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.
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.
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.