Ginnie Mae is evaluating a new security backed by FHA home equity conversion loans that have reached balances above 98% of their maximum claim amounts.

The Mortgage Bankers Association has expressed support for FHA’s effort to update its housing rehabilitation loan program as one way to address housing supply challenges.

The Department of Housing and Urban Development watchdog in its fiscal 2024 priority recommendation report had 819 open recommendations for the agency.

Former FHA Commissioner David Stevens dies at 66; NAAHL names Sarah Brundage CEO; Ginnie hosts state housing agencies at roundtable; Ginnie files motion to dismiss TCB lawsuit; OCC to host appraisal bias hearing; and other news.

Department of Housing and Urban Development Secretary Marcia Fudge called on Congress to increase housing supply through preservation efforts, financing incentives and other means.

Marcia Fudge, secretary of the Department of Housing and Urban Development, appeared Thursday before the House Financial Services Committee.

House and Senate leadership have agreed to a topline budget number of $773 billion in non-defense spending for fiscal 2024.

Ginnie Mae guaranteed just $374.92 billion of new single-family mortgage-backed securities in 2023, its lowest in nine years. VA’s share of Ginnie activity narrowed to 37.4% from 43.3% in 2022.

Industry participants are asking Congress to fully fund the salary and expense requests for both FHA and Ginnie Mae during the fiscal 2024 budget appropriations reconciliation.

FHA and VA lenders are gearing up for an uptick in purchase, refinance and renovation loans in the new year.