Ginnie Mae Gives 2 Lenders The Boot For VA Loan Churning


Ginnie Mae Gives NewDay USA and Nations Lending The Boot After Accusations Of VA Loan Churning

Ginnie MaeGinnie Mae is following through with its threats to punish lenders for aggressively targeting servicemembers and military veterans.
The GSE threatened lenders with expulsion from its primary mortgage bond program if the lenders do not address their abnormally high complaints of predatory lending and churning. Servicemembers and retirees have been complaining about high-pressure sales tactics for years.
Bloomberg reports that the GSE has booted NewDay USA and Nations Lending from its primary mortgage bond program:
NewDay USA and Nations Lending Corp. have been restricted effective this week from issuing Ginnie Mae bonds that are intermingled with loans from other lenders.

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