FHA delinquencies rose sharply in Puerto Rico following the devastation brought by hurricanes Maria and Irma last year. At the end of 2017, 28.8 percent of FHA mortgages on the island were at some stage of delinquency, including 15.8 percent that have fallen 90 days behind on their mortgage payments. Deutsche Bank Securities analysts believe the spike in delinquency rates overall is “a short-term phenomenon.” They noted that FHA, Fannie Mae and Freddie Mac have declared temporary moratoria on evictions and foreclosures in Puerto Rico and other hurricane-ravaged regions. Issuer exposures in devastated areas remain unclear and Ginnie Mae has not updated its MBS hurricane exposure data since October last year. In the initial disclosure, the agency reported 9.7 percent (1,066,028 loans) of its total MBS portfolio were impacted by Harvey, Irma and Maria. The affected loans’ unpaid principal ...
Ginnie Mae Announces New Issuer Disclosure File Layout. Ginnie Mae will make available a new test file layout for new issuer disclosures on Feb. 26, 2018, on its New Release Test File Download page. The new issuer disclosure file will show basic address and program information on active and inactive Ginnie issuers. The file will be published monthly and will contain data for issuers in Ginnie’s mortgage-backed securities programs for single family, multifamily, manufactured housing, and Home Equity Conversion Mortgages. The new file eliminates unnecessary fields and includes the issuer’s Ginnie program and its active/inactive status. Ginnie is planning to implement the new file in May 2018 as a replacement for the old issuer file. The final issuer file will be published in April 2018. HUD Provides Recovery Funds to U.S. Virgin Islands. The Department of Housing and Urban Affairs has ...
At yearend, 28.8 percent of FHA mortgages in Puerto Rico were in some stage of delinquency, including 15.8 percent that were 90 days or more past due. These ultra-high late-payment readings – courtesy of hurricanes Maria and Irma – have caught the attention of both Ginnie Mae and the FHA. …
Analyst Barry Habib of MBS Highway told us last week that once the yield breaks above 3.00 percent it’s only a matter of time before it hits 3.80. Just think of what that might do to the mortgage business…
The Department of Veterans Affairs is directing lenders to provide early disclosures to help borrowers seeking an Interest Rate Reduction Refinance Loan determine whether they would actually benefit from the transaction and not end up victimized by a refinancing scam.
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