New Rules for Nonbank Mortgage Firms

  • February 04, 2015

A new regulation has been proposed for nonbank mortgage firms that sell and service mortgages backed by government-controlled agencies. The new minimum financial requirement will help reduce the risk for Freddie Mac, Fannie Mae, and Ginnie Mae, also known as GSEs or “government-sponsored enterprises.”
This new financial rule will make it mandatory for all sellers and servicers to maintain a net worth base of $2.5 million plus 25 basis points of the total unpaid balance for the loans each nonbank services. Organizations will also be required to maintain a minimum capital ratio of tangible net worth equal to 6% of the nonbank’s total assets.
This proposal comes as the Federal Housing Finance Agency (FHFA) continues to ensure that the national housing market is run with efficiency and resiliency in a safe manner. Lately, many irregularities in the servicing of mortgage loans have come to light in the industry.
The proposal is being escalated to stakeholders and is anticipated will be finalized in the second quarter of 2015. If all goes according to plan, the new rule will go into effect six months after it is finalized. CMG Financial meets and will continue to adhere to this new regulation for nonbank mortgage firms that sell and service loans with Freddie Mac, Fannie Mae, and Ginnie Mae.

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