Items Tagged with 'Ginnie Mae'

ARTICLES

  • Wells Fargo: Ginnie Mae warning on VA loan churning is just the beginning

    Analysts expect oversight of VA refinances to intensify
    On Thursday, 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. But according to analysts from Wells Fargo, Ginnie Mae’s threat of booting lenders from its bond program will not be the agency's last move in its effort to clean up VA loan churning.
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  • Ginnie Mae threatens to boot lenders from bond program over VA loan churning

    Steps up fight against lenders targeting veterans for quick refinances
    Ginnie Mae is turning up the heat 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 is now threatening a small number of lenders with expulsion from its primary mortgage bond program if the lenders do not address the issue.
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  • Expert warns latest Ginnie Mae regs aren't improving FHA and VA pricing as intended

    Questions remains exactly why this is happening
    Brent Nyitray, director of capital markets for iServe Residential Lending, said in an email today that loan officers are taking note of “lousy” pricing for FHA and VAs higher up in the rate stack. But, Ginnie Mae just issued new regulations to prevent serial refinances. Why isn't it leading to higher demand?
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  • Bipartisan group of senators seek more “predatory” lending protections for veterans

    Lenders would be required to show “material benefit” for VA refinances
    Over the last few months, Ginnie Mae and the Department of Veterans Affairs began looking into a segment of mortgage lenders that were aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages. But a bipartisan group of senators think both the VA and Ginnie Mae need more legal authority to stamp out the problem entirely.
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  • David Stevens: Here's the MBA view on GSE reform

    What to do about Fannie, Freddie, and even Ginnie
    [Expert commentary] In an exclusive guest post, Mortgage Bankers Association President and CEO David Stevens presents the MBA's view on the "right" reform plan for Fannie Mae, Freddie Mac, and Ginnie Mae. How much should the government be involved in the mortgage market? Stevens presents the MBA case.
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  • Ginnie Mae steps up oversight on refinances

    Also, increasing tracking and analysis of prepayment rates
    Ginnie Mae is getting the word out that it is actively monitoring the pooling activity of issuers to identify behavior that violates the latest changes to issuer policies. Namely, Ginnie Mae is changing its rules surrounding refinances after an investigation found that some lenders are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages.
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  • Congressional hearing scheduled on the future of Ginnie Mae

    HFSC set to hear testimony this Wednesday
    The House Financial Services Committee is set to hear testimony on Wednesday from the acting director of Ginnie Mae on the future of the only entity that securitizes federally insured mortgages. The hearing may give some insight into the government's plans for Fannie Mae and Freddie Mac.
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  • SIFMA voices concern about secondary market impact of rapid VA loan refinancing

    Supports Ginnie Mae, VA effort to address lenders targeting veterans
    Investors are concerned with the secondary market impact of mortgage lenders aggressively targeting servicemembers and military veterans for quick and potentially risky refinances, according to SIFMA, a prominent secondary market trade group. SIFMA voiced its concerns in a letter sent Wednesday to Ginnie Mae, which recently launched an investigation and a task force with the Department of Veterans Affairs to review a rise in rapid refinances among VA loans.
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  • Ginnie Mae, VA launch task force to look into lenders targeting veterans for quick refinances

    Comes on the heels of Ginnie Mae opening investigation
    Roughly one month ago, Ginnie Mae announced that it was launching an investigation into mortgage lenders that were aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages. Now, Ginnie Mae and the Department of Veterans Affairs are launching a task force to “address mortgage refinancing issues” surrounding VA loans.
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  • Mortgage company founder admits to defrauding Ginnie Mae out of $2.5 million

    Former president of Mortgage Security Inc. admits to diverting mortgage funds
    The founder and president of a defunct Massachusetts mortgage company pleaded guilty this week to defrauding Ginnie Mae out of approximately $2.5 million. Beginning in 2011, Robert Pena, the founder and president of Mortgage Security Inc., allegedly began diverting money that borrowers sent to MSI into private bank accounts, which he then used to pay for personal and business expenses.
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