FHA pauses integration of Catalyst Electronic Appraisal Delivery module; VA sends proposed rule to OMB; House committee introduces bill to strengthen the Community Reinvestment Act; VA Financial Management System will be unavailable Oct. 1 to Oct. 5; Ginnie Mae to hold modernization outreach call; MBA survey shows uptick in government loan share of weekly mortgage applications.
Lenders funded $17.71 billion of home-equity conversion mortgages during the first six months of the year as housing wealth continues to grow among homeowners 62 and older. (Includes three data charts.)
Following a boom in buyout activity of FHA and VA loans from Ginnie Mae pools in the first 18 months of the COVID-19 pandemic, loan removals continue to decline. (Includes data chart.)
The trade group is backing a three-step loss-mitigation waterfall suggested by a former Ginnie president that would not require an actual buyout of the loan or an increase in the note rate.
Documentation on student loan debt forgiveness will be a key factor in the underwriting process for homebuyers benefiting from the recently announced debt relief program.
RHS finalizes new rule for single-family loan program; HUD to require unique entity identifier for FHA lenders; USDA to update guidance on default status codes; MISMO announces enhancement for industry loan application dataset; USDA introduces four new forms; HUD awards housing counseling grants.
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.