Ginnie Mae late last week finalized its overhaul of the Ginnie Mae II mortgage-securities program, giving lender issuers new flexibility in managing servicing fees on FHA and VA loans packaged in these transactions. Since Ginnie Mae’s beginning in 1970, lender issuers have received 44 basis points in servicing compensation in these securities. While that’s significantly more than the typical 25 basis point fee earned on Fannie Mae and Freddie Mac MBSs, lenders and Ginnie