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.)
Freedom Mortgage remained the top Ginnie MBS issuer in the first quarter, though third-ranked Quicken Loans posted a mighty 47% gain from the prior period. Some 57% of loans securitized by Ginnie had VA guarantees. (Includes four data charts.)
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