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.)

Lenders were particularly happy about the increases in FHA’s budget.

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.

The top three HECM lenders through the first nine months of 2022: American Advisors Group, Mutual of Omaha Mortgage and Finance of America...

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.

Under FHA’s index approach, loan limits would be based on a yearly analysis of prices and Census bureau property data.

Senate passes VA home loan benefit legislation; FHA allows HECM property charges repayment plan; FHA lenders can continue face-to-face interview alternatives; VA releases new loan review API; and more.

However, lender employees with a direct impact on a mortgage approval decision may not have multiple roles on FHA deals...