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Volume 2017 - Number 36

September 22, 2017

Ginnie Mae-VA Task Force to Crack Down on Serial Refinance Abusers, Will Expel Program Violators

Ginnie Mae and the Department of Veterans Affairs have created a joint task force to deal with improper early refinancing of VA loans Ė a practice the agencies thought they had eliminated but which has reemerged in the last couple of weeks. The task force will be monitoring closely monthly VA refinancing data and will develop additional policies to augment the current policy, which Ginnie, in consultation with the VA, issued last year to curb churning of VA loans in its MBS. Responding to concerns raised by Sen. Elizabeth Warren, D-MA, acting Ginnie President and Chief Operations Officer Michael Bright acknowledged...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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Poll

With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.

33%

No. It’s still difficult compliance/regulatory-wise.

20%

Maybe. It’s under consideration.

33%

Not now. But things could change as 2018 progresses.

13%