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Ginnie Servicers Face New Delinquency Regulations.
Washington -- Federal banking regulators have changed the reporting requirements for delinquent loans in Ginnie Mae mortgage-backed securities, despite opposition from Ginnie issuers.
In the June 30 Call Report that banks file with regulators, Ginnie seller/servicers will have to report delinquent loans as past due whether they have repurchased the loans or not.
Lenders have resisted this change, claiming the Call Report disclosure misrepresents the risks associated with these loans, which are guaranteed by the Federal Housing Administration and the Department of Veterans Affairs. They also are concerned that analysts and others will view these data negatively.
But the bank regulators view the seller/servicers' right to repurchase delinquent mortgages from Ginnie Mae pools as an "unconditional" option. And they want the reporting of these options to conform to Financial Accounting Statement No. 140.
Supplemental instructions for the June 30 Call Report say, "A seller-servicer must report all delinquent rebooked [Ginnie Mae] loans that have been repurchased or are eligible for repurchase as past due in Schedule RC-N in accordance with their contractual repayment terms."
The Federal Deposit Insurance Corp., Office of Comptroller of the Currency and the Federal Reserve Board signed off on the new Ginnie Mae ...
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Source: HighBeam Research, Ginnie Servicers Face New Delinquency Regulations.