The loans must meet the criteria for certain FHA Automated Data Processing codes, which Ginnie Mae outlines in its Nov. 8 memorandum.
The short-refi program, which the FHA rolled out in September, is aimed at borrowers who are underwater but current on their mortgages. To Vicki Bott, the FHA’s director of single-family programs, the short refi’s ability to be sold into a typical Ginnie Mae pool represents one of the program’s improvements over the agency’s previous efforts to help borrowers regain equity in their homes, such as Hope for Homeowners.
- A Guide to Understanding Ginnie Mae Bonds (brighthub.com)
- Ginnie Mae mortgage-backed securities have a solid record (usatoday.com)
- GNMAs – Securities That Wont Bring Down the Economy (mint.com)
- Differences Between Freddie Mac and Fannie Mae & Rules (brighthub.com)
- Mortgage Bonds Lose Ground With Home Refi Boom: Credit Markets (businessweek.com)
- The Mortgage Industry Secret that Prevents You from Getting a Loan (prweb.com)