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Developing Worries Over VA Financial loan Churning

Posted To: MND NewsWire

A Ginnie Mae official explained to Congress this week that his company has developing worries in excess of the incidence of “mortgage churning” in the VA house loan program. Michel R. Vivid, Ginnie Mae’s Govt Vice President and COO was amongst four house loan marketplace specialists testifying about the concern to the Household Committee on Veterans Affairs on Wednesday. Vivid claimed due to the fact the mortgage churn dilemma turned apparent, Ginnie Mae has understood it could in the end harm borrowers in the variety of increased desire rates and has the possible to result in challenges with buyers that could spill in excess of into FHA and USDA mortgage courses as effectively. Beginning in early 2016, the company and its buyers famous mortgage prepayment rates were being raising and serial refinancings were being transpiring with better frequency in the VA mortgages Ginnie Mae guarantees…(go through additional)

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