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Volume 7 - Number 6

March 14, 2014

FY 2015 Budget Projects MMIF is Back in the Black

The FY 2015 proposed budget is estimating a positive capital reserve of $7.8 billion for the FHA Mutual Mortgage Insurance Fund by the end of fiscal year 2014, meaning the fund will not require a mandatory appropriation from the Department of the Treasury this year, according to federal housing regulators. Last year, the president’s budget projected a $943 million Treasury subsidy to the FHA in order to meet statutory budgetary requirements but ended up requesting $1.7 billion by the end of fiscal year on Sept. 30. The latest independent actuarial audit found that the MMIF’s net worth has improved $15 billion from the previous year’s estimates, growing from negative $16.3 billion to negative $1.3 billion. In addition, the fund’s capital reserve ratio improved from negative 1.44 percent to negative 0.11 percent. The MMIF is now expected to ...

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

Do you think your shop will loosen standards over the coming three months?

Yes, but not by much.
Yes, by a lot.
Yes and, heck, we may even do non-QM lending.
No, not at all.
No and we may even tighten credit.

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