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Volume 11 - Number 3

February 9, 2018

Downloads Available: VA Lenders with Highest Share of IRRRL: 9M17


Ginnie Targets Issuers Responsible For Rapidly Prepaying VA Loans

Ginnie Mae this week warned nine VA lenders suspected of engaging in loan churning to each develop a plan to slow the rapid pace of prepayments they have triggered in the agencys securitized loan pools. According to Ginnie, the issuers were directed individually to deliver correction action plans containing measures that could be deployed immediately to bring prepayment speeds in line with market peers. The agency told issuers they would be barred from multi-issuer pools if they do not come up with a plan. Participation would be allowed only in the agencys custom pools. The latest action builds off the Ginnie Mae/VA Loan Churn Task Force, which has been working since September to resolve the churning problem. We have an obligation to take necessary measures to prevent the lending practices of a few from impairing the performance of our multi-issuer securities, and thus raising the ... [ Chart ]

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