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Tag Archives: Ginnie Mae

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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Veterans Affairs Outlines New Regulations for Loan Modifications

The U.S. Department of Veterans Affairs (VA) has issued a notice announcing regulatory changes for modifying VA-guaranteed home loans. According to the department, the new rule makes VA loan modifications more flexible and encourages loan holders to modify more loans. It changes the requirements related to maximum interest rates allowed on modified VA loans and the items that can be capitalized into the modified loan amount.

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FHFA Begins Devising Alternatives for Mortgage Servicing Compensation

The Federal Housing Finance Agency (FHFA) has issued a 28-page document that presents several alternatives it plans to consider for how Fannie Mae and Freddie Mac compensate mortgage servicers. The agency says today's model does not provide the flexibility needed for the servicing of nonperforming loans during times of high defaults. Alternatives being considered include a fee-for-service compensation structure for nonperforming loans and reducing or eliminating the minimum servicing fee for performing loans.

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House Hearing Outlines Government Barriers to Housing Recovery

On Wednesday a House subcommittee held a hearing to examine private sector involvement in the housing market, in order to determine if the high amount of government participation is a hindrance to the sector's recovery. Rep. Judy Biggert, subcommittee chair, said government intervention in the housing market reached record levels during the financial crisis, resulting in a cost to taxpayers of hundreds of billions of dollars. The hearing examined options for removing barriers to private investment in the housing market.

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Fed’s Mortgage Investments Result in Record Returns

Income and expense data released by the Federal Reserve this week shows the central bank is earning a pretty penny from its investments in mortgage securities. The Fed began buying mortgage bonds from Fannie Mae, Freddie Mac, and Ginnie Mae in November of 2008 to help prop up the nation's deteriorating mortgage markets. In 2009, Fed officials reported that these efforts, combined with its purchases of Treasury securities, yielded a $46.1 billion profit. In 2010, earnings on those investments jumped to $76.2 billion.

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Mortgage Casualties Decrease in 2010: Industry Report

Fewer mortgage-related firms closed their doors during 2010 than in 2009, according to newly released industry data. Including mortgage companies, retail and wholesale credit unions, and federally insured banks, the report tracked 201 mortgage-related business operations that either failed or were shut down during 2010. The casualty list was smaller than 2009's count, which stood at 230 mortgage-related fatalities - the most since 1998, when the report was first issued.

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