{"id":70720,"date":"2018-04-06T13:48:58","date_gmt":"2018-04-06T13:48:58","guid":{"rendered":"https:\/\/one.sightlinemg.com\/navytimes\/uncategorized\/2018\/04\/06\/lenders-face-fed-punishment-amid-va-loan-churning-concerns\/"},"modified":"2026-08-08T14:38:12","modified_gmt":"2026-08-08T14:38:12","slug":"lenders-face-fed-punishment-amid-va-loan-churning-concerns","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/navytimes\/home-hq\/2018\/04\/06\/lenders-face-fed-punishment-amid-va-loan-churning-concerns\/","title":{"rendered":"Lenders face fed punishment amid VA \u2018loan churning\u2019 concerns"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Government officials have taken at least two lenders out of one of the more favorable finance programs for VA loans in an effort to curb the practice of \u201c<a href=\"https:\/\/www.militarytimes.com\/pay-benefits\/mil-money\/2018\/02\/09\/feds-put-9-lenders-on-notice-about-aggressive-misleading-va-loan-practices\/\" target=\"_blank\">loan churning<\/a>\u201d that allegedly has been <a href=\"https:\/\/www.militarytimes.com\/pay-benefits\/2018\/01\/10\/experts-va-loan-churning-can-hurt-vets-and-the-mortgage-market\/\" target=\"_blank\">hurting veterans and putting the benefit at risk<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NewDay USA has been restricted, at least temporarily, from pools of money that are open for other lenders through <a href=\"https:\/\/www.ginniemae.gov\/\" target=_blank>Ginnie Mae<\/a>, a government corporation that oversees the process for ensuring the success of the government\u2019s mortgage-backed securities guarantee. Ginnie Mae took similar action this week against Nations Lending, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-04-04\/u-s-is-said-to-restrict-lenders-in-veterans-mortgage-crackdown\" target=_blank>according to Bloomberg.com<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NewDay USA VA loans will still be placed in specialized loan pools under Ginnie Mae, but won\u2019t be mingled with other lenders, so the terms won\u2019t be as good for borrowers. Thus, one mortgage banking industry source said, the action may limit NewDay USA\u2019s ability to make loans to veterans with low credit scores; Nations Lending faces a similar fate, per Bloomberg.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cOur record is absolutely clear. NewDay does not churn veteran loans,\u201d the company said in a statement to Military Times. \u201cWe have been an outspoken supporter of measures to end the shameful practice of loan churning.\u201d<\/p>\n\n\n\t<aside class=\"smg-interstitial-link wp-block-smg-interstitial-link\">\n\t\t<a href=\"https:\/\/one.sightlinemg.com\/militarytimes\/home-hq\/2018\/01\/11\/churn-cheat-sheet-5-ways-veterans-can-steer-clear-of-refinancing-troubles\/\" class=\"smg-interstitial-link__inner\">\n\t\t\t\t\t\t\t<div class=\"smg-interstitial-link__media\">\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"225\" src=\"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/va-loan-center.jpg.jpg?w=300\" class=\"smg-interstitial-link__image wp-post-image\" alt=\"\" \/>\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"smg-interstitial-link__content\">\n\t\t\t\t<span class=\"smg-interstitial-link__kicker\">Related<\/span>\n\t\t\t\t<h3 class=\"smg-interstitial-link__title\">\u2018Churn\u2019 cheat sheet: 5 ways veterans can steer clear of refinancing troubles<\/h3>\n\t\t\t\t\t\t\t\t\t<p class=\"smg-interstitial-link__excerpt\">The problem has made its way to Capitol Hill. Some advice on how to avoid it.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/aside>\n\t\n\n\n<p class=\"wp-block-paragraph\">A response was not immediately available from Nations Lending. However, the lender\u2019s chief administrative officer provided a statement to Bloomberg noting that the company recently underwent a routine VA examination, and the company doesn\u2019t have issues with its VA loan program.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">About 99 percent of VA loans are secured into a Ginnie Mae mortgage-backed security and then sold in the secondary mortgage market with a full faith and credit guaranty from Ginnie Mae, which is also responsible for policing their program to protect against loss.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The \u201cchurn\u201c begins when VA loan users are targeted with an onslaught of mortgage-refinance solicitations, often shortly after they\u2019ve closed on a home loan. Some borrowers have been convinced to refinance their loan multiple times in a year, often with little or no financial benefit. Fees attached to the deals increase the overall loan amount each time it\u2019s refinanced.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These rapid refinances remove the loan from the Ginnie Mae pool, along with the return expected from monthly principal and interest payments. Thus, investors are less willing to pay a premium price for Ginnie Mae bonds. As bond prices fall, interest rates to borrowers increase.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ginnie Mae is continuing to take steps to ensure that loans with refinance speeds that are higher than the market norm aren\u2019t mingled with its main programs, said Michael Bright, Ginnie Mae executive vice president and chief operating officer, in a statement provided to Military Times. \u201cThis ensures the integrity of our bonds, and strengthens the support they provide to veterans and other homebuyers.\u201d<\/p>\n\n\n\t<aside class=\"smg-interstitial-link wp-block-smg-interstitial-link\">\n\t\t<a href=\"https:\/\/one.sightlinemg.com\/militarytimes\/management\/pay-benefits\/mil-money\/2018\/02\/09\/feds-put-9-lenders-on-notice-about-aggressive-misleading-va-loan-practices\/\" class=\"smg-interstitial-link__inner\">\n\t\t\t\t\t\t\t<div class=\"smg-interstitial-link__media\">\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"158\" src=\"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/loan-modification-scam-fb.jpg.jpg?w=300\" class=\"smg-interstitial-link__image wp-post-image\" alt=\"\" \/>\t\t\t\t<\/div>\n\t\t\t\t\t\t<div class=\"smg-interstitial-link__content\">\n\t\t\t\t<span class=\"smg-interstitial-link__kicker\">Related<\/span>\n\t\t\t\t<h3 class=\"smg-interstitial-link__title\">Feds put 9 lenders on notice about \u2018aggressive, misleading\u2019 VA loan practices<\/h3>\n\t\t\t\t\t\t\t\t\t<p class=\"smg-interstitial-link__excerpt\">The move comes as &#039;loan churning&#039; concerns continue, with some saying the rapid refinancing can harm both veterans and the VA program.<\/p>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/a>\n\t<\/aside>\n\t\n\n\n<p class=\"wp-block-paragraph\">\u201cRoughly one out of four customers of NewDay says they have been rejected by major banks while applying for the VA benefits they are entitled to receive,\u201d per NewDay\u2019s statement. \u201cWhen veterans cannot access their VA financial benefits, they are forced to pay much higher credit card interest rates or use extremely high interest payday lenders.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In February, Ginnie Mae put nine lenders on notice that they\u2019d be removed from the primary finance program for VA loans if they didn\u2019t stop the alleged loan churning practices. Information was not available from Ginnie Mae about whether punitive action has been taken against any of the other seven lenders. The lenders had varying deadlines for responding to the initial Ginnie Mae notification.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The move may make it more difficult for the lenders to compete in the VA loan market.<\/p>\n","protected":false},"author":7,"featured_media":26370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":9,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[101,9,26,29],"tags":[],"coauthors":[3300],"class_list":["post-70720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news-roundup","category-home-hq","category-newsletters","category-va-loan-center"],"acf":{"subheadline":"","legacy_arc_id":"3UIVXJOGWVF4LPHOALWEG4Y4YM","arc_canonical_url":"\/home-hq\/2018\/04\/06\/lenders-face-fed-punishment-amid-va-loan-churning-concerns\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"home-hq-layout","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented 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