VA Subpoenas Multiple Lenders

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Posted To: MND NewsWire

Just days after Ginnie Mae issued a Request for Input seeking advice on ways to tighten its regulations in regard to VA loans, it appears the government is taking stronger action. Ginnie Mae was pointing to higher than acceptable prepayment rates among streamline refinancing VA loans included in one of its securitization programs, especially those with high loan-to-value (LTV) ratios. Politico reported on Tuesday that investigators from the Veterans Administration have been issuing subpoenas to several mortgage lenders "seeking information on delinquencies and payments." The VA has been watching the frequent serial refinancing of its loans for several years and has taken action to curtail some of the streamline refinancing, threatening to sanction some of its lenders for what it calls "churning...(read more)

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Source: http://www.mortgagen...

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