Issuance of Ginnie MBS declined by 8.6% on a monthly basis in October. FHA and VA volume declined at similar rates while purchase-mortgage activity held up better than refinances. (Includes two data tables.)
The Department of Housing and Urban Development plans to make permanent a pandemic-era waiver that allowed housing counselling agencies to use alternative communication methods.
A new proposal from FHA would expand the list of funding sources borrowers could use to meet their monetary investment requirements under the HECM for purchase program.
FHA wants to streamline policies allowing mortgage servicers to implement alternatives to foreclosure and update its incentive payments for the successful completion of a loss-mitigation option.
Large bank correspondent aggregators of FHA mortgages looked to firm guidelines on credit scores and LTV ratios while Fed researchers found that smaller nonbank lenders were willing to go down in credit and loan performance didn’t suffer.
White House backs conversion of commercial properties to residential housing; Community Home Lenders of America supports FHA move streamlining procedures following a loan case cancellation; HUD announces notice of sale of reverse mortgage notes; FHA extends disaster-related foreclosure moratorium in Maui; FHA manufactured housing appraisal requirements.
Beginning in 2024 cities and counties in California can adopt ordinances to let an accessory dwelling unit be sold or conveyed separately from the primary residence.
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.)
Officials from FHA, VA and USDA spoke about their plans to promote affordable homeownership at the Mortgage Bankers Association’s annual convention this week.
FHA Commissioner Julia Gordon this week returned to her hometown of Philadelphia to address attendees at the Mortgage Bankers Association’s annual convention.