Looser pooling requirements for delivering reperforming loans to Ginnie; FHA revises policy handbook; FHA updates instructions for use of GSE model forms; FHA hiring; VA revises various forms; VA offers loan review API; CHLA calls for permanent PTAP; RHS proposes loosening loss-mitigation standards.
A proposal to streamline servicing and claim requirements for FHA mortgages is in the works, along with expanded loss-mitigation options for VA servicers. VA also plans to issue a final rule on cash-out refis.
Outlook for Wells’ participation in FHA market unclear; Biden signs legislation to improve VA appraisals; MBA calls for higher fee on mortgage assumptions; VA revises forms; FHA hosting webinar on quality assurance; Rural Housing Service updates program guidelines.
Retail lending took another precipitous drop in the third quarter. But the fall is more of a return to the norm after heady days fueled by refinances. (Includes data chart.)
VA lending took the brunt of the 3Q22 downturn as its streamlined refinance business all but disappeared. Meanwhile, UWM overtook Rocket in the FHA market. (Includes three data charts.)
A VA Native American Direct Loan offers the same benefits as one from the VA home loan guaranty program but with no private lender in the middle, said John Bell of the VA Loan Guaranty Service.
Ginnie eyeing permanent emergency credit facility for nonbanks; USDA to hold training sessions on Guaranteed Underwriting System; home equity among seniors hits new record; Ginnie plans temporary business outage; Mortgage Bankers Association rustles support for VA appraisal bill; USDA expands Native American Relending Pilot program.
FHA/VA originations decreased in the second quarter though lending was up in the broker channel. PennyMac, the top government loan originator, saw declines across all three production channels. (Includes data chart.)
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