HousingWire: Ginnie Mae, VA launch task force to look into lenders targeting veterans for quick refinances
Comes on the heels of Ginnie Mae opening investigation
Roughly one month ago, Ginnie Mae announced that it was launching an investigation into mortgage lenders that were aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages.
The investigation came on the heels of a letter from Sen. Elizabeth Warren, D-Massachusetts, who cited a report from the Consumer Financial Protection Bureau, which covered complaints received from veterans about Department of Veterans Affairs mortgage refinancing.
Warren's letter claimed that there may be lenders "aggressively and misleadingly marketing the refinancing of mortgages backed by the Department of Veterans Affairs, generating fees for themselves at the expense of veterans and American taxpayers."
Now, Ginnie Mae and the VA are launching a task force to "address mortgage refinancing issues" surrounding VA loans.
The task force, which is called the "Joint Ginnie Mae - VA Refinance Loan Task Force," will focus on "examining critical issues, important data and lender behaviors related to refinancing loans and will determine what program and policy changes should be made by the agencies to ensure these loans do not pose an undue risk or burden to Veterans or the American taxpayer."
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Read the full article from HousingWire here.
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