The vast majority of FHA loans originated by both banks and nonbanks are securitized. Meanwhile, Banco Popular is retaining some of its FHA production in portfolio.
FHA insured about $17.1 billion in new loans under its hospital mortgage insurance program between fiscal years 2000 and 2022, the Government Accountability Office said in a new report.
House passes tax bill with LIHTC provisions; FHA finalizes rules on branch office registration requirements; HUD to hold meeting of the Manufactured Housing Consensus Committee; and other news.
Counterintuitively, the bi-merge will increase the number of credit pulls necessary to complete the average mortgage loan application. Consumers will ultimately pay for those extra pulls.
The amount of Ginnie Mae servicing outstanding increased by 1.9% in the fourth quarter. On an annual basis, servicing volume was up 8.2%. Defaults on loans in Ginnie MBS are also rising, particularly for FHA loans. (Includes four data tables.)
HUD Secretary Marcia Fudge last week indicated she’d be willing to revisit the FHA mortgage insurance policy that requires borrowers to pay premiums for the life of the loan.
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.