The FHA’s Mutual Mortgage Insurance Fund is generally healthy but for its Home Equity Conversion Mortgage program, according to the latest FHA audit of the MMIF. In its 2018 report to Congress this week, the Department of Housing and Urban Development had good and bad news regarding the financial condition of the insurance fund. The good news is that the economic value of the MMIF, which backs the FHA’s single-family loan programs, increased to $34.7 billion in fiscal 2018 from $26.7 billion a year ago. Total capital resources rose to $49.2 billion from $40.9 billion during the same period. For the fourth consecutive year, the fund exceeded its statutory capital reserve ratio of 2.00 percent. The ratio rose to 2.76 percent in 2018 from 2.18 percent last year. Premium reductions, had they been in effect, would have reduced the fund’s economic net worth and dropped its capital ratio, industry ...

VA mortgage originations fell significantly in the third quarter of 2018 due to a decline in purchase loans and a sharp drop in refinancing from the previous quarter. Rising interest rates and regulatory restrictions were mostly to blame, said lenders. VA production during the third quarter was $40.2 billion, down 21.0 percent from the quarter ago. Volume in the first nine months of 2018 dropped a mere 0.7 percent from the same time period last year. Purchase loans, which comprised 75.3 percent of VA’s guaranty business, were down 12.6 percent. On the other hand, year-over-year production increased 14.0 percent. VA refinance was down 39.0 percent from the second quarter and 18.1 percent on a year-to-date basis. The decline was fueled primarily by an 80.8 percent drop in VA streamline refis or Interest Rate Reduction Refinance Loans from the second quarter. IRRRL endorsements in the third quarter ... [Charts]

The non-qualified mortgage share of Impac Mortgage Holding’s total originations has increased significantly in the past year. The nonbank lender has enhanced its marketing efforts for such loans as the volume of conventional refinances has declined. Non-QMs accounted for 40.9 percent of Impac’s $853.2 million total originations in the third quarter of 2018 compared with 11.5 percent of $2.08 billion of originations a year ago. Impac’s non-QM originations increased 45.9 percent to $349.2 million ...

A new poll being conducted by Inside Mortgage Finance/IMFnews shows that 47 percent of lenders are contemplating originating non-QM mortgages in 2019...

Back in June, Wells trimmed 400 mortgage jobs, including 63 mortgage workers in Frederick, MD.

In a recent eight-page memo outlining her priorities, Rep. Maxine Waters did not address the conservatorships of Fannie Mae and Freddie Mac…

Ginnie said the evaluation will be “similar to those employed by credit rating agencies.”

The megabank currently employs 27,000 mortgage-related workers or what it calls “team members.”

If you haven’t heard of Andrew Olmem before, it’s because he tends to keep a low profile.

The fund's value has improved, but FHA premiums will not be cut...