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.
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