Black Knight didn’t receive all of the damages it sought from PennyMac while the nonbank servicer is now free and clear to use proprietary technology that’s less expensive than Black Knight’s offerings.
The broker share of the government-insured market declined to 20.4% in the third quarter, down from 21.2% in the second quarter. (Includes data table.)
Congress extends NFIP through Feb. 2, 2024; FHA proposes updated home equity conversion mortgage assignment claims eligibility policy; FHA extends waiver on face-to-face interviews with distressed borrowers; VA extends foreclosure moratorium for Hawaii wildfires; HUD OIG reports on HUD’s top management challenges.
Overall deliveries to the GSEs fell 11.0% in October and were down 51.2% year-to-date compared to 2022. That’s largely due to the decline in refis, which are off 85% compared to the first 10 months of last year. (Includes two data tables.)
The Ginnie Mae mortgage servicing market saw a modest growth from the second to the third quarter. Overall, the performance of loans in Ginnie MBS deteriorated but the pace of serious delinquencies declined in both FHA and VA programs. (Includes four data tables.)
Declining volumes at large sellers in the third quarter shifted market share to small shops. United Wholesale Mortgage remained the top GSE loan seller during the quarter. (Includes two data charts.)
Production of Ginnie Mae single-family mortgage-backed securities saw a modest increase in the third quarter. PennyMac lost some market share in the FHA program. (Includes four data charts.)
Government-insured mortgage originations grew across all three lending channels in the second quarter, with brokers gaining market share from the correspondent channel. (Includes data chart.)
The volume of FHA loans securitized into Ginnie Mae mortgage-backed securities increased 2.3% between July and August, while VA loan production sent to Ginnie declined at a similar rate. (Includes two data charts.)