The recent government shutdown had a minimal impact on mortgage lending activity partly due to its timing. The 35-day shutdown, which began on Dec. 22, coincided with the holiday season, which is typically a slow time for the housing market.
Ginnie Mae’s plan to reduce the number of small issuers of mortgage-backed securities could increase the agency’s risk and make it harder for those issuers to remain in the program, warned the Community Home Lenders Association.
Ginnie Mae this week barred loanDepot from securitizing VA loans in Ginnie Mae I and multi-issuer pools as part of its efforts to curb loan churning and rapid prepayments.
An outline for housing finance reform released late this week by Senate Banking Committee Chair Mike Crapo, R-ID, looks a lot like the last gasp reform proposal released in 2018 by Rep. Jeb Hensarling, R-TX, the now retired chair of the House Financial Services Committee. Among other things, the proposal puts Ginnie Mae firmly in control of the government guarantee business.
The FHA/VA market continued to lean more heavily on third-party loan producers in 2018, according to a new Inside FHA/VA Lending analysis of Ginnie Mae mortgage-backed securities data. [Includes four data charts.]
The record-long government shutdown had little direct impact on mortgage lending and home sales, according to industry stakeholders. However, it may take a while before business processes return to normal, they said.
Several new appointees to the House Financial Services Committee are likely to focus on important issues in housing finance, particularly affordable housing and fair lending, based on their past experiences.
Two large lenders saw a decline in origination volumes in the fourth quarter because they weren’t willing to compete on price, officials at the firms said.
Comptroller of the Currency Joseph Otting has served as acting director of the Federal Housing Finance Agency for just shy of four weeks. But there’s one problem: His appointment may be illegal.
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