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Freedom Mortgage Statement on Ginnie Mae Restriction

News

Freedom Mortgage continues to be an approved GNMA issuer, remains authorized to pool all GNMA products, and continues to be able to put VA loans into custom pools.


From the desk of Stanley Middleman:

On June 1, 2018, Ginnie Mae (GNMA) restricted Freedom Mortgage and two other GNMA issuers from using VA loans to create GNMA multi-lender pools. This restriction, beginning July 1, is for the purpose of creating prepay transparency for MBS investors. Freedom Mortgage continues to be an approved GNMA issuer, remains authorized to pool all GNMA products, and continues to be able to put VA loans into custom pools.

Freedom Mortgage stands firmly against the practice of loan churning and is committed to acting in the best interests of our nation's veterans. For this reason, we welcome the increased transparency for MBS investors, and are completely aligned with GNMA in this pursuit. Over the last several months, we have been working closely and cooperatively with GNMA to make sure that Freedom's prepay speeds are in line with other market participants.

At Freedom Mortgage, we know the value of MBS investors to our industry and have a great appreciation for the importance they bring to the mortgage system. Fortunately, the new legislation signed by President Trump last week has significantly leveled the playing field for both MSR investors and MBS investors, whose interests in slower prepay speeds are now completely aligned. We support the new legislation and commend GNMA for their diligence in protecting the MSR and MBS investor.

Freedom Mortgage will continue to be a leading GNMA issuer and servicer, and we will continue to offer the same full line of products we do now. The only true change will be enhanced transparency for the MBS investor, which will make our industry stronger. I'm delighted we will have the opportunity to demonstrate our commitment to this new level of transparency.

We believe in our veterans, and we will continue to honor their service by providing them with the best loan programs they could hope for from our industry.

Stanley Middleman
CEO
Freedom Mortgage Corporation

Media Inquiries


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Contact the general PR mailbox: Public.Relations@FreedomMortgage.com or

Ellen Longo, Vice President of Public Relations: Ellen.Longo@FreedomMortgage.com (609-678-0968)

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Recent Press Releases


INITIATIVES

January 22, 2024


Freedom Mortgage Wraps Up a Solid 2023

Despite another year of high interest rates, nationwide mortgage lender saw steady loan production and continued to expand its philanthropic efforts

INITIATIVES

November 1, 2023


Freedom Mortgage Corporation Launches Its Annual Holiday Toy Fundraising Campaign

Join the company and its employees' Nov. 1 - 28, to provide holiday gifts for children across the country through Toys for Tots, the Salvation Army, and the Children’s Hospital of Philadelphia

Awards

October 18, 2023


Freedom Mortgage Receives National Top Workplaces Culture Excellence Awards

In addition to being identified as a top place to work nationwide, Freedom Mortgage wins in Employee Well-Being and Professional Excellence

Honors

August 15, 2023


Freedom Mortgage Named in the 2023 Inc. 5000 List

Top VA and FHA lender makes prestigious Inc. 5000 list for the ninth time

Awards

July 25, 2023


Freedom Mortgage Honored with 2023 National Top Workplaces Financial Services Industry Award

Second time in a row Freedom Mortgage has been identified as a top place to work in the financial services industry