian Housing (PIH), and the Department of Agriculture’s Rural Housing Service. Ginnie Mae securities carry the full faith and credit of the United States Government.

 

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