WASHINGTON–The Government National Mortgage Association (Ginnie Mae or GNMA) has issued an amendment to its mortgage-backed securities guide that removes credit unions’ categorization as non-bank mortgage lenders and recognizes CUs as insured depositories regulated by a prudential regulator.
The issue is one on which CUNA has been advocating for change in recent months.
“We thank Ginnie Mae for listening to our concerns and correcting credit unions’ categorization as non-bank mortgage lenders,” said CUNA President/CEO Jim Nussle. “This change properly recognizes credit unions’ long history of safety and soundness.”
According to CUNA, the exclusion by Ginnie Mae of credit unions from the definition of “depository institutions” and “banks” did not take into account that credit unions’ are subject to regulatory oversight, have broad and stable
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