Bright’s Confirmation Delayed. With the Senate adjourning last week for the midterm elections, Michael Bright’s confirmation as president of Ginnie Mae will have to wait. President Trump nominated Bright, executive vice president and chief operating officer, last May and he was confirmed by the Senate Committee on Banking, Housing and Urban Affairs in August. Ginnie Mae has been without a permanent head since January 2017 when former president Ted Tozer stepped down. Bright has since been acting president of the agency. Both the House and the Senate will be back on Nov. 13 for a lame-duck session. President Trump Wants 5 Percent Budget Cuts from Cabinet Agencies. President Trump has directed his Cabinet secretaries to trim 5 percent from their respective agencies’ FY2019 budget request. Some agencies can do more than 5 percent, he suggested. It is unclear which of the ...

Fun fact: Nonbanks went over the 60.0 percent threshold in Ginnie Mae market share during the third quarter.

As IMFnews went to press, multiple telephone messages and emails to 360 Mortgage had not been returned.

FHA debt-to-income ratios are also deteriorating…

IMA described the selling originator as an “independent mortgage banker with strong net worth...

The correspondent share of the market rose to 39.5 percent, the highest it has been in years...

The Department of Veterans Affairs has spiked an interim final rule on “qualified mortgages” in favor of a new separate rule establishing new QM standards.

HSBC will pay $765 million to settle charges brought by the Department of Justice...

The House bill is currently at the Senate desk, awaiting nods from Senate Banking Committee Chairman Mike Crapo, and Ranking Minority Member Sherrod Brown…

Issuers pooled $19.63 billion of FHA and VA refi loans during the third quarter, down 11.6 percent from the previous period…