Items Tagged with 'Ginnie Mae'

ARTICLES

  • MBA Secondary: FHA, Ginnie Mae, VA and USDA leaders outline policy updates

    Discuss VA churn, DACA eligibility, upgraded technology and more
    The leaders of the FHA, VA, USDA and Ginnie Mae who spoke on the government lending update panel at the MBA Secondary Conference on Tuesday are well aware that lenders and investors find working with their agencies discouragingly hard. Their session reflected the work they’re doing to change that experience, and outlined important policy revisions.
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  • VA lenders subpoenaed as investigators explore whether veterans are being overcharged for their mortgages

    Authorities look into allegations that military veterans are being aggressively pursued for refis
    At least eight lenders that issue VA loans have been hit with federal subpoenas, Politico reported Tuesday. The move commences an investigation by the Department of Veterans Affairs Office of Inspector General and the U.S. attorney in the Eastern District of New York into whether lenders are overcharging military veterans for mortgage loans – a charge that’s been hovering over the industry for nearly two years.
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  • Ginnie Mae considering changes to VA loan rules as refinances continue to soar

    Requests industry input on prevalence of VA cash-out refinances
    For more than 18 months, HUD, Ginnie Mae, and the VA have been investigating whether certain lenders are aggressively targeting service members and military veterans for quick and potentially risky refinances of their mortgages. Ginnie Mae even went so far as to issue new rules for VA loan refinances, restricting how soon a loan could be refinanced after its original origination date. And while Ginnie Mae says that those changes have made a positive impact, the agency is also now stating that more changes may be necessary to get the pervasiveness of VA loan refinances under control.
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  • Massachusetts mortgage company founder jailed for defrauding Ginnie Mae out of $2.5 million

    Mortgage Security founder Robert Pena gets 32 months in prison
    The founder and president of a defunct Massachusetts mortgage company will spend nearly three years in prison after admitting to defrauding Ginnie Mae out of approximately $2.5 million. Court documents show that starting in 2011, Mortgage Security founder Robert Pena began diverting money borrowers sent to MSI into private bank accounts, which he then used to pay for personal and business expenses.
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  • Ginnie Mae hits loanDepot with VA mortgage restrictions

    Ginnie's crackdown on loan churning continues
    Beginning February 1, loanDepot will be restricted from including its Department of Veterans Affairs single-family loans in the Ginnie Mae guarantee pools. The action comes as part of Ginnie Mae's continuing effort to control loan churning among VA loans. loanDepot said it will comply, though it disagrees with the action. Read for more details.
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  • Don’t let the upcoming Ginnie Mae stress tests stress you out

    A proactive approach will benefit your business under any market conditions
    Ten years after the housing and mortgage-market crash and subsequent reforms, there is renewed concern about the liquidity risk in the mortgage market and Ginnie Mae has suggested a series of stress tests they will be imposing on nonbank lenders in the near future. In this environment, lenders who take a proactive, rather than reactive, approach can sleep well at night knowing they are set for success in any market conditions.
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  • EXCLUSIVE: Outgoing HUD Deputy Secretary Pam Patenaude gives full support to Ginnie Mae’s Maren Kasper

    Patenaude says she has “complete confidence” in new Ginnie Mae president
    There may be a few questions about new Ginnie Mae Acting President Maren Kasper, but Kasper just received a full-throated endorsement from perhaps the most powerful woman in housing. “I have complete confidence in Maren’s ability to succeed,” outgoing HUD Deputy Secretary Pam Patenaude told HousingWire on Thursday. Click the headline to read more of HousingWire's exclusive chat with Patenaude.
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  • Who is Maren Kasper, the new head of Ginnie Mae?

    Former Roofstock director at the center of numerous issues at HUD
    Ginnie Mae said Wednesday that Maren Kasper, Ginnie Mae’s current executive vice president, will serve as acting president in Michael Bright’s absence. But what do we know about Kasper, who will soon be overseeing an agency that boasts a mortgage bond portfolio of more than $1 trillion? A look into Kasper finds housing experience, but also numerous issues during her time at HUD.
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  • The other shoe drops: Ginnie Mae head Michael Bright lands new gig at SFIG

    Named president and CEO of the Structured Finance Industry Group
    Just one day after HUD announced that Michael Bright would be stepping down as interim head of Ginnie Mae, news hit of Bright’s new gig in the private sector. The Structured Finance Industry Group, a trade advocacy group for the securities markets, announced Thursday that Bright will be servicing as its new president and CEO.
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