FHA is testing the Uniform Appraisal Dataset 3.6 among a select group of lenders, as Fannie Mae and Freddie Mac lenders face a mandatory implementation date.
The likelihood that a loan backed by the VA will prepay spikes sharply within the first year after origination, but in a higher rate environment, prepay speeds might be suppressed for a while.
The Mortgage Bankers Association supported the Department of Housing and Urban Development’s proposal to cease requiring a permanent steel chassis on the upper floors of a tiered manufactured structure. The National Association of Home Builders urged HUD to update its codes so the structures remained safe.
FHA and VA borrowers saw more consistent interest rates on new production regardless of their credit score, compared with borrowers who received conventional mortgages.FHA and VA borrowers saw more consistent rate outcomes regardless of their credit score, versus conventional mortgage borrowers.
The amount of FHA loans removed from Ginnie Mae securities for loss-mitigation purposes more than doubled from the first to the second quarter. Overall, repurchases from the Ginnie program declined slightly. (Includes two data charts.)
FHA serious delinquencies have spiked in recent quarters because of a reporting change implemented under a new loss-mitigation regime, but improving early-stage delinquencies could foreshadow the start of normalization.
The agency recently issued a draft policy that would allow servicers to structure FHA partial claims similarly to other servicing advances rather than as a subordinate note.
The 21st Century ROAD to Housing Act includes some initiatives meant to enhance FHA’s multifamily program, which has seen reduced usage since the pandemic.
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