The Money House Inc., a full service mortgage lender, announced Monday it has received approval to be a Ginnie Mae issuer for the GNMA I and II single-family mortgage-backed securities program and Home Equity Conversion Mortgage-Backed Security.
This approval allows Moneyhouse to pool and securitize mortgage loans — FHA, VA, USDA and HECMS — and retain the servicing of those loans, the bank said.
Ginnie Mae securities are constituted from a group of mortgage loans sold to investors backed by the federal government and are viewed among the most secure investments in the global capital markets since they carry the guaranty of the United States government. Ginnie Mae guarantees investors payment of interest and principal.
“We have had our sights set on getting approved by Ginnie Mae for quite some time. This approval expands Moneyhouse’s capabilities as a mortgage lender, and allows us to better serve our retail and wholesale customers,” said David R. Levis, CEO of Moneyhouse.
“Customer support and retention is at the core of our business plan and becoming an approved Ginnie Mae issuer will allow Moneyhouse to assist our borrowers over the life of their loan,” he said.
There are currently 368 Ginnie Mae approved single-family issuers, of which approximately 200 are active, and 23 approved Ginnie Mae HMBS issuers, of which 12 are active. Moneyhouse is the 24th approved Ginnie Mae HMBS issuer.
Moneyhouse is a family-owned mortgage company founded in 1997 and the best capitalized private mortgage banker in Puerto Rico. It operates seven branches in Puerto Rico, a wholesale branch in Tulsa, Oklahoma, and a retail branch in Orlando, Florida. Moneyhouse is now the 12th largest reverse mortgage lender in the US and has originated/closed more than $1.1 billion in loans and more than 4,500 reverse mortgage loans since 2007.