Faced with a lawsuit from a tribal housing-finance agency, HUD has delayed implementation of a new policy regarding downpayment assistance programs for at least 90 days.
Home mortgages that fail one of the basic tests to be classified as a qualified mortgage have become an increasingly large part of the agency market over the past few years, a new Inside Mortgage Finance analysis reveals. [Includes one data chart.]
To minimize credit risk in FHA’s forward mortgage portfolio, lenders have been ordered to manually underwrite loan applicants with low credit scores and high debt-to-income ratios. [Includes one data chart.]
A new report from the Consumer Financial Protection Bureau shows a dramatic shift by servicemembers who are first-time homebuyers from conventional to government-backed loans, particularly VA loans, during and after the financial crisis.
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.
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