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Nonbank lenders balk at Ginnie Mae capital plan

REGISTER NOW A Ginnie Mae proposal to introduce a risk-based capital requirement for nonbanks has sparked an outcry from mortgage lenders that originate the vast majority of loans to first-time homebuyers and minorities. Ginnie issued a request for input in early July on a plan that would impose added net worth and liquidity requirements for all issuers. It would also subject nonbank lenders to a 10% risk-based capital ratio with a risk weight of 250% for mortgage servicing rights dramatically higher than the calculation for other assets. State and federal regulators have sought for years to impose prudential regulation and stress-testing on nonbank lenders but the new Ginnie plan is the first to include a risk-based capital standard.

Freddie macLarry plattDave stevensTed tozerJulia gordonAngel hernandezGregory keithMark calabriaSandra thompsonA ginnie maeMayer brownGinnie maeNational community stabilizationDepartment of housingHousing policy councilUs department of agriculture rural development

Ops, MLO, AE Jobs; Servicing, Dashboard, FHA Pricing, VOA Products; Agency Shifts Continue; Events This Week

Ops, MLO, AE Jobs; Servicing, Dashboard, FHA Pricing, VOA Products; Agency Shifts Continue; Events This Week
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What the Proposed CFPB Rules Mean For Mortgage Servicers

Inman Connect “The bureau is unnecessarily inserting confusion.” That’s the feedback one industry leader had on a new rule being proposed by the Consumer Financial Protection Bureau (CFPB) that would change the rules of the game for mortgage servicers. With its new proposed rule, servicers would have no choice but to prevent foreclosures in 2021. “The nation has endured more than a year of a deadly pandemic and a punishing economic crisis,” CFPB Acting Director Dave Uejio said. “We must not lose sight of the dangers so many consumers still face. Millions of families are at risk of losing their homes to foreclosure in the coming months, even as the country opens back up.”

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