Ginnie Mae issuance of government-insured mortgage-backed securities rose a whopping 47.3 percent in the second quarter of 2015 from the previous quarter, powered by a robust FHA refinancing volume, according to an Inside FHA/VA Lending analysis of agency data. Government-backed Ginnie MBS production in the second quarter totaled $117.5 billion, up from $79.8 billion in the prior quarter. Volume year-to-date also increased by 57.7 percent from the first six months of last year. From May to June, government-backed securitization increased a modest 2.9 percent. FHA loans comprised 62.6 percent of Ginnie MBS issuance in the second quarter while VA accounted for 33.7 percent. Securitized loans with a Rural Housing Service guaranty represented 3.6 percent of total Ginnie MBS issuance during the period. FHA loan securitization was robust in the second quarter, as volume ... [ Charts ]
Overview Conference Call for Mortgagees, Servicers and Other Interested Parties. The FHA will host an industry briefing session on July 16, 2015, 2 p.m.-3 p.m., to provide an overview of the Servicing and Loss Mitigation Section of the Single-Family Policy Handbook, as outlined in the Highlights of Changes and Clarifications document. The conference call’s dial-in number is (800) 700-7784. The participant access code is 364218. USDA Performs System Maintenance. The U.S. Department of Agriculture’s mortgage guaranty system will not be functioning at full capacity from July 10-13 due to routine maintenance. Maintenance work is scheduled to begin at 2 p.m., July 10, CDT. The Guaranteed Underwriting System will be operating at a reduced level. Lenders will not be able to make final submissions or upload documents for the entire work period. In addition, the ...
In a new research note, Sterne Agee analyst Henry Coffey also voices anxiety about the fact that almost 55 percent of Walter’s stock is controlled by three investor groups.
Home prices remain below their peak levels and mortgage interest rates are well below where they were prior to the financial crisis. However, mortgage originations since 2008 have been significantly below the levels seen in years prior as tight underwriting standards have limited production. “Home prices are still very affordable by historical standards, despite increases over the last three years,” the Urban Institute’s Housing Finance Policy Center noted in a recent report. “Even if interest rates rose to 6.00 percent, affordability would be at the long term historical average.” Black Knight Financial Services added...
In short order, Wingspan faces a dilemma that many of its peers are facing: rapidly improving real estate values are snuffing out delinquencies and draining the supply of problem loans.
FBR Capital Markets analysts said the ruling allows the CFPB and the Department of Justice to retain their use of disparate impact under the Equal Credit Opportunity Act...
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