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Volume 2018 - Number 29

August 3, 2018

Nonbanks Find Relief from VA ‘Orphan Loan’ Debacle With Term Debt, But Many are Unhappy with Agency

Originators stranded with VA ďorphan loansĒ that cannot be securitized in a Ginnie Mae MBS are finding temporary workarounds to deal with the problem, while maintaining hope for a potential solution from the government. However, few firms are holding their breath that Ginnie will come to the rescue, especially since the agency has maintained that only new legislation can solve the problem. The problem was caused by a quirk in a law aimed at preventing the churning of VA ...

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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 mortgage production down noticeably this year from 2017, how many lenders might disappear via M&A or failure during the next 12 months?

10% or less. It’s not that bad out there.

17%

11% to 25%. It’s a challenging market.

48%

25% to 40%. It’s going to be very ugly.

24%

No opinion.

11%