Private MIs seized a bigger share of the market in 2017, even as VA rebounded strongly in the fourth quarter, an Inside Mortgage Finance analysis of the primary MI market found. Private MIs wrote $69.9 billion in new flow business in the fourth quarter, down 9.7 percent from the previous quarter. Private MI business accounted for 39.2 percent of total primary MI written in the quarter while FHA lost ground after business dropped 10.9 percent, leaving it with a reduced 33.3 percent market share for the period. After having a stellar year in 2016, VA lending eased to 24.1 percent of the primary MI market last year – still its third-best year since the financial crisis. The tiger in VA’s tank was refinance, which accounted for 44.1 percent of the agency’s lending, compared to just 9.8 percent of private ...

The volume of FHA and VA loans securitized in Ginnie Mae pools in 2017 declined from the previous year, according to an analysis of agency data. FHA loans delivered into Ginnie mortgage-backed securities last year totaled $250.5 billion, down 8.7 percent from 2016. Purchase loans comprised 69.6 percent of Ginnie MBS issuances backed by FHA loans over the 12- month period, while refinances accounted for 24.8 percent. FHA borrowers had an average FICO score of 675.3, suggesting a more traditional borrower base of first-time homebuyers and borrowers with credit issues. The FHA loans that were securitized had an average loan-to-value ratio of 92.8 percent and a debt-to-income ratio of 41.3 percent. California led all states in FHA mortgage securitization, with $39.0 billion for all of last year. FHA originations, however, dropped 16.6 percent year-over-year. The other top states in terms of ... [ charts ]

Incenter and Ferncliff Investments are advising the FDIC on the HECM auction.

Whatever happened to the “niceness” pledge that Carson wanted everyone there to take? Certainly, if there’s a need for niceness at HUD, it might be now…

Ginnie Mae is exploring the possibility of loan-level credit risk sharing with the private sector on FHA-insured loans securitized through the agency, according to a top Ginnie Mae official.

Issuance is increasing across various asset sectors, with many sponsors reporting improved pricing and growing interest from investors…

“But HUD is doing the right thing here,” said Rob Moore, a senior policy analyst at the Natural Resources Defense Council.

A few years back, Pinto and AEI unveiled a new mortgage product called the Wealth Building Home Loan, which was intended to provide an affordable mortgage option for low- and middle-income borrowers.

Acting Ginnie Mae President Michael Bright: “If they don’t have money to make principal and interest payments to investors every 20th day of the month, then Ginnie MBS are in trouble.”

An estimated $1.148 trillion of home-purchase mortgages were originated in 2017, a 10.7 percent increase from the prior year.