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Ginnie Mae takes steps to squash VA loan churning

First announced in May, the proposal revises the pooling eligibility requirements for VA refinances, creating new criteria for cash-out refis with loan-to-value ratios that exceed 90%.

After a three-month period to collect industry feedback on the proposed rule, the agency has announced that 90% LTV cash-outs will officially be ineligible for Ginnie Mae I Single Issuer Pools and Ginnie Mae II Multiple Issuer Pools starting November 1, 2019. Instead, these high LTV loans can be placed into a custom Ginnie Mae pool.

Permanent construction financing loans will be the only exception, Ginnie noted.

According to a release issued by the agency, the revised pooling requirement “provides global investors with increased certainty in the performance of the Ginnie Mae security, which ultimately lowers mortgage rates for all borrowers served by the program.”

Ginnie’s move coincides with steps taken by the Federal Housing Administration to limit cash-out refinances on FHA-backed loans.

Pennymac Mortgage Trust (PMT) Tops Q2 EPS by 3c

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Pennymac Mortgage Trust (NYSE: PMT ) reported Q2 EPS of $0.50, $0.03 better than the analyst estimate of $0.47.

Net income attributable to common shareholders of $38.0 million, down from $47.3 million in the prior quarter Results reflect solid performance from government-sponsored enterprise (GSE) credit risk transfer (CRT) investments and strong correspondent production Agency mortgage-backed securities (MBS) and interest rate hedges substantially offset the market-driven valuation impact on mortgage servicing rights (MSR) and excess servicing spread (ESS) investments Annualized return on average common equity of 10 percent1 Book value per common share of $20.79 at June 30, 2019, up from $20.72 at March 31, 2019

“PMT’s investments delivered solid returns in the second quarter, driven by strong fundamental performance of our credit sensitive strategies and improved correspondent production earnings,” said President and CEO David Spector. “Record production volumes this quarter accelerated the pace of capital deployment into CRT and MSRs. Lower interest rates drove fair value losses on MSR and ESS investments, which were substantially offset by gains from MBS and interest rate hedges. We are optimistic regarding our ability to continue to deploy capital into PMT’s organically created investments with accretive returns as we consider our outlook for future growth.”

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