New VA endorsements declined significantly due to a sharp drop in refinance activity, but FHA volume was up slightly in the second quarter. (Includes three data charts.)
A significant shift from refi to purchase-mortgage lending shaped the ranking of Ginnie issuers in the second quarter. Securitization of modified loans, including mortgages coming out of COVID forbearance, was up sharply. (Includes four data charts.)
Borrowers can still qualify for a VA-guaranteed mortgage even if they have gaps in employment due to COVID-19. Lenders are encouraged to use "good judgement and flexibility" while verifying a borrowers income.
Plagued with years of failed technology modernization initiatives, HUD is turning things around with an IT modernization roadmap deemed a success thus far by HUD's Inspector General.
Freedom Mortgage upped its FHA/VA production thanks to big gains in retail and correspondent activity, and even claimed the top spot in broker despite a 14% downturn. (Includes data chart.)
Survey respondents said only 13% of sellers would “definitely” be likely to accept an offer from a buyer using an FHA or VA loan, compared to 66% for conventional loans.
FHA lenders funded $5.3 billion of new HECMs during the first three months of 2021, up a hefty 37.4% from the same period a year ago. (Includes two data charts.)
Both FHA and VA saw sharp declines in purchase-money endorsements in the first quarter, and the FHA actually posted a bigger gain in refinance business. (Includes three data charts.)
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