The U.S. Department of Agriculture provided $19.3 billion in rural housing loan guarantees under its largest single-family housing program in FY 2017, according to the USDA Rural Housing Service. Last year’s total guarantees were $2.92 billion more than in fiscal 2016. Approximately 137,071 USDA loans were securitized in 2017. According to RHS, in October 2017, the loan guarantee upfront fee fell from 2.75 percent plus a monthly 0.5 percent fee to 1.0 percent plus an annual fee of 0.35 percent. The fee drop helped reverse a decline in obligations from the previous year, RHS noted. The average income for a Section 502 single-family guaranteed loan borrower was $59,191 in fiscal 2017, up from $57,962 in the prior fiscal year. For the lower-income Section 502 Direct program, USDA provided approximately $1.0 billion in housing loan guarantees, about $41.7 million higher than the ...
FHA delinquencies rose sharply in Puerto Rico following the devastation brought by hurricanes Maria and Irma last year. At the end of 2017, 28.8 percent of FHA mortgages on the island were at some stage of delinquency, including 15.8 percent that have fallen 90 days behind on their mortgage payments. Deutsche Bank Securities analysts believe the spike in delinquency rates overall is “a short-term phenomenon.” They noted that FHA, Fannie Mae and Freddie Mac have declared temporary moratoria on evictions and foreclosures in Puerto Rico and other hurricane-ravaged regions. Issuer exposures in devastated areas remain unclear and Ginnie Mae has not updated its MBS hurricane exposure data since October last year. In the initial disclosure, the agency reported 9.7 percent (1,066,028 loans) of its total MBS portfolio were impacted by Harvey, Irma and Maria. The affected loans’ unpaid principal ...
House Financial Services Committee Chairman Jeb Hensarling said The Mortgage Choice Act is needed because the CFPB wrote a flawed and problematic definition that grossly miscalculates points and fees...
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