Haukur Gudmundsson

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MSR Fund Investments: 7 Aspects to Consider

By Krista Cooley, Eric J. Edwardson, Haukur Gudmundsson, Lauren Pryor, Claire Gibson Ragen & Susannah L. Schmid on August 23, 2023

Posted in Fannie Mae, Freddie Mac, Ginnie Mae, Licensing, Mortgage Loan Servicing, Secondary Markets and Securitization

While residential mortgage lenders are facing tough headwinds driven by rising interest rates and low housing volume, the current market presents opportunities for savvy investors looking at mortgage servicing rights (“MSRs”). The current mortgage market is supported by non-bank mortgage originators and servicers who lack the same access to capital and liquidity as traditional banks.

Ginnie Mae Enhances LMI Disclosure, Accommodating Investor Interest in ESG

By Susannah L. Schmid & Haukur Gudmundsson on March 13, 2023

Posted in ESG, Ginnie Mae, Secondary Markets and Securitization

In early February 2023, as part of its broader mission to support and sustain the financing of affordable single family and multifamily housing for all Americans, Ginnie Mae further refined its focus on social responsibility in the mortgage-backed security (MBS) market by launching an enhanced Low-to-Moderate Income (LMI) disclosure as part of its Ginnie Mae…

Modest Improvements: Ginnie Mae’s Servicing Advance Facility Recognition

By Laurence E. Platt, Susannah L. Schmid & Haukur Gudmundsson on April 9, 2020

Posted in COVID-19, Fannie Mae, Freddie Mac, Ginnie Mae, Mortgage Loan Servicing, Secondary Markets and Securitization

Any day now, maybe even today, Ginnie Mae will announce the details on its Pass-Through Assistance Program (“PTAP”), through which Ginnie Mae will provide a liquidity facility for issuers that need help meeting their obligation as issuers to pass-through payments of regularly scheduled payments of principal and interest, regardless of whether the loans are subject to forbearance. While quickly trying to finalize PTAP program documents, on Monday April 7th, Ginnie Mae announced that it would recognize servicing advance financing facilities under its Acknowledgement Agreement. Previously, Ginnie Mae would not recognize a servicing advance receivable as an independent component of mortgage servicing rights related to loans pooled into Ginnie Mae securities (“MSRs”). This new recognition improves the ability of servicers to finance a valuable income stream, which has proven increasingly costly as the COVID-19 pandemic has greatly challenged liquidity in the housing market. But this recognition comes with limitations, which we detail below.
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