Does Ginnie Mae have to approve my loan modification?
No. Unfortunately, some Servicers are incorrectly advising borrowers that Ginnie Mae must approve all loss mitigation and loan modification activities. All loan modifications must comply with the program requirements of the agency that insures or guarantees the loan and must be executed by the loan servicer. The agencies operate through loan insurance or guaranty programs that back up the borrower’s obligation to pay the mortgage loan at the loan level. Those agencies are listed in the table below.
Federal Housing Administration 888-297-8685
Veteran Affairs 877-827-3702
Rural Development 800-670-6553
Public and Indian Housing 800-561-5913
Does Ginnie Mae have a loss mitigation loan program?
No. The collateral for Ginnie Mae-guaranteed securities consists of loans insured or guaranteed by the Federal Housing Administration (FHA), Veterans Affairs (VA), Rural Development (RD), or Public and Indian Housing (PIH). It is the agency that insures or guarantees the loan that will provide loss mitigation option
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