A significant drop in the VA refinance market in the first quarter is proof that Ginnie Mae’s anti-churning policy has been effective in curbing serial refinancing of VA loans, according to agency officials at the recent VA Lenders Conference in Kansas City, MO. A hefty 42.7 percent decline in VA refi volume during the first three months of 2017 reflects an apparently successful effort by Ginnie to stop the practice of refinancing VA loans within six months of closing. By comparison, securitization of VA purchase loans fell 17.3 percent from the fourth quarter. John Getchis, senior vice president at Ginnie, said...
Freddie Mac introduced a curriculum to help potential manufactured homebuyers in Kentucky get a mortgage and is now looking to increase lender participation in the program. The GSE partnered with Next Step Network, a housing intermediary based in Louisville, and three nonprofit housing counseling agencies to create the online education curriculum aimed at better preparing Kentucky homebuyers with blemished credit histories. Since the initiative was rolled out...
And now the obvious questions becomes: where does Ocwen go from here? The company can’t possibly be sold because of all the outstanding lawsuits and “legacy” problems...
The secondary market in agency mortgage servicing rights cooled off in the first quarter of 2017 after a hectic end to 2016, according to an exclusive analysis and ranking by Inside Mortgage Trends. A total of $109.78 billion of agency MSR changed hands during the first three months of the year, down 32.9 percent from the fourth quarter of 2016. Part of that was due to a 26.2 percent decline in new business volume at Fannie Mae, Freddie Mac and Ginnie ... [Includes three data charts]
The problem with the perceived appraiser shortage is not whether VA has enough appraisers but whether there are enough of them in areas where appraisal demands are greater, according to a ranking member of the VA Fee Panel of the Department of Veterans Affairs. As of April 8, 2017, the Fee Panel had 5,006 licensed and certified appraisers working in the eight regional loan centers (RLC) that administer the VA Home Loan Guaranty program, said Kevin Eason, valuation officer with the Denver RLC. Last year, 553 new appraisers were appointed to the panel, whose members accept VA appraisal assignments on a rotating basis. Speaking last week at the annual VA Lenders Conference in Kansas City, MO, Eason noted...
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