Ginnie Mae Requires more MBS Disclosures

By Jon Prior • May 4, 2012 • HousingWire.com

Issuers of Ginnie Mae mortgage bonds will have to make four new data disclosures beginning in September.

Both the upfront mortgage insurance premium and the annual MIP rate charged must be made available to investors. Issuers must also disclose what type of institution originated the loan, specifically who took the application.

Any first-time homebuyers must be highlighted as well. Roughly one-third of home sales went to first-time buyers in March, according to the National Association of Realtors.

“Ginnie Mae is committed to providing greater transparency on the underlying collateral that backs outstanding Ginnie Mae securities. In order for Ginnie Mae to further align its data disclosures with the industry, the following data will be collected,” the agency said in an alert Friday.

With Ginnie, Fannie Mae and Freddie Mac combined, the government funds roughly 95% of the mortgage market.

Ginnie guaranteed $29.2 billion in MBS in March, up 21% from the same month last year.

Issuers who do not make the new disclosures after September will receive a warning. But after January, the MBS will not be issued without the disclosures.
Follow Len and Leslie Marma of Success! Real Estate on their facebook business page, “Marshfield Matters” ….. click LIKE to receive real estate info and what’s happening in Marshfield. 

About these ads
This entry was posted in Financing, Home Buying, Mortgage and tagged , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s