Ginnie Mae assured the mortgage industry that it would accept so-called VA orphan loans as long as they satisfy the terms of corrective legislation passed by the House Financial Services Committee recently. “As long as the mortgage loan complies with the law, we will accept it and put our guarantee on it,” said an agency spokesperson in response to an Inside FHA/VA Lending inquiry. Ginnie’s assurance provides certainty to a subset of VA loans that have been in limbo since June because they could not be delivered into Ginnie mortgage-backed securities. Lawmakers responded to industry calls for a legislative fix last week by voting overwhelmingly to approve H.R. 6737, the “Protect Affordable Mortgages for Veterans Act of 2018.” Introduced by Rep. Lee Zeldin, R-NY, the bill would eliminate the seasoning requirements in the recently enacted Dodd-Frank Act reform legislation, which conflicted with ...