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Ginnie sanctions lender over VA loan prepayments


Ginnie Mae announced on Thursday that it has taken action against loanDepot on grounds that its prepayment speeds on Veterans Affairs (VA) loans did not conform with the industry averages. The bond insurer announced it would restrict loanDepot’s VA loans to customs pools.

loanDepot remains an approved Ginnie issuer, and is still allowed to issue Federal Housing Administration and United States Department of Agriculture loans into regular Ginnie pools. The restriction on VA loans, however, will extend through July 1.

Ginnie took similar sanctions against other VA lenders last year to crack down on aggressive refinancing tactics.

In a statement, loanDepot said it respectfully disagreed with the decision, but would continue to serve veterans.

“In 2018 alone we helped 5,358 veterans become homeowners, an achievement for which we take great pride,” loanDepot said in a statement. The company further said that it has been in discussions with Ginnie Mae over the past several months to ensure its pre-payment averages were in line with the industry.

“Like many valued government partners, many of our ongoing discussions with GNMA [Ginnie Mae] were paused as the result of the 35-day government shutdown,” the company said. “Now that the shutdown has ended, we look forward to furthering these conversations.”


 

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