USDA lenders ramped up production in the third quarter of 2019 with a strong boost from purchase originations. More than 50% of total USDA originations were from correspondents. USDA servicing volume was up slightly from a year ago.
Ginnie Mae is now targeting mid-tier issuers and servicers for stress testing to gauge their financial strength and ability to weather adverse economic conditions.
Continuing with its efforts to curb serial refinancing, VA is set to tell certain lenders that their recent refinances may be ineligible for a guarantee, accord-ing to industry sources.
The American Legion and the Iraq and Afghanistan Veterans of America have announced their opposition to the House legislation to hike the fees charged for VA home-loan guarantees.
HUD Secretary Ben Carson faced the ire of House Democrats over delays in sending disaster recovery funds to Puerto Rico and issues related to disparate impact and risk-based pricing.
FHA insured at least $13 billion in loans to borrowers with unpaid federal tax debt, according to audit findings by the HUD inspector general. The potential loss on the problem loans could be as much as $6.1 billion, the IG said.
The Senate Appropriations Committee has directed HUD to review Ginnie Mae’s overwhelming reliance on outside contractors to perform key func-tions, including oversight, risk management and compliance.
The bank has managed to sell all securities received as collateral for a ware-house line of credit to now-defunct reverse-mortgage lender Live Well Financial.
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