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Volume 2018 - Number 25

June 29, 2018

Nonbanks Feel the Heat as Some VA IRRRL Loans Miss The Securitization Deadline Set by Reform Legislation

Close to $500 million worth of VA Interest Rate Reduction Refinance Loans that do not meet new seasoning requirements ushered in under the recently approved Dodd-Frank reform act are in “orphan status,” causing financial headaches for the lenders that originated them.

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

 

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Poll

Who "owns" the mortgage customer that’s brought to a wholesale lender through a loan broker?

The broker. It’s his/her client.
The wholesale/table funder. They’re taking the financial risk.
The broker, but only for the first year. After that, the borrower is fair game.
Hard to answer. It’s a complicated issue.

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