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 ]
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.
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.”
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