The HUD Office of Inspector General said Carrington and MidFirst improperly set FHA foreclosures in motion for borrowers who were still under review, and ultimately qualified for loss-mitigation options, placing unnecessary hardship on the borrowers and creating risks for HUD.
Continuing resolution holds funding for HUD at FY 2024 levels; Rural Development retracts authority for noncitizens to apply for single-family guaranteed loans; VA Loan Guaranty Service posts FAQs.
The Ginnie Mae market continued to retreat in February. Most securitizers lost volume and PennyMac retained its top spot despite a 29.4% decline in issuance volume. (Includes two data tables.)
Sharp staff cuts at FHA, VA and Ginnie Mae could lead to major problems for mortgage lenders and borrowers, according to analysts. But for now it appears to be business as usual for originations and servicing.
Delinquencies on FHA mortgages are rising much more quickly than delinquencies on conventional mortgages, though large FHA servicers don’t appear to be too concerned. Meanwhile, VA foreclosures resumed in January after a moratorium ended.
The requirements for new construction were established in a final rule issued in April 2024. The temporary waiver was prompted by executive orders from President Trump.
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