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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Homebuilding industry CEOs said tariff impacts would likely be felt in the back half of the year, but affordability concerns are applying pressure now.
5h ago -
Sen. Dick Durbin, the Senate's No. 2 Democrat, announced he will not seek reelection in 2026, concluding more than four decades in Congress. The Illinois lawmaker leaves behind a notable imprint on U.S. financial policy, particularly regarding swipe fees.
7h ago -
The president said he had "no intention" of firing the Federal Reserve chair and promised that tariffs against Chinese imports would be lowered "substantially."
7h ago -
Federal Reserve Gov. Adriana Kugler said tighter monetary policy has proved to be less impactful on nonbank lenders during the post-pandemic era.
9h ago -
The industry's largest servicer, which agreed at the end of the quarter to be acquired by Rocket, had a $82 million write-down due to shifting interest rates.
10h ago -
A federal judge has ordered a staff member of the Department of Government Efficiency and the Consumer Financial Protection Bureau's top lawyer to appear at an evidentiary hearing next week.
April 23