Issuers and servicers are impacted from a proposal for more data on new and existing loans in mortgage-backed securities that are guaranteed by the Government National Mortgage Association.
The Department of Housing and Urban Development is proposing to collect additional new data on loans included in Ginnie Mae MBS.
An acceleration in the entry of non-depository issuers into the Ginnie market was one of the factors behind the need for additional data. Also cited were regulatory and program changes.
HUD, which made the proposal in a Federal Register filing, needs to determine whether the additional information is needed for the performance of the agency — like whether the data will have practical utility and if the information collected will enhance quality, utility and clarity.
On loans backing ARM pools, the HUD Form 11705 at issuance will be a look-back period data element which will be a drop down selection of either 30 days or 45 days.
A second new data element will be completed on the HUD Form 11706 for ARMS pools only. It will include the loan origination date.
A new pool delivery data set using MISMO standard data definitions is being implemented for single-family issuances.
Among 16 additional new data points are manufactured housing required construction method type, amortization type and note date.
Down payment amount, loan modification effective date and suffix name are among new conditionally required data points.
A data category designated as optional includes construction method type on non-manufactured housing, valuation effective date, purchase price and Department of Veterans Affairs guaranty amount and percent.
Additional optional data would included the full name and curtailment data points.
On a monthly basis, Ginnie wants to collect loan-level data.
“The additional data elements are being added to provide Ginnie Mae greater oversight of its program participants and will be collected as part of the monthly reporting submission,” the filing said.
Among more than two dozen new loan-level requirements are fields about bankruptcy case information, credit scores and total mortgaged property count.
Respondents have until Feb. 9, 2015, to provide comment.
Comments should be directed to:
Ginnie Mae, 451 7th Street SW., Room B-133, Washington, D.C., 20410:
Debra Murphy, [email protected], 202.475.4923, 202.485.0225 fax
Merlene Hawkins, [email protected]; 202.475.4916, 202.485.0225
