FHA to Unveil FY 2015 MMIF Audit Results. On Nov. 16, the FHA will release its 2015 annual report to Congress, a document that historically has included the results of the annual actuarial audit of the Mutual Mortgage Insurance Fund, or MMIF. Early in the day, Ed Golding, principal deputy assistant secretary for the Department of Housing and Urban Development’s Office of Housing, is scheduled to brief reporters on the report and take questions. As reported by Inside FHA/VA Lending, the reduction in the annual mortgage insurance premium earlier this year has put the MMIF on an accelerated path to recovery. But whether the ensuing increase in FHA production – which translates into additional premiums – will be enough to get the fund back to its statutory 2 percent capital reserve ratio remains ...
The interim guidelines modify three key areas where lender-complaints have been common, including a revision to the calculation of the owner-occupancy ratio.
The FHA has issued temporary guidelines to ease the condominium approval process and increase the number of condo projects eligible for FHA financing. The guidelines take effect immediately and will be in place for one year to give FHA enough time to write and implement a more comprehensive rule. With the issuance of the guidelines, FHA anticipates an increase in the pool of FHA-eligible condo projects, which in turn will provide more affordable housing options for first-time and low- to moderate-income borrowers. The interim guidelines modify three key areas where lender complaints have been common. First, the guidelines revise requirements for recertification of condo projects. FHA-approved condo projects require recertification after two years to ensure that the project is still in ...
The private mortgage insurance industry did more business during the third quarter than it has in any period since the housing market came unglued in early 2008 and rolled to another solid round of financial results, according to an Inside Mortgage Finance ranking and analysis. But early indicators suggest the FHA and VA government insurance programs continue to provide stiff competition in the primary MI market. While neither government agency has released new business data for the third quarter, trends in the Ginnie Mae program suggest that the private MI share of new primary coverage drifted down to 33.8 percent in the third quarter, the lowest it’s been since the beginning of 2013. Mike Zimmerman, senior VP for investor relations at Mortgage Guaranty Insurance Corp., said...[Includes three data tables]
New agency issuance of single-family MBS declined in October as a result of a slowdown in the purchase-mortgage market, according to a new Inside MBS & ABS analysis and ranking. Fannie Mae, Freddie Mac and Ginnie Mae issued a total of $107.19 billion of single-family MBS last month, a 5.6 percent slip from September’s volume. The flow of purchase mortgages securitized by the three agencies was down 9.6 percent for the month, while refinance volume was up 2.6 percent in October. Some of the strength in refi activity is...[Includes two data tables]
Overly conservative accounting, subpar servicing, lack of claims data and a desire to protect taxpayers from mortgage-related losses contributed to the material flaws in Ginnie Mae’s FY 2014 financial statements. Ginnie Mae is working to implement a recommendation by the Department of Housing and Urban Development inspector general to use generally accepted accounting principles (GAAP) in restating its 2014 financial statement and adjusting affected prior-year financials, according to Ted Tozer, president of the agency. Tozer noted...
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