Ginnie Mae Restricts Three Issuers in VA Loan Program

Phil Hall

Jun 05, 2018

Ginnie Mae has announced that it has restricted VA single-family guaranteed loans pooled by Freedom Mortgage Corporation, SunWest Mortgage and NewDay USA in Ginnie Mae pools to Ginnie Mae II custom pools only.

According to the agency, the three issuers are restricted from including VA single-family guaranteed loans in Ginnie Mae I securities or Ginnie Mae II multi-issuer securities. However, Freedom and SunWest remain approved as Ginnie Mae issuers and remain authorized to pool FHA and RHS single family insured mortgages in all eligible Ginnie Mae pool types. The restriction for both issuers of their VA single family loans to Ginnie Mae II custom pools is effective for July 1, 2018, issuances and concludes with Jan. 1, 2019 issuances.

NewDay will remain as an approved Ginnie Mae issuer and remains authorized to pool FHA and RHS single family insured mortgages in all eligible Ginnie Mae pool types. NewDay's restriction to Ginnie Mae II custom pools commenced with its April 1, 2018 issuances and concludes with its Oct. 1, 2018 issuances.

Link copied

Published

Jun 05, 2018

Analysis and Data

Resilient Labor Market Adds 339K Jobs In May

Despite 15% increase in new jobs from April, unemployment rate rises to 3.7%.

The U.S. labor market continues to defy efforts to slow the economy, adding a surprising 339,000 jobs in May, nearly double the expectations of economists, the government said Friday. Despite the biggest increase in employment since January, the unemployment rate rose by 3 ...

Regulation and Compliance

6 Federal Agencies Seek Comment On Proposed Rule For AVMs

The rule is intended to ensure the credibility and integrity of Automated Valuation Models.

Six federal regulatory agencies on Thursday requested public comment on a proposed rule designed to ensure the credibility and integrity of models used in automated real estate valuations.  The proposed rule would implement quality control standards for automated valua...