MDMC, a national mortgage loan analysis firm that specializes in providing agency delivery services, has completed an $800 million delivery consisting of more than 7,000 seasoned loans to Ginnie Mae for an undisclosed major commercial bank, the company says.
The loans were delivered into both GNMA I and GNMA II mortgage-backed securities pools. The GNMA II portion consisted of both single and multi-issuer pools. The loans were serviced by a third party.
"We have seen a growing need among our clients in this lending environment to outsource Ginnie Mae mortgage delivery work," says Kent Loehrke, a principal at MDMC. "This is a natural extension of our delivery services."
MDMC uses proprietary programs to run loans through Fannie Mae and Freddie Mac specific edits and has now added similar programs for Ginnie Mae. This editing process reduces the likelihood of last-minute issues, MDMC says.