In the past, the duty to serve rule has received a great deal of attention from manufactured housing executives who argue the GSEs are not purchasing enough of their loans.
The Golden State accounted for $19.4 billion of VA loans in Ginnie pools at the end of the nine-month period. The Old Dominion State accounted for $10.1 billion in VA loans in Ginnie MBS.
There is limited good news to report for lenders in terms of industry efforts to secure regulatory relief from a variety of rules from the CFPB. Among the good news is that the transportation funding legislation that President Obama is expected to sign shortly includes language that will grant the CFPB greater flexibility to treat a balloon loan as a “qualified mortgage” if it was extended by a community bank or creditor operating in rural or underserved areas. Other language will institute a process for banks and other stakeholders to petition the bureau to designate an area as “rural” or “underserved” for the purposes of the CFPB’s ability-to-repay rule. Another provision will expand the bureau’s ability to exempt creditors serving ...
Less than 1.0 percent of the dollar volume of jumbo mortgages originated in 2014 would have been eligible for sale to the government-sponsored enterprises based on higher GSE loan limits that are set to take effect next year in nine metro markets, according to an Inside Nonconforming Markets analysis of data from the Home Mortgage Disclosure Act. The Federal Housing Finance Agency recently announced that high-cost loan limits will increase in 39 counties next year, with limits ...
Approximately $191.8 billion in FHA-insured mortgage loans were securitized during the first nine months of 2015, surpassing the $158.1 billion of FHA loans that were placed in Ginnie Mae pools last year, agency loan-level data show. Securitized FHA purchase loans accounted for $111.7 billion of Ginnie Mae mortgage-backed securities issued over the same period. FHA refinance securitization totaled $66.8 billion. Modified FHA loans were also included in Ginnie MBS totals. The FHA loans in Ginnie MBS had an average loan-to-value ratio of 92.9 percent and an average FICO score of 677.5 percent, reflecting the single-family program’s traditional borrower base. The loans had an average debt-to-income ratio of 39.8 percent. FHA loans accounted for 19.8 percent of loans that underlie Fannie Mae, Freddie Mac and Ginnie Mae MBS. On the other hand, the same loans accounted for 41.2 percent of insured loans in ... [ 1 chart ]
Customer satisfaction tends to be higher for the VA and FHA single-family mortgage programs than for Fannie Mae and Freddie Mac, according to the J.D. Power 2015 U.S. Primary Mortgage Origination Satisfaction Survey. So-called special mortgage programs, such as FHA and VA, showed a substantial improvement in customer satisfaction in 2015 compared to last year. VA customer satisfaction averaged 818 this year, up from 805 in 2014, while FHA customer satisfaction also averaged 818, an improvement from 794 in 2015, said Craig Martin, director of mortgage practice at J.D. Power. On the other hand, overall customer satisfaction with Fannie Mae- and Freddie Mac-related mortgage originations averaged 793 in 2015, an increase of 7 points from 2014. The annual study measures customer satisfaction with mortgage origination in six areas: application/approval process ...
New foreclosure timeframes will become effective for all VA loan terminations completed on or after Jan. 4, 2016, according to a recent notice issued by the Department of Veterans Affairs. The notice provides a table of foreclosure timeframes – the number of calendar days required to complete a foreclosure – which the VA has determined to be reasonable and customary for all states. The timeframes are important in the calculation of the maximum interest payable on a foreclosure of a VA-guaranteed loan. The VA Home Loan Guaranty program offers a partial guaranty against loss to lenders who make home loans to veterans and active-duty military personnel. Agency regulations spell out the circumstances under which VA will pay loan-guaranty claims. Under VA rules, a guaranty claim can include unpaid interest for a period of up to 210 calendar days from the due date of the ...
The Federal Housing Finance Agency “should require the GSEs to be much more transparent in their risk-sharing transactions,” said the Urban Institute in a new report.
Some 66.5 percent of the loans to be included in the MBS are purchase mortgages. The mortgages have seasoned for four months, on average and none were delinquent at the time the deal was priced.
RSS