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November 09, 2015
Ginnie Mae expands mortgage partnership
Ginnie Mae on Monday announced an expansion in the Mortgage Partnership Finance Program that allows participants to execute a servicing-released mortgage sale to Ginnie Mae.
The MPF government mortgage-backed security product now has a servicing-released option from Nationstar Mortgage in addition to those existing servicing-released options.
Both Ginnie Mae and MPF Program said this new option will provide "greater flexibility for local community lenders that want to originate and sell their government loans into the secondary market."
Through the MPF Government MBS product, the MPF Program purchases 15- and 30-year fixed-rate mortgage loans originated by participating Federal Home Loan Bank members that are insured or guaranteed by the Federal House Administration, the Department of Veteran Affairs and the Department of Agriculture.
"Ginnie Mae's securitization of certain MPF loans will assist in reducing costs across the mortgage finance process," Carrie Hunt, NAFCU's senior vice president of government affairs and general counsel, said in the announcement, which ran on HousingWire. "We appreciate the leadership at the Atlanta, Boston, Chicago, and Des Moines FHLBs in finding ways to improve the liquidity access and flexibility for credit unions. Ultimately, this will help credit union members and by extension, the communities they serve."
The MPF government mortgage-backed security product now has a servicing-released option from Nationstar Mortgage in addition to those existing servicing-released options.
Both Ginnie Mae and MPF Program said this new option will provide "greater flexibility for local community lenders that want to originate and sell their government loans into the secondary market."
Through the MPF Government MBS product, the MPF Program purchases 15- and 30-year fixed-rate mortgage loans originated by participating Federal Home Loan Bank members that are insured or guaranteed by the Federal House Administration, the Department of Veteran Affairs and the Department of Agriculture.
"Ginnie Mae's securitization of certain MPF loans will assist in reducing costs across the mortgage finance process," Carrie Hunt, NAFCU's senior vice president of government affairs and general counsel, said in the announcement, which ran on HousingWire. "We appreciate the leadership at the Atlanta, Boston, Chicago, and Des Moines FHLBs in finding ways to improve the liquidity access and flexibility for credit unions. Ultimately, this will help credit union members and by extension, the communities they serve."
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