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HEWITT, NJ-Because of the large number of refinancings of FHA and VA mortgages, Ginnie Mae extended the final certification deadline for certain mortgage-backed securities pools back in January.
Normally the issuer has one year from the time the pool is issued to get the FHA mortgage insurance certificate or the VA loan guarantee certificate.
But because lenders were being overwhelmed and having trouble getting the certificates, Ginnie Mae issued a one-time extension for pools issued between January 1, 1998 and June 1,1998. Final certification for these pools must be obtained by July 1,1999.
This deadline is fast approaching, and Roberta Janel, president of Lindsay Associates, a consulting firm here that specializes in obtaining FHA and VA insurance certificates, is finding...