Lenders originated home loans that included primary mortgage insurance at a hectic pace during the second quarter of 2016, according to a new Inside Mortgage Finance ranking and analysis. A whopping $196.23 billion of new mortgage originations carried private MI during the second quarter, including significant increases in both private MI and government-insured mortgage insurance. That was up 34.1 percent from the first three months of 2016, and represented the biggest quarterly total on record. Private MI posted...[Includes three data tables]
The agency single-family MBS market gained speed for the sixth consecutive month in July and appeared on track to top last year’s annual total by the time 2016 is over. According to a new Inside MBS & ABS analysis and ranking, Fannie Mae, Freddie Mac and Ginnie Mae produced a hefty $129.30 billion of new single-family MBS in July. That was up 7.7 percent from June and represented the biggest month in new issuance since August 2013. While the year-to-date totals were still slightly below the volume produced in the first seven months of 2015, this year’s market probably hasn’t...[Includes two data tables]
The Consumer Financial Protection Bureau is not proposing any additional cure provisions in its proposed rule to update and clarify certain aspects of its Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure rule, known as TRID. The TRID 2.0 proposed rule was released late last week. Former CFPB official Quyen Truong, now a partner in the Washington, DC, office of the Stroock & Stroock & Lavan LLP law firm, told...
Despite quickening refinance activity, the FHA single-family market soared over the $1 trillion mark in loans pooled in Ginnie Mae mortgage-backed securities during the second quarter of 2016, according to a new Inside FHA/VA Lending analysis. A record $1.001 trillion of FHA single-family loans made up the lion’s share of collateral backing Ginnie MBS as of the end of June. That was a 1.3 percent increase from the previous quarter and a 5.5 percent gain from the midway point in 2015. Steady growth in FHA loans helped push Ginnie single-family MBS to $1.576 trillion outstanding, topping Freddie Mac for second place in the agency market. The VA loan guaranty program was still the fastest-growing corner of the government-insured market, with total VA loans in Ginnie pools up 3.8 percent from March and 16.7 percent higher than a year ago. The actual amount of FHA and VA loans outstanding is somewhat ... [ 4 charts ]
The FHA and VA are expanding their guarantees to residential properties with superior PACE (Property Assessed Clean Energy) liens, but certain clarifications must be made before the market will really open up, according to legal experts. Under newly issued guidance, the FHA and the VA will begin insuring mortgages on qualified residential properties encumbered by PACE liens in support of a White House initiative to make clean energy and energy upgrades available to low- and moderate-income homeowners. PACE programs are available in 19 states and in the District of Columbia and have enabling legislation in 32 states, plus Washington, DC. Such programs provide financing for home improvements that enable homeowners to make energy and water use more efficient and less costly. The financing, however, is not like a traditional loan product. Homeowners repay the PACE financing through a ...
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