Ginnie Mae published guidance for issuers on the transition of all outstanding HECM Mortgage-Backed Securities tied to the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing … more Ginnie Mae Issues LIBOR Transition Guidance
Secondary Markets
FHA Finalizes Policies to Expedite HECM Assignments
The Federal Housing Administration published Mortgagee Letter 2023-10 to allow for faster payment of funds to mortgagees when they assign a Home Equity Conversion Mortgage to HUD. Effective immediately, ML 2023-10: … more FHA Finalizes Policies to Expedite HECM Assignments
Joint Statement On Completing the LIBOR Transition
The Consumer Financial Protection Bureau issued a joint statement with four other federal regulatory agencies, and state bank and credit union regulators, as a reminder that use of … more Joint Statement On Completing the LIBOR Transition
FHA Proposes Changes to HECM Assignment Claims Submission Process
By Weiner Brodsky Kider and NRMLA staff On April 4, 2023, FHA posted a draft Mortgagee Letter (ML) that would make changes to the HECM Assignment Claim Type 22 submission … more FHA Proposes Changes to HECM Assignment Claims Submission Process
HMBS February 2023 Part II: Waiting For Issuer 43
HMBS payoffs remained low in February, as Mandatory Purchases continued to rise and natural payoffs remained at less than a 7% per annum rate. February payoffs totaled about … more HMBS February 2023 Part II: Waiting For Issuer 43
HUD Publishes LIBOR Transition Final Rule
The Department of Housing and Urban Development published a final rule today that replaces the London Interbank Offered Rate (LIBOR) as an approved index for new and existing adjustable-rate forward … more HUD Publishes LIBOR Transition Final Rule
GNMA Reduces Minimum Pool Size For HMBS
Ginnie Mae published APM 23-04, which reduces the minimum HECM Mortgage-Backed Security (HMBS) pool size, from $1 million to $250,000, to minimize the amount of time Issuers must carry … more GNMA Reduces Minimum Pool Size For HMBS
HMBS January 2023 Part II: Issuer 42 to the Rescue (Part II)
HMBS payoffs fell again in January, as the refinancing retreat continues. January payoffs totaled about $756 million, the lowest payoff amount in nearly 6 years and the lowest … more HMBS January 2023 Part II: Issuer 42 to the Rescue (Part II)
HMBS January 2023: New Year’s Dissolution
HECM Mortgage-Backed Securities (“HMBS”) issuance collapsed in January to $523 million, falling for the ninth straight month. This monthly total is the lowest in nearly 3 years and … more HMBS January 2023: New Year’s Dissolution
HMBS December 2022 Part II: Issuer 42 to the Rescue
HMBS payoffs fell again in December, as the refinancing retreat continued. December payoffs totaled about $815 million, the lowest payoff amount in 23 months and the lowest payoff … more HMBS December 2022 Part II: Issuer 42 to the Rescue
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