The delinquency rate for FHA single-family loans pooled in Ginnie Mae mortgage-backed securities increased to 7.29% at the end of September, driven by loans in the 30 to 60 days bucket. (Includes four data charts.)
As the landscape shifts from refinances to purchase mortgages, the FHA program can be a volume generator, FHA Commissioner Julia Gordon told attendees at the annual Mortgage Bankers Association convention.
Cash-strapped nonbank servicers were less likely than banks to help borrowers through pandemic-era mortgage relief, according to a new Federal Reserve report on the CARES Act forbearance program.
The Mortgage Bankers Association suggested FHA reinstate a mortgage lender’s option to document a borrower’s previous work history through a verbal verification of employment, among other recommendations.
Ginnie Mae to ease seasoning requirements for reperforming loans, FHA proposes updating loan limits on its Title I manufactured home program, HUD proposes removing LIBOR for ARMs, and more news.
The failure of nonbanks as a sector “could spark another crisis and tear at the fabric of the economy,” said Yu Shan, assistant professor of Finance at the Whitman School of Management at Syracuse University.