A new initiative from Government National Mortgage Association and Federal Home Loan Bank of Chicago promises to offer credit unions an additional market for their mortgage loans.
The new effort am has been dubbed the MPF Government Mortgage-Backed Securities (MBS) and is aimed at "small issuers," which may lack access to other secondary market options, Ginnie Mae said.
"Lenders will be able to choose whether to retain or release servicing on the government loans they originate and they will have a reliable channel for selling their loans that removes hurdles low-volume originators face in today's competitive market" Ginnie Mae said.
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