{"id":63069,"date":"2026-05-19T03:00:14","date_gmt":"2026-05-19T01:00:14","guid":{"rendered":"https:\/\/housesmarketplace.com\/ginnie-maes-joseph-gormley-sounds-the-alarm-on-risk-layered-fha-portfolios\/"},"modified":"2026-05-19T03:00:14","modified_gmt":"2026-05-19T01:00:14","slug":"ginnie-maes-joseph-gormley-sounds-the-alarm-on-risk-layered-fha-portfolios","status":"publish","type":"post","link":"https:\/\/housesmarketplace.com\/ru\/ginnie-maes-joseph-gormley-sounds-the-alarm-on-risk-layered-fha-portfolios\/","title":{"rendered":"Ginnie Mae\u2019s Joseph Gormley sounds the alarm on \u2018risk-layered\u2019 FHA portfolios"},"content":{"rendered":"
\n

\u0414\u0436\u0438\u043d\u043d\u0438 \u041c\u044d\u0439<\/strong> \u041f\u0440\u0435\u0437\u0438\u0434\u0435\u043d\u0442 \u0414\u0436\u043e\u0437\u0435\u0444 \u0413\u043e\u0440\u043c\u043b\u0438<\/a>, who is also serving as acting commissioner of the \u0424\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u043e\u0435 \u0436\u0438\u043b\u0438\u0449\u043d\u043e\u0435 \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u0435 <\/strong>(FHA), said the counterparties participating in Ginnie Mae\u2019s program have evolved significantly since the Great Financial Crisis, with greater exposure to independent mortgage banks (\u041c\u041c\u0411<\/a>) that have invested heavily in governance and risk management.<\/p>\n

Still, he cautioned that some \u201coutliers\u201d remain: \u201cWe can\u2019t tell you how to run your business,\u201d Gormley said during the \u0410\u0441\u0441\u043e\u0446\u0438\u0430\u0446\u0438\u044f \u0438\u043f\u043e\u0442\u0435\u0447\u043d\u044b\u0445 \u0431\u0430\u043d\u043a\u0438\u0440\u043e\u0432 <\/strong>(MBA)\u2019s Secondary and Capital Markets Conference in New York on Monday. \u201cBut we can say that we like to see companies that have a balanced portfolio.\u201d<\/p>\n

Gormley added that recent changes to the loss-mitigation waterfall in the \u0424\u0410\u0421<\/a> \u0438 U.S. Department of Veterans<\/strong> Affairs<\/strong> (\u0412\u0438\u0440\u0434\u0436\u0438\u043d\u0438\u044f<\/a>) channels have increased exposure for certain firms. Some companies, he said, acquired risk-layered portfolios with lower \u043a\u0440\u0435\u0434\u0438\u0442\u043d\u044b\u0435 \u0431\u0430\u043b\u043b\u044b<\/a>, higher debt-to-income (DTI) ratios and elevated loan-to-value (LTV) ratios \u2014 assets that can become difficult to finance or sell in stressed markets.<\/p>\n

\u201cThat\u2019s something we are keeping a careful eye on,\u201d Gormley said.<\/p>\n

He also said that \u0414\u0436\u0438\u043d\u043d\u0438 \u041c\u044d\u0439<\/a> has strengthened its oversight capabilities over the past decade through investments in technology, staffing and surveillance systems.<\/p>\n

\u201cWe\u2019ve made a lot of investments in technology over the last decade, and in human capital as well. \u2026 Our surveillance tools have improved; it\u2019s easier for us to see into that activity earlier on,\u201d Gormley said.<\/p>\n

Ginnie Mae typically requires issuers to keep delinquencies at 5% or less of their portfolio. But changes to trial payment plan (TPP) loans were putting some issuers at risk of breaching these thresholds.<\/p>\n

An internal analysis showed that almost the entire recent uptick<\/a> in FHA delinquencies could be ascribed to loans in TPP status. In response, Ginnie Mae in April temporarily removed TPP loans<\/a> from delinquency calculations \u2014 a policy Gormley expects will remain \u201cin place for a while.\u201d<\/p>\n

Servicing liquidity<\/h2>\n

To bolster \u043e\u0431\u0441\u043b\u0443\u0436\u0438\u0432\u0430\u043d\u0438\u0435<\/a> liquidity, Ginnie Mae is accelerating a loan-level transfer initiative. Currently, issuers create pools that can range from a handful to thousands of loans. But once these pools<\/a> are issued, Gormley said, there are limited circumstances when a loan would come out \u2014 including early termination, payoff, or if the loan is bought out because it becomes seriously delinquent.<\/p>\n

\u201cWe\u2019ve been working on an initiative to allow loan-level transfers in the program, and it\u2019s something we\u2019ve been increasing the velocity of change on over the last year,\u201d he said.<\/p>\n

While the legal and policy frameworks are clear, modernizing the technology remains the primary hurdle. Ginnie Mae must track final certifications on a loan-level basis and establish a final cutoff date across the program.<\/p>\n

\u201cWe\u2019ve begun some outreach to issuers to understand what burdens they would face in aligning to a single uniform standard, but that\u2019s going to be a line of work that continues on through this year,\u201d Gormley said. <\/p>\n

Gormley said there is also an ongoing effort to bifurcate acknowledgment agreements \u2014 the tri-party agreements between Ginnie Mae, an issuer and its financer.<\/p>\n

Partial claims<\/h2>\n

Ginnie Mae is also working to attach its partial claims to first-lien mortgages. Currently, a partial claim acts as a subordinate federal lien, which creates substantial hurdles. For example, subordinate liens are subject to the Show Me decision<\/a>, which requires judicial \u043a\u043e\u043d\u0444\u0438\u0441\u043a\u0430\u0446\u0438\u0438 \u0438\u043c\u0443\u0449\u0435\u0441\u0442\u0432\u0430<\/a> even in non-judicial states.<\/p>\n

\u201cNo one really can figure out how that\u2019s supposed to work,\u201d Gormley said. \u201cIt impacts our recoveries because we find that at payoff, the partial claim that\u2019s not attached is missed. It leads to a bunch of really unfortunate situations where the borrower forgot about this, and they\u2019re getting chased down by collections at the end.\u201d

Fl\u00e1via Furlan Nunes reported and wrote this article with drafting assistance from HousingWire Automation, an editorial tool that helps transform announcements and industry data into HousingWire-style news coverage.<\/em><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Ginnie Mae President Joseph Gormley, who is also serving as acting commissioner of the Federal Housing Administration (FHA), said the counterparties participating in Ginnie Mae\u2019s program have evolved significantly since the Great Financial Crisis, with greater exposure to independent mortgage banks (IMBs) that have invested heavily in governance and risk management. Still, he cautioned that […]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-63069","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nGinnie Mae\u2019s Joseph Gormley sounds the alarm on \u2018risk-layered\u2019 FHA portfolios - Houses Marketplace<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/housesmarketplace.com\/ru\/ginnie-maes-joseph-gormley-sounds-the-alarm-on-risk-layered-fha-portfolios\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ginnie Mae\u2019s Joseph Gormley sounds the alarm on \u2018risk-layered\u2019 FHA portfolios\" \/>\n<meta property=\"og:description\" content=\"Ginnie Mae President Joseph Gormley, who is also serving as acting commissioner of the Federal Housing Administration (FHA), said the counterparties participating in Ginnie Mae\u2019s program have evolved significantly since the Great Financial Crisis, with greater exposure to independent mortgage banks (IMBs) that have invested heavily in governance and risk management. 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