The latest mortgage rumor in the nation’s capital: President Biden might turn to Fannie and Freddie in an attempt to push down borrowing rates, thus aiding his reelection chances.

Based on a new proposal, it would seem that banking regulators are paying closer attention to how much money federally insured depositories are lending to nonbanks.

Mortgage lenders and servicers must process loan assumptions in accordance with regulations or could face penalties, the VA cautioned.

House and Senate leadership have agreed to a topline budget number of $773 billion in non-defense spending for fiscal 2024.

Consultant Paul Hindman may have said it best: “Hiring, then firing is just too painful.” The good news is that thanks to lower rates and the spring homebuying season approaching, originators soon may be hiring again. The bad news: It won’t be huge.

Appraisers are supposed to adjust the value of comparable properties to account for home price appreciation. FHFA found that most either don’t make these time adjustments or make them too small.

The amount of fix-and-flip properties sold in the third quarter of last year was down slightly but investors are hopeful that the market will pick up steam in 2024.

Reverse mortgage lenders funded $3.95 billion in new home equity conversion mortgages in the third quarter, a 17.9% increase from the previous period. Year to date, though, HECM endorsements lagged.

Industry participants are asking Congress to fully fund the salary and expense requests for both FHA and Ginnie Mae during the fiscal 2024 budget appropriations reconciliation.

FHA and VA lenders are gearing up for an uptick in purchase, refinance and renovation loans in the new year.