Ginnie Mae has further expanded its low-to-moderate income (LMI) disclosure initiative to include pool-level data for its home equity conversion mortgage (HECM) mortgage-backed securities (HMBS) program.
Ginnie Mae’s new HMBS LMI disclosures cover active loans pooled from 2012 through the present time, the firm says in a release.
This expansion continues Ginnie Mae’s work to enhance its securities disclosures, which began three years ago. Over the last year,
Ginnie Mae made a number of advancements with respect to its securities program, including producing security-level LMI disclosures across the single-family program (see here and here), and publishing the Ginnie Mae Social Impact and Sustainability Framework and updating its prospectus.
These disclosures are an integral part of Ginnie Mae’s response to increased investor interest in greater transparency into Ginnie Mae mortgages in pools, with a particular focus on meeting environmental, social, and governance (ESG) investment mandates.
“As interest in social impact investments continues to grow, Ginnie Mae is finding ways to provide more data on the underlying loans in our securities to help investors make better-informed decisions,” says Sam Valverde, principal executive vice president, Ginnie Mae, in the release. “The disclosures being released today reflect the unique impact of our HMBS program in helping to drive retirement security for lower-income households.”
The new disclosure data will be published on the sixth business day of every month for the prior month’s issuances and made available in the disclosure data download section of the Ginnie Mae website.
Earlier this month, Ginnie Mae reported that its MBS portfolio outstanding grew to $2.56 trillion in March, including $32.4 billion of total MBS issuance, leading to $12.5 billion of net growth.
March’s new MBS issuance supports the financing of more than 101,000 households, including more than 45,000 first-time homebuyers, the firm says in a release.
Approximately 68% of the March MBS issuance reflects new mortgages that support home purchases because refinance activity remained low due to higher interest rates.
The March issuance includes $31.5 billion of Ginnie Mae II MBS and $883 million of Ginnie Mae I MBS, including $793 million in loans for multifamily housing.
For the 2024 calendar year to date, Ginnie Mae has supported the pooling and securitization of more than 137,000 first-time homebuyer loans.
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