“It’s taking us a little longer to get this done, but at the same time, we want to get it right,” Michelle Corridon, deputy director of policy at VA, said of the VA Servicing Purchase program.

Some $36.47 billion of Ginnie MBS was issued in August, essentially level compared with July.

The VA said the program was being developed within its existing regulatory authority, which means the Administrative Procedures Act would not apply.

Many smaller lenders can’t access the Ginnie platform because its eligibility standards require issuers to have “huge volumes,” Ginnie President Alanna McCargo noted.

The uptick was more pronounced for FHA mortgages.

Ginnie issuance increased by 33.7% on a quarterly basis in the second quarter.

The correspondent channel captured 49.1% of originations in the first quarter, up from a 47.3% share in the previous quarter.

Currently, lenders log into a UI and enter data manually, which can lead to errors.

Ginnie Mae MBS issuance increased by 3.3% on a monthly basis in May.

The Mortgage Bankers Association and the Housing Policy Council asked the Department of Veterans Affairs to carefully consider the specifics of a new loss-mitigation program.