Ocwen disclosed this warning: “Non-compliance with the laws and regulations of India or the Philippines could result in restrictions on our operations in these countries, fines, penalties or sanctions or reputational damage.”
In January, the government-sponsored enterprises and Ginnie placed their guarantees on $102.48 billion of new single-family MBS, a modest 6.9 percent decline from December.
FHA and VA single-family originations fell in the fourth quarter of 2017 due to a decline in purchase mortgage originations that was offset somewhat by an increase in refinance business. FHA endorsed $237.3 billion in forward single-family mortgages in 2017 notwithstanding an 11.9 percent drop in the fourth quarter. FHA production also dropped 7.1 percent year-over-year. Market observers attributed the decline in FHA originations to high mortgage insurance premiums, stiffer competition from private lenders’ low-downpayment programs, and a more aggressive conventional-conforming mortgage market. A new analysis by Inside Mortgage Finance also found that government-backed lending and the jumbo market saw the biggest production declines from the prior quarter. In particular, IMF’s research found that FHA, VA and U.S. Department of Agriculture rural-housing originations fell ... [Charts]