Ginnie Mae will soon announce a series of measures to resolve improper refinancing of VA loans that is causing rapid prepayments in the agency’s MBS, according to Michael Bright, Ginnie’s acting president.
Mick Mulvaney has been in charge of the CFPB all week and we’ve yet to hear one prediction that subprime mortgage lending will revive with a vengeance…
Acting Ginnie Mae president Michael Bright said the task force is examining critical issues, important data and lender behaviors related to refinancing loans…
Service members and veterans who receive unsolicited offers to refinance their VA loans with promises that may sound too good to be true should either ignore the offer or investigate further, ac-cording to the Department of Veterans Affairs and the Consumer Financial Protection Bureau.
For lenders that produce pools with inexplicably fast prepayment speeds, removal from the program is not out of the question, said Ginnie Mae's Michael Bright...
FHA single-family endorsements rose 2.0 percent in the third quarter from the prior quarter as more borrowers took out purchase loans and nonbanks remained in control of the market during the period. The FHA endorsed $62.1 billion of forward mortgages during the third quarter, which brought total production over the first nine months of 2017 to $182.7 billion (excluding reverse mortgages), a 2.5 percent decline from 2016. Fixed-rate loans continued to comprise nearly all of FHA’s business. Adjustable-rate endorsements totaled $935.3 million for the first nine months of 2017, up from $701.7 million a year ago. FHA purchase activity was up 4.4 percent to $48.5 billion in the third quarter while annual volume increased 2.6 percent from 2016. Purchase loans accounted for 73.6 percent of total FHA endorsements for the nine-month period. Of the $182.7 billion of FHA loans endorsed during the ... [Charts]
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