Ginnie Mae asks for $30M for Salaries

By Stevie Duffin Updated on 9/25/2013

The Government mortgage program has experienced unprecedented growth the past two years and now Ginnie Mae requires to add $30 million to cover new employee salaries. This will allow the agency to hire additional staff while reducing its dependence on outside contractors.

Ginnie Mae guaranteed $413 billion of mortgage-backed securities (MBS) in fiscal year 2010 with a staff of 77 and a payroll of $11.1 million, including benefit expenses.  All of Ginnie's operational costs, including salaries, are paid for through securitization fees. Ginnie Mae actually posted $542 million in profits in 2010.

The agency is looking to increase staffing to 249 full-time positions, according to new White House budget documents. "This request would allow GNMA to increase its staff level in order to strengthen its risk management and oversight, and to move in-house some functions performed by contractors," according to budget documents.