Refinances made up nearly 50% of the reverse mortgages originated in the second quarter of 2021. Overall volume in the HECM market increased in the first six months compared to the same period a year earlier. (Includes two data charts.)
Ginnie extends certain COVID-related exemptions; VA introduces new API; FHA upgrades its tech platform; FHA to host session for nonprofits that want to bid on distressed properties; FHA announces lender recertification training session; and NAR says student debt dampening homebuying among millennials.
HUD joins FHFA in limiting sale of REO property to investors. The plan is to make sure more affordable housing is available to private buyers and nonprofits.
In a bid to bring 100,000 new affordable homes to market for purchase or rent in the next three years, HUD will limit the sale of certain FHA-insured and HUD-owned properties to institutional investors.
As part of FHA’s ongoing outreach to industry, Julienne Joseph, deputy assistant secretary for single-family housing, released a video answering servicers’ questions on COVID-19-related loss-mitigation options.
Servicers can temporarily offer repayment plans to HECM borrowers regardless of their total outstanding arrearage. Also, servicers no longer have to wait for three years before seeking an assignment of a HECM they have cured with their own funds.
The gender gap in homeownership has shrunk drastically since 1990, but the pandemic threatens to erase this progress, particularly among the most vulnerable and families with children, Urban Institute researchers said.
The number of home mortgages in active forbearance falls; the Federal Insurance Office seeks information on climate-related financial risks for the insurance sector; FHA is hiring.
The growth gap between private mortgage insurers and insurance-in-force at FHA widened in the second quarter, Keefe, Bruyette & Woods said in a new report.
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