Ginnie Mae will give more time for financial institutions to comment on a plan that would impose new risk-based capital requirements on nonbanks and clarified that the changes will not take effect this year.
Ginnie, an arm of the Department of Housing and Urban Development, said late Thursday that it will extend the comment period by 60 days to Oct. 8 on its request for input. The guarantee agency had asked for feedback on a plan to increase net worth and liquidity requirements on all financial institutions that issue Ginnie Mae securities. Ginnie initially gave lenders 30 days to respond.
The plan has sparked an outcry from mortgage lenders because it would subject nonbanks to a 10% risk-based capital ratio – with a risk weight of 250% for mortgage servicing rights.
“This extension recognizes the significance of and interest in the proposal, stakeholder requests for more time, and Ginnie Mae’s commitment to carefully considering input, analyzing data, and ensuring a collaborative comment process,” Ginnie said in a press release.
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Ginnie also said it has removed references in the plan “suggesting that revisions to existing financial requirements will take effect for calendar year 2021 audited financial statements as it may take more time to review and finalize potential changes.”
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