LINDON, Utah, Dec. 19, 2017 /PRNewswire/ -- When Ginnie Mae released their newest APM on the pooling standards for VA refinance loans on December 7th, many in the VA loan industry were eager to find out if additional restrictions would be added.
Among those interested was Eric Kandell, the CEO of Low VA Rates.
After reading through the press release announcing the APM, and the APM itself, Mr. Kandell discovered some relevant industry information buried beneath language that was a little confusing and conflicting.
In order to dispel this confusion, Mr. Kandell wrote an article that analyzes what the Ginnie Mae APM says and what that means for the VA refinance industry. Some of the most impactful discoveries he made included the new requirement for the seasoning of VA cash-out loans, the clarification on how long loans must be seasoned, and the foreshadowing of a new type of VA refinance loan.
Finally, Mr. Kandell concludes with a solution that would solve the problem of how VA refinance churn affects both Ginnie Mae bondholders and veterans. He said, "I hope they [Ginnie Mae] consider releasing guidelines that limit lenders from giving too high of a rate up front. In this scenario, the veteran would already be at a lower rate, which would prevent churning altogether."
To read Mr. Kandell's analysis of Ginnie Mae's APM 17-06, you can view the article in full on the Low VA Rates blog.
About Low VA Rates
Low VA Rates is a leading lender for VA home loans. They help both active and prior members of the United States military get great rates on their mortgage, so affordable homeownership is a reality for all servicemen and women.
For more details, please contact:
Director of Marketing
Low VA Rates
Tel: (866) 569-8272 ext. 521
SOURCE Low VA Rates