If the largest servicer of HECMs couldn’t handle the financial burden posed by mandatory buyouts of the loans, what hope is there for others? FHA is being urged to make changes to HECM policies. (Includes data chart.)
A proposal to streamline servicing and claim requirements for FHA mortgages is in the works, along with expanded loss-mitigation options for VA servicers. VA also plans to issue a final rule on cash-out refis.
Outlook for Wells’ participation in FHA market unclear; Biden signs legislation to improve VA appraisals; MBA calls for higher fee on mortgage assumptions; VA revises forms; FHA hosting webinar on quality assurance; Rural Housing Service updates program guidelines.
Rising interest rates took a bigger bite out of private MI activity than FHA business in the fourth quarter of 2022. On an annual basis, primary MI activity fell, based on agency MBS issuance, though issuance volume involving loans without MI was off by even more. (Includes two data charts.)
Ginnie’s budget increases for FY 2023; Ginnie senior vice president found to have violated the Code of Federal Relations; Ginnie aligns eNote standards with GSEs; industry-driven FHA loss-mitigation proposals include some potential changes to Ginnie’s standards.
In the lame duck session, Congress managed to pass a spending bill with funding for FHA IT modernization. A separate bill updating standards for VA appraisals also made it to President Biden’s desk.
Year-to-date, home equity conversion mortgage volume is up a dramatic 49.9% compared to last year. But volume dropped sequentially for the first time in seven quarters. (Includes three data charts.)
Real estate agents can now also act as loan officers on the same single-family mortgage transaction. But smaller lenders worry that larger competitors will wipe out referral business by hiring dual-purpose employees.