loanDepot Statement on Ginnie Mae Restriction
Jan 31, 2019
FOOTHILL RANCH, Calif., Jan. 31, 2019 /PRNewswire/ -- On January 30th loanDepot received notification from Ginnie Mae (GNMA) that they intend to restrict us from using Veterans Administration (VA) loans to create GNMA multi-lender pools effective February 1. loanDepot remains an approved and leading GNMA issuer and servicer, and remains authorized to pool all GNMA products, including FHA and RHS single family loans, and continues to be able to put VA loans into custom pools.
While we respectfully disagree with this action, we remain firm in our resolve to continue to serve the veteran community, as we have since our inception. In 2018 alone we helped 5,358 veterans become homeowners, an achievement for which we take great pride. Additionally, we are continuously evaluating how we can improve our performance and enhance our service, and our Voice of the Customer survey results and customer service scores speak to the level of care, concern and quality that we apply to each and every transaction.
Over the past several months, we have been working closely with GNMA to ensure that loanDepot's prepay speeds on all GNMA products are in line with other market participants. Like many valued government partners, many of our ongoing discussions with GNMA were paused as the result of the 35-day government shutdown. Now that the shutdown has ended, we look forward to furthering these conversations.
We find GNMA to be a valued partner, and believe that we are aligned in one mutual goal: to promote homeownership for all Americans. Despite this restriction, loanDepot will continue on its mission to provide our nation's veterans, active military and reservists with a variety of VA-focused loan products specifically designed to help those who have made significant sacrifices to protect our great country. Our focus on our products, exceptional customer service and value remain unchanged.
Melissa Cook | (949) 609-6504