HECM lending increased by 5.3% on a quarterly basis in the fourth quarter of 2024. But for the full year, endorsements declined, with a downturn in production in four major states. (Includes three data tables.)
FHA-to-FHA refis increased by nearly 70% in the fourth quarter while purchase mortgage volume slid 12.4%. United Wholesale Mortgage remained the largest FHA lender in 2024.
Sharp staff cuts at FHA, VA and Ginnie Mae could lead to major problems for mortgage lenders and borrowers, according to analysts. But for now it appears to be business as usual for originations and servicing.
Delinquencies on FHA mortgages are rising much more quickly than delinquencies on conventional mortgages, though large FHA servicers don’t appear to be too concerned. Meanwhile, VA foreclosures resumed in January after a moratorium ended.
The requirements for new construction were established in a final rule issued in April 2024. The temporary waiver was prompted by executive orders from President Trump.
FHA extends foreclosure moratorium tied to LA wildfires; HUD rescinds Affirmatively Furthering Fair Housing rule; CSBS seeks Ginnie servicing reforms; RHS delays servicing changes; Rate offers complimentary, temporary insurance for first responders; bill in Senate would speed mortgage processing at Bureau of Indian Affairs.
The conventional-conforming share of first-lien originations declined from 59.2% in 2023 to 56.5% in 2024. Both government-insured products and nonconforming loans gained share. (Includes two data tables.)
Is the White House being less than forthcoming about job cuts at HUD and DOGE finding “misplaced” funds at the agency? You decide. But mortgage bankers are getting nervous.