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Tag Archives: Ginnie Mae

Collingwood Group Acquires GWN Consulting

The Collingwood Group announced this week that it has acquired GWN Consulting, LLC, a firm specializing in Federal Housing Administration (FHA) and Ginnie Mae risk management and quality control. GWN's business will operate as part of Collingwood's risk management and compliance division, and will be managed by Brian Montgomery, chairman of Washington, D.C.-based Collingwood. GWN's team of professionals have more than two centuries of combined direct HUD experience.

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First Guaranty Mortgage Corporation to Grow Capital Markets Group

First Guaranty Mortgage Corp. (FGMC), signaling that it will become more aggressive in the capital markets channel, has added Mark Mayhook as managing director, capital markets. FGMC is a national mortgage lending firm offering retail, wholesale, and correspondent mortgage solutions to clients of varying income and credit types as well as financial institutions of all kinds.

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Judge Allows Allied to Resume Issuing FHA-Insured Loans

A federal judge has reversed HUD's decision to temporarily suspend Allied Home Mortgage Corporation after the agency accused the bank of committing fraud and violating several Federal Housing Administration (FHA) requirements. The judge said the damage to Allied's business as a result of the suspension outweighs any harm that would be suffered by the government before the issues can be litigated. Allied and its CEO deny the allegations against them.

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Industry Veterans Join to Deliver Portfolio Management Solutions

MasterServ Financial, Inc., a new provider of portfolio monitoring, analysis, and management tools and services, has named veterans from the mortgage lending industry to its management team. Led by CEO and Big Four consulting veteran John Iatesta, the MasterServ Financial team is tasked with leveraging the company's technology resources and a customer list that includes the likes of HUD and Ginnie Mae to improve portfolio performance and asset quality for private sector financial services organizations and the GSEs.

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Veros and JVI Team Up to Launch Property Inspection Product

Veros Real Estate Solutions and JVI Solutions LLC announced the launch of VeroINSIGHT this week. It&'s a comprehensive property condition report to address new regulatory guidance surrounding collateral evaluations. According to the two companies, VeroINSIGHT goes beyond existing collateral evaluation products by uniformly capturing aspects of the property's current condition, as well as its general marketability.

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MountainView Taking Bids on $485M Fannie Mae Servicing Portfolio

MountainView Servicing Group announced Wednesday that it has been retained as the exclusive sale advisor for a $485 million Fannie Mae servicing portfolio. Ninety-nine percent of the portfolio consists of fixed-rate loans, primarily located in Illinois. The delinquency rate of the portfolio is 2.21 percent. MountainView is also marketing a $45 million portfolio of Ginnie Mae servicing rights.

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Ginnie Mae Allows Buyouts After Trial Payment Plans

Ginnie Mae has announced a new rule regarding buyouts of delinquent loans. Servicers may now buy out loans at the end of a successful trial payment plan, instead of waiting until a borrower has missed three payments. This new rule is in line with recently released Federal Housing Administration (FHA) guidelines requiring most loans to undergo a three- to four-month trial payment plan before a loan modification is made permanent. The new FHA guidelines go into effect October 1.

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MBA Proposes Reserve Account to Cover Servicing of Delinquent Loans

With mortgage delinquencies at unprecedented levels, it's become clear that the current servicing-fee model is lacking. The GSEs and Ginnie Mae are in the process of developing new servicing compensation structures to provide greater flexibility for the servicing of nonperforming loans. As deliberations move forward, the Mortgage Bankers Association is recommending they consider the idea of a new ""reserve account"" strategy to cover the higher expenses associated with default servicing.

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Ginnie Mae Announces New Policy for Pooling Delinquent Loans

Ginnie Mae, which provides a guaranty on mortgage securities backed by Federal Housing Administration loans, has announced a new policy regarding the pooling of past-due loans. For single-family securities with an issue date of June 1, 2011, and after, servicers can no longer package loans that are delinquent by more than the monthly installment of principal and interest that is due on the issue date. This fall, the federal agency will also begin requiring issuers to supply new data elements, such as loan-to-value ratios and pre-modification qualities.

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GSEs Shooting for Decision on Servicing Fee Structure by Summer

Fannie Mae, Freddie Mac, and their regulator anticipate a decision on revamping mortgage servicers' payment structure by mid-summer, according to the Mortgage Bankers Association (MBA). The trade group, however, is urging the GSEs and federal agency to tread carefully and slowly in undertaking such an endeavor. MBA says the options put forth raise more questions than answers, particularly related to the ""default servicing fee.""

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