The private MI industry wrote $118.2 billion of new insurance during the third quarter, coming within a whisker of matching the all-time high set 16 years ago. (Includes two data charts.)
It was a bravura performance for the FHA’s Mutual Mortgage Insurance Fund in fiscal 2019. The MMIF ended the year with a capital ratio of 4.8%, more than double the statutory minimum.
The industry’s mood at the Mortgage Bankers Association’s annual conference last week seemed optimistic. But global uncertainty with China and trade, and Brexit could cut the good times short.
Legislation was passed earlier this year to curb abuses tied to VA rapid refis but lender violations remain an issue. At least, that’s how the VA sees it. Big audits may be in the works.
Repeat homebuyers accounted for over half of the agency purchase-mortgage market in the third quarter, the first time that’s happened in a while. (Includes four data charts.)
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.
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