Ginnie Mae has expanded Disease-related adjustments to late payment penalties for the fourth time.
The exemption for some loans that should have ended at the end of January, will remain until July 31 for mortgage companies that work with the government insurance company, which is an arm of the Ministry of Housing and Urban Affairs.
“Ginnie Mae continues to work closely with lenders to ensure that our policies support efficient use and encourage effective cooperation with borrowers in efforts to reduce losses,” the statement said. Ginnie Mae Principal Executive Vice President Sam Valverde in a press release. “These expanded adjustments are a necessary response to the ongoing impact of the pandemic on the media.”
The government agency first placed the crisis in May 2020 and scheduled it to end at the end of that year. It was followed by expansion until July 31, 2021because January 31, 2022 and January 31, 2023.
The government agency also allows the use of some other audit procedures for on-site reviews to continue for now. However, Ginnie said he hopes to end these things “as soon as possible for companies whose financial years end after June 30.”
Ginnie Mae’s role is to ensure that mortgage borrowers receive payments from mortgages insured or guaranteed by other government agencies. It relies on mortgage companies to make and issue its securities.