Just two days after revealing new requirements for securitized loans to veterans, the Government National Mortgage Association has restricted three issuers — including one of the biggest mortgage originators.
On Wednesday, the government-owned corporation issued All Participant Memorandum 18-04 covering new seasoning requirements on Department of Veterans Affairs-guaranteed mortgages to be securitized in Ginnie Mae pools.
The changes were required by the Economic Growth, Regulatory Relief, and Consumer Protection Act in response to refinance churning concerns.
Source: Mortgage Daily
