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Ginnie Revises Re-Pooling Rule.(Government National Mortgage Association)(Brief article)
Byline: Brian Collins
Washington-Ginnie Mae has tightened its re-pooling requirements and starting Jan. 1 all workouts must be current before the loans can be placed in a Ginnie mortgage-backed security.
The secondary market agency for government-backed loans (FHA and VA) recently reminded Ginnie Mae issuers that they can buy back loans that are at least 90 days past due without written permission from Ginnie Mae.
In addition, servicers can use special forbearance and partial claims as loss mitigation options for Federal Housing Administration loans without taking the loans out of the pool.
"The purpose of this policy is to provide issuers with sufficient flexibility to employ appropriate loss mitigation strategies for borrowers at risk of foreclosure," according to a Ginnie memorandum.
But when the one-to-four family loans are re-pooled in Ginnie Mae I and Ginnie II MBS they must be current as of the issue date of the ...
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Source: HighBeam Research, Ginnie Revises Re-Pooling Rule.(Government National Mortgage...