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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Jonathan Gould, President Donald Trump's pick to lead the Office of the Comptroller of the Currency, passed through the Senate Banking Committee on a party-line 13 to 11 vote.
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United Wholesale Mortgage led its industry peers in total origination volume, though Rocket Mortgage and Crosscountry weren't that far behind.
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Mortgage rates remain in the 6.6% range, with the tariff news so far having little impact, but could change given the 35 basis point drop in the 10-year yield.
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The underlying prime mortgages have an average balance of $358,024, a weighted average (WA) original FICO score of 776, an original cumulative loan-to-value (LTV) ratio of 73.6%.
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UWM, embroiled in an us-or-them feud when it comes to business partners working with Rocket, terminated its subservicing and sales deals with Mr. Cooper.
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Compliance concerns prevent some lenders from moving toward development of an AI plan or policy, but hesitancy may turn out to be a poor business strategy.
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