What is a GNMA Project Loan?
What is a GNMA Project Loan?
Ginnie Mae Project Loans (GNPL) are typically fixed rate loans that have a maturity term of 35-40 years and full amortization, and are backed by multi- family, health care and rural housing properties. About three quarters of the loans are backed by multi-family properties.
What is a GNMA II?
The Ginnie Mae II program permits lenders to issue securities backed by pools of single family or manufactured housing loans where the interest rates can vary within a fixed range. The lender decides to whom to sell the security and then submits the documents to Ginnie Mae’s pool processing agent.
What is DUS lending?
DUS Lender means a lender approved by Fannie Mae as a full Delegated Underwriting and Servicing lender under the agreements, rules, guides and regulations as may be in effect from time to time as promulgated by Fannie Mae.
How does Ginnie Mae invest in mortgage loans?
Unlike other entities, Ginnie Mae does not originate or invest in mortgage loans directly. Rather, Ginnie Mae is the guarantor of securities issued by approved lenders who participate in our programs. A Ginnie Mae Platinum security is formed by combining Ginnie Mae MBS securities into a new single security.
How many loans were securitized into Ginnie Mae pools in FY 2018?
In FY 2018, approximately 96.7 percent of FHA fixed-rate single-family loans and 97.0 percent of VA fixed-rate single-family insured/guaranteed loans were securitized into Ginnie Mae pools by ap proved Issuers. At the end of FY 2018, investors held over $1.8 trillion in outstanding single-family Ginnie Mae mortgage-backed securities (MBS).
Are 30-year Ginnie Mae platinum securities Good Delivery?
Subject to relevant Securities Industry and Financial Markets Association (SIFMA) guidelines, 30-year Ginnie Mae Platinum securities are good delivery against 30-year Ginnie Mae TBA (To Be Announced) transactions, even if the underlying Ginnie Mae MBS have a current remaining term to maturity of less than 28 years.
What is the Ginnie Mae manufactured housing program?
Ginnie Mae’s Manufactured Housing Program provides a guarantee for mortgage loans insured by FHA for the purchase of a new or used manufactured home. This program provides liquidity in the market that in turn lowers costs for borrowers.
