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Ginnie Paves Way for Lenders to Shed Excess Servicing.(Ginnie Mae)(Brief article)
WASHINGTON -- Ginnie Mae has issued a final rule that clears the way for its mortgage-backed securities issuers to securitize excess servicing and remove the assets off their balance sheets.
Effective July 5, the final rule clarifies Ginnie Mae's authority to guarantee securities backed by pools of excess servicing cash flows relating to one or more mortgage pools underlying previously issued MBS.
"This program is really designed to support the pricing of Ginnie II securities," said Stephen Ledbetter, GM director of securities policy and research.
Ginnie Mae reduced the minimum servicing fee on Ginnie IIs to 19 basis points nearly three years ago and several issuers expressed interest in securitizing excess servicing fees at the time.
However, the securitization program was put on hold after it was determined the agency had to go through a rulemaking process, which has now been completed.
"Our MBS group will be talking with ...
- Ginnie Mae Cuts Servicing Fee.
- Magazine article from: Mortgage Servicing News Collins, Brian March 1, 2003 700+ words
...in a 5 1/2% Ginnie Mae II MBS, which...basis points in excess servicing fees and 6 basis points to pay for the Ginnie Mae guarantee fee...eliminate some of this excess servicing," according to Ginnie Mae vice president...
- GNMA Revamps Ginnie Mae II Security.
- Magazine article from: National Mortgage News Collins, Brian January 20, 2003 700+ words
...mortgage loan in a 5 1-2% Ginnie Mae II MBS, which leaves 69 bp in excess servicing fees and 6 bp to pay for the Ginnie Mae guarantee fee. Under...eliminate some of this excess servicing," according to Ginnie Mae vice president Ted Foster...
- Ginnie Mae Launches New Security.
- Magazine article from: National Mortgage News Collins, Brian Sinnock, Bonnie July 19, 2004 700+ words
...diversify, she said. Ginnie Mae officials are hoping...improve the pricing of Ginnie Mae securities and lead to the securitization of excess servicing later this year. Fannie...since the late 1980s. Ginnie Mae outlined the new strips...
- Ginnie Mae Sees Itself as Essential to the Market's...
- Magazine article from: National Mortgage News October 27, 2008 700+ words
...investor confidence in Ginnie Mae MBS and the renewed...economy is more solid, Ginnie Mae will continue to grow...securities backed by the excess servicing income that is generated...mortgages that back Ginnie Mae mortgage-backed securities...
- Ginnie Mae to launch excess yield securitization.(Brief Article)
- Newspaper article from: Asset Securitization Report Sibayan, Karen November 1, 2004 700+ words
SAN FRANCISCO - Ginnie Mae is set to roll out a program...issuers to securitize the excess servicing fees on their portfolios...a product of a change in Ginnie Mae policy. In January 2003, Ginnie Mae reduced the minimum number...
- Ginnie Mae President Is Tapped for Finance Board.
- Magazine article from: National Mortgage News October 11, 2004 700+ words
...senior advisor to the Ginnie Mae president. Mr. Anderson has served at Ginnie Mae for 25 years. He said...servicers can sell or hold excess servicing in the form of an interest...working on tailoring Ginnie Mae securities so they are...
- Legislation changes could change Ginnie Mae supply landscape.
- Newspaper article from: Asset Securitization Report DeRita, Megan July 3, 2006 700+ words
...that could potentially reshape the Ginnie Mae supply landscape, according to a...July 5 the Agency's new XMBS (excess servicing MBS) program will allow servicers to securitize excess servicing on GNMA II fixed-rate pools...
- Ginnie Mae: a tale of two entities; The plummeting market share of Ginnie Mae...
- Magazine article from: Mortgage Banking Willis-Boyland, Anita April 1, 2005 700+ words
...Government National Mortgage Association, or Ginnie Mae, played a pivotal role in the success...securitization was in its infancy when Ginnie Mae first began pooling government-insured...But other loan types packaged into Ginnie Mae securities are: Department of Veterans...
