In response to the Ginnie Mae All Participant Memorandum (APM) 18-04 issued Wednesday, May 30, 2018 and VA Circular 26-18-13 issued May 25, 2018 HomeBridge is implementing the following effective Friday, June 1, 2018:
VA IRRRLs and Cash-out Refinance Transactions
All IRRRLs and cash-out transactions will require verification that the loan meets the new seasoning requirement announced in the APM prior to issuing loan docs. Ginnie Mae new seasoning requirement:
- The Note date of the new refinance loan must be on or after the later of:
- The date that is 210 days after the date on which the first monthly payment was made on the mortgage being refinanced, and
- The date on which 6 full monthly payments have been made on the mortgage being refinanced
No new closing docs can be drawn unless they meet the above criteria.
Pricing extensions will be granted on a case-by-case basis if any delays occur due to the above changes.
HomeBridge is actively working with Ginnie Mae to obtain the required clarifications and will issue an update as information becomes available.