FHA and VA forward endorsements continued to trend downward during the second quarter of 2022 despite an increase in purchase-mortgage business guaranteed by the two government agencies. (Includes three data charts.)
The most popular option is when another veteran assumes the VA loan and trades the benefit eligibility, said John Bell, executive director of VA’s Loan Guaranty Service.
Housing counselors can play a greater role in helping delinquent borrowers understand the menu of loss-mitigation tools, according to trade group and government officials speaking at a recent HUD conference.
Ginnie supports FHA multifamily risk-share initiative; rulemaking on private flood insurance for FHA borrowers moving forward; webinar on student loan debts and mortgage underwriting; the Community Home Lenders Association and the Community Mortgage Lenders of America merge; FHA updates multifamily guidance; VA extends recission for COVID-19 partial claim payment program; and more.
Ginnie Mae said it supports HUD’s efforts seeking legislation that would provide a permanent source of capital for housing finance agencies fostering affordable multifamily housing.
Low-balance borrowers seeking to refinance pay proportionally higher closing costs and receive a smaller reduction in interest rates, according to findings published by the Federal Reserve.
Lenders want FHA to increase the limit on fees they can charge for processing an assumable mortgage, a product expected to gain popularity in the coming months.
An increase in purchase mortgages wasn’t enough to offset ongoing declines in refi volume, pushing issuance of Ginnie MBS down 2.9% in July compared with June. (Includes two data charts.)
Changes in the housing market and economic outlook could impact how FHA officials consider whether, when and how to make changes to FHA’s mortgage insurance premium.