Market participants welcomed the new FHA guidance that allows the use of third-party vendors as an alternative method to verify a borrower’s employment, income and assets directly with the employer and financial institutions.
Higher conforming loan limits for agency mortgage-backed securities programs didn’t do much to offset a sharp decline in total jumbo lending last year, according to a new Inside Mortgage Finance ranking and analysis. [Includes three data charts.]
The record-long government shutdown had little direct impact on mortgage lending and home sales, according to industry stakeholders. However, it may take a while before business processes return to normal, they said.
Mortgage lenders continue to fund loans even as the record-long government shutdown entered its fifth week. However, the process, particularly for FHA and VA, is much slower than a few weeks ago due to lack of funding and severely reduced staff, according to industry participants.
Ginnie Mae postponed its annual summit scheduled for Feb. 4 and 5 in Washington, DC, a casualty of the ongoing government shutdown and perhaps acting President Michael Bright’s departure.
Agency mortgage business is proceeding normally as the partial shutdown of the federal government nears two weeks. FHA processing will likely be slowed, and there are still concerns about IRS transcripts. Federal flood in-surance remains in business.
The Department of Veterans Affairs this week sought comment on an interim final rule amending its regulations on cash-out refinancing as part of its effort to prevent abusive lending practices that target VA loans and veteran borrowers.
Mortgage broker trade group introduces NAMB All-In. Genworth launches risk-based pricing engine. VA updates fee-cost schedule. Industry groups pressure Senate to confirm Trump nominee for GNMA.
Retail originations declined more than third-party production in the three major mortgage-product categories during the third quarter of 2018, according to a new analysis by Inside Mortgage Trends. Based on survey data from a broad cross-section of lenders, retail originations fell 8.8 percent from the second to the third quarter. The wholesale-broker sector was down 1.9 percent, while correspondent production posted a 1.9 percent increase. The data ... [Includes two data charts]
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