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GNMA Servicing Is Hot.(News)
Byline: Paul Muolo
Washington-With FHA-backed mortgages among the hottest loan products in the nation, it's no surprise that "flow" servicing rights tied to GNMA securities are now in huge demand.
One New York-based servicing advisor told this publication that some sellers of GNMA servicing rights are asking as much as seven times the servicing fee on newly minted loans. "They're not getting that price - but they're asking that much."
He added, "Let's face it. FHA is the only game in town." The servicing fee on GNMAs is about 44 basis points depending on how the deal is structured.
Instead, it appears that for flow servicing packages (rights that will be delivered forward as new loans are originated) the final bid price is settling in between four- and five-times the servicing fee.
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...day. In this regard, the minimum servicing fee requirement that the government-sponsored...Like many ideas, the GSEs' minimum servicing fee served a valuable purpose when introduced...amounts--which provide the basis for servicing fee income, of course--have increased...
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