In the second quarter REITs increased their investments in MBS by 9.7 percent on a sequential basis – the largest increase among any investor type tracked by IM&A.
Zandi and deRitis believe that the FHA is on track to be able to lower its mortgage insurance premiums by 50 basis points to an average of 120 basis points for total upfront and annual premiums.
A group of small and mid-sized lenders this week renewed their request to the Department of Housing and Urban Development to cut FHA’s annual premiums to improve borrower access to credit, a change that likely depends on the annual audit of the Mutual Mortgage Insurance Fund. Sources expect the next annual audit report to show further improvement in the health of the MMI Fund, which had a negative economic value of $1.3 billion in September 2013, the end of the government’s 2013 fiscal year. Beyond getting back into the black, the MMIF still must reach a 2.0 percent statutory capital reserve requirement, which the last audit predicted would occur next year. The fiscal 2014 audit report is expected...
Specialty servicer Wingspan is expected to issue a press release this week, providing some clarity about a change of control at the company and the future of its founder...
Given the wide gap between the initially unacceptable findings and the subsequent “refresh” results, some lenders may ask the FHA to discontinue its disclosure of initially unacceptable findings.
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