New loss-mitigation techniques helped reduce the FHA serious delinquency rate to 4.77% by the end of fiscal 2022, according to the Mutual Mortgage Insurance Fund report released last week.
All 10 of the top management challenges facing the Department of Housing and Urban Development last year, including mitigating counterparty risk to mortgage programs, remain, the HUD Inspector General reported last week.
Leaving the choice of index to the noteholder could lead to volatile payment amounts and default for the borrower as well as problems for FHA’s Mutual Mortgage Insurance Fund, the group says.
FHA moves away from the Catalyst Electronic Appraisal Delivery module; the Mortgage Bankers Association asks the Senate Finance Committee to make the mortgage insurance premium tax deduction permanent; and more.
Despite a drop in jumbo originations, servicing portfolios at many shops increased during the third quarter. Top-ranked Wells Fargo saw its jumbo servicing portfolio go up by less than 1%, while second-ranked Chase did slightly better at 2.6%. (Includes data chart.)
Stronghill Capital of Austin, TX, has launched a new residential lending division that will focus on non-qualified mortgages, non-agency jumbos and loans for investment purposes. This comes at a time when the rest of the non-agency sector is caving in.
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