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.
Overall, 42.8% of government-backed loans originated in 2018 were sold to unaffiliated non-agency buyers, according to recently released Home Mortgage Disclosure Act data. The majority of sellers with at least $1.0 billion in sales were nonbanks.
Reverse mortgage lenders saw modest growth in the second quarter with a mere 3.0% increase in HECM originations. The trend in the sector remains weak, with production at the mid-year mark down 33.7% from a year ago.
Correspondent production remained the biggest source of FHA and VA loans, but the rapid growth at United Wholesale Mortgage is reshaping channel dynamics.
Following seasonal patterns, the number of FHA and VA loans in early stages of delinquency fell sharply from the fourth quarter of 2018 to early 2019. Nonbanks continued to expand their footprint, accounting for 62.2% of outstanding Ginnie single-family servicing.
The wholesale-funded broker is slowly penetrating more deeply in government lending, according to a new Inside FHA/VA Lending analysis. [Includes one data chart.]
FHA jumbo lenders ended 2018 on a sour note with total originations during the fourth quarter declining 9.7% on a sequential basis and a whopping 30.9% from a year ago. Purchase loans accounted for 74.3% of the FHA jumbo market last year. [Includes one data chart.]
Home Equity Conversion Mortgage originations declined in December-January due in part to the recent government shutdown and an overall slowdown in HECM activity, according to an analysis by Situs, Inc.
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