Having mustered the rigorous screening process to determine its eligibility, Total Mortgage Services Inc. has been approved as a Government National Mortgage Association (Ginnie Mae) issuer for the GNMA I and II single-family mortgage-backed securities program, the company reports.
Now that Total Mortgage is a qualified Ginnie Mae issuer, it can pool and securitize FHA, VA and USDA mortgages, as well as expand its Ginnie Mae product offerings.
Only approved FHA lenders in good standing can become qualified Ginnie Mae issuers. As part of the screening process, firms must demonstrate their expertise in underwriting, originating and servicing mortgage loans. In addition, they must have quality control measures in place.
As an official Ginnie Mae issuer, Total Mortgage is now required to submit annual and quarterly financial reports to demonstrate its financial stability.
