Ginnie Mae Announces Temporary Restriction Against loanDepot
January 31, 2019
Ginnie Mae has announced that a new temporary restriction has been placed on Department of Veterans Affairs (VA) single-family guaranteed loans pooled by loanDepot in Ginnie Mae pools to Ginnie Mae II custom pools only.
In issuing this ruling, Ginnie Mae stated that loanDepot wass restricted from including VA single-family guaranteed loans in Ginnie Mae I or Ginnie Mae II multi-Issuer securities. The restriction begins on Feb. 1 and extends through July 1 issuances. However, loanDepot will keep its status as an approved Ginnie Mae Issuer and is authorized to pool FHA and RHS single-family insured mortgages in all eligible Ginnie Mae pool types.
Separately, Ginnie Mae the previously announced restriction limiting Freedom Mortgage Corp. to Ginnie Mae II custom pools for VA single-family guaranteed loans will expire on March 1, at which time the company will be able to utilize the Ginnie Mae I and Ginnie Mae II multi-issuer securities programs for such loans.
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