Will the FHFA trim cash-out refis by Fannie Mae and Freddie Mac? For now, all is quiet on the topic. In other news: HUD ushered in new regulatory changes for FHA condo financing, making it easier for borrowers and lenders.
Private mortgage insurers came close to setting an all-time record for new business written through traditional flow transactions during the second quarter. FHA and VA also posted hefty gains from the first quarter.
Earlier this year, Wells Fargo offloaded roughly $20.7 billion in Ginnie servicing rights. The buyers? A bank and a nonbank. Meanwhile, the Equifax data hack will cost upwards of $700 million in settlement costs.
Private MI captured 48.3% of insured purchase loans sold to Fannie, Freddie and Ginnie during the second quarter. Deliveries of VA loans spiked 55.5% higher from the first quarter.
A House committee last week approved a bill that would extend deductions for mortgage insurance premiums through 2020. Meanwhile, the Senate is grappling with how to address various expired tax breaks.
The company agreed to pay $32.5 million in damages to settle False Claims Act allegations tied to FHA underwriting. it admitted no wrongdoing while agreeing to stay in the program.
The legislation approved by the House of Representatives last week reauthorizing the National Flood Insurance Program through Sept. 30 is awaiting Senate action. The program's authority is scheduled to expire on May 31.
New primary mortgage insurance activity was down in the first quarter of 2019, but FHA and VA managed to expand their share of the market thanks to surging refinance business. Private MIs started the year slightly ahead of the pace in early 2018.
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