Ginnie Mae announces new procedures for monitoring loan data submitted by issuersMortgagePress.comGinne Mae, Government National Mortgage Association, FHA, VA,
The Government National Mortgage Association (Ginnie Mae) has
announced a new review process and electronic notice system to
ensure that all Ginnie Mae mortgages are insured or guaranteed.
Currently issuers report only loan level data to Ginnie Mae. That
data is then compared to corresponding data provided by the Federal
Housing Administration (FHA), the Department of Veterans Affairs,
or the USDA Rural Development. Under the newly-announced system,
mortgages with non-matching information will be issued monthly
notifications via the Ginnie Mae e-Access Web site.
Issuers will be responsible for monitoring and promptly
resolving such data errors. Newly-originated pools of FHA mortgages
will be reviewed monthly for non-matching loans in these pools,
while evaluations of mortgages older than six months will not begin
until December 2008. Beginning November 2008, Ginnie Mae will
evaluate loans in pools that appear "terminated," a designation for
loans that are likely uninsured or have serious data errors. For a
copy of the announcement, click here.
For more informaiton, visit www.ginniemae.gov.