Industry Briefs June 12, 2023

Ginnie Mae Announces Growth to MBS Portfolio, Single-Family Pool Delivery Module Adoption Updates

Ginnie Mae announced its mortgage-backed securities portfolio outstanding grew to $2.404 trillion in May, including $34 billion of total MBS issuance, leading to $14 billion of net growth.

Issuance for May was up from April’s $33 billion and March 2022’s $28 billion. It supported 113,000 households, including more than 55,000 first-time homebuyers. About 75% were for new mortgages to support home purchases, as refinancing activity remains low.

Ginnie Mae also noted updates to the adoption of Single Family and Manufactured Housing Program pooling into the new Single Family Pool Delivery Module in MyGinnieMae.

The adoption will align the agency with mortgage industry standards by using the MISMO-compliant Pool Delivery Dataset.

Ginnie Mae announced two dates in the timeline for issuers to remain compliant:

• July 31: Issuers must begin pooling in SFPDM or testing their own MISMO-compliant PDD in the Validation and Testing Tool (VTT).
• Dec. 1: GinnieNET remains available to issuers until Dec. 1. After that, SFPDM will be the only application available for Single Family and Manufactured Housing pooling.

Freddie Mac Expands Affordable Housing Financing in Native American Communities

Freddie Mac launched a new mortgage product, called HeritageOne, to support Native American communities.

HeritageOne will provide financing options for single-family properties on tribal lands in rural areas, as well as financial counseling and other resources. To qualify, at least one borrower in the household–who will occupy the home as a primary residence–must be an enrolled member of a federally recognized Native American tribe.

The intent behind HeritageOne is outlined in Freddie Mac’s 2022-2024 Duty to Serve Plan, which specifically details the company’s commitment to provide housing support for tribal members in rural tracts within Indian Country.

“The limited access to affordable mortgage financing options has affected our communities for far too long and it has impacted the ability of our members to build generational wealth through homeownership,” said Tawney Brunsch, Executive Director of Lakota Funds, the first-ever Native community development financial institution on tribal lands.

LenderLogix Introduces Homebuyer Intelligence Report

LenderLogix, Buffalo, N.Y., has launched its Homebuyer Intelligence Report, which provides a quarterly summary–beginning with Q1 2023–into borrower behavior while buying homes based on data collected by the company’s suite of tools.

“Given the lack of housing inventory, borrowers and their real estate agents must have a complete picture of the borrower’s financing options to ensure they can make a highly competitive offer as quickly as possible,” said LenderLogix Co-Founder and CEO Patrick O’Brien.

Some takeaways include:

• In Q1, borrowers generated 53,281 preapproval letters through LenderLogix’s QuickQual pre-approval platform.
• The average preapproval letter generated in Q1 was for a loan amount of $292,491, and the average sales price was $334,022, resulting in an average down payment of 12.4%.
• Conventional loans were the most popular loan type for which borrowers were pre-approved (72%), followed by FHA (21%), VA (5%) and USDA (1%).
• Of the borrowers using QuickQual in Q1 2023, the average number of days between pre-approval and loan submission was 71 days.

ClearValue Consulting’s Technology Verified by Freddie Mac to Support ACE+ PDR

ClearValue Consulting, Chandler, Ariz., announced it has been verified and is in live production to support Freddie Mac’s automated collateral evaluation plus property data report solution.

The technology company can now provide appraisal management companies and lenders with a scalable, end-to-end solution supporting implementation of ACE+ PDR. Specifically, it touted ClearValue’s Sluice mobile application, which collects property data and manages orders through its Acuity vendor management system.

“Our partnership with Freddie Mac reflects our commitment to appraisal modernization while enabling our clients to increase productivity and generate more business,” said Don Juhl, CEO at ClearValue Consulting. “We are thrilled that our Acuity technology will now enable our clients to streamline property data collection while providing a better borrower experience.”

Voxtur Partners With Large FHA/VA Lender

Voxtur Analytics Corp., Tampa, Fla., announced an exclusive strategic partnership with one of the largest FHA and VA lenders in the United States to implement Voxtur’s mortgage asset trading platform, Blue Water’s new Correspondent-as-a-Service platform.

CaaS is a rules-based transaction platform that facilitates pricing, commitment, transfer and transaction of whole loans and mortgage servicing rights.

Voxtur will serve as the operating platform for pricing, trading and transacting mortgage assets for the unnamed client.

“By providing liquidity and price transparency through this platform, we expect to be able to offer additional Voxtur solutions, making it a single point of contact for the client,” said Al Qureshi, President of BlueWater, Voxtur’s capital markets business line. “We just added hundreds of additional mortgage originators to our platform. Those are sellers using our software who are also hungry for efficiency and liquidity. We are well-positioned to meet their needs and can provide a suite of services designed to elevate their processes.”