Two agencies of the federal government have combined forces to deal with excessive churning of mortgages that are guaranteed by the Department of Veterans Affairs.
Late last year, the Government National Mortgage Association changed its program rules to address rapid refinance and loan churning on VA mortgages.
But the issue remains a problem for Ginnie Mae and has caught the attention of Sen. Elizabeth Warren (D-Massachusetts), who sent a letter last month to Ginnie about the problem.
Source: Mortgage Daily
