Ginnie Mae may be putting an end to the approval dry spell lender-applicants have seen of late. At least it appears to be making a solid effort.
In speaking with mortgage bankers Monday, Ginnie Mae president Ted Tozer said the agency is making moves to “triage” its application “problem” after finding that about half of those lenders to apply in the last year have not been approved, and of those that have been approved, many have yet to issue securities, according to a report by National Mortgage News.
“We really want a large issuer base,” Ginnie Mae president Ted Tozer [said].
The Ginnie Mae president, speaking on a secondary markets panel, said the agency is adding some account executives to its traditionally lean staff and hopes to push through the best prospects first, making the processing time shorter for players with complete applications and strong capital levels.In fiscal year 2011, out of 85 applications, 35 were approved, and 50 were either denied or withdrawn, Tozer said. Of the 35 approved, only 22 have issued securities.
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Written by Elizabeth Ecker