Ginnie Mae warning on VA loan churning

 

Source: Ben Lane, HousingWire

Ginnie Mae laid down the law, so to speak, in its fight against a segment of mortgage lenders that are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages.

Ginnie Mae announced that it warning a “small number” of lenders to get their Department of Veterans Affairs refinance programs under control, or they will no longer be allowed to participate in Ginnie Mae multi-issuer mortgage-backed securities.

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