Ginnie Mae seeks industry guidance on aggressive loan churning
Ginnie Mae announced on Friday that it was considering making changes to its loan eligibility rulebook, as the government agency looks for new solutions to crack down on a continued pattern of aggressive refinancing in certain corners of the US mortgage market.
Ginnie Mae is specifically looking for input into the parameters that govern the Ginnie Mae II Multi-Issuer Program (GII MIP), which aggregates loans from a wide variety of lenders and servicers to pool into MBS.These securities have been susceptible to refinancing activity out of proportion to ...
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