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Ginnie Expects More FHA Hybrids.(Federal Housing Administration)(Brief Article)
Washington -- Ginnie Mae is expecting to see a boost in securitizations of hybrid adjustable-rate mortgages in July now that FHA lenders are originating a competitive 5/1 hybrid product.
Federal Housing Administration 5/1 hybrids had a one-percentage point cap on the annual interest rate adjustment, which was not acceptable to most lenders and investors.
In April, Ginnie securitized $655 million in 3/1 hybrid ARMs but only $16 million in 5/1 hybrids.
Late last year, Congress raised the cap to two percentage points with a six-percentage point lifetime cap. The FHA started endorsing these 5/1 hybrids with the 2/6 caps on April 28.
"The 2/6 caps on the five-year will make it a much more interesting product for investors and for consumers. I think ...
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Source: HighBeam Research, Ginnie Expects More FHA Hybrids.(Federal Housing...