07/15/2024
Ginnie Mae recently published a “Notes & News” memo regarding Prepayment Monitoring Activity. Pursuant to APM 17-06 and Chapter 3, Part 21 §B(1), Ginnie Mae monitors its counterparties portfolios to ensure Issuers meet acceptable risk parameters.
Ginnie Mae has observed increased prepayment activity in certain areas of its program. They will continue to monitor prepay activity and performance, and violations of requirements will proactively be addressed with Issuers.
Accordingly, Pennymac is monitoring prepayment speeds of correspondents (for all loan products) and will proactively address those exhibiting elevated speeds.
Please contact your Sales Representative with any questions.