Ginnie Mae Restricts Three Issuers in VA Loan Program
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.