FHA raises large multifamily loan limits; VA moves regional loan center email systems; USDA issues standardized multifamily appraisal assignment guidance; HUD opens independent Office of Manufactured Housing Programs; USDA sets new interest rates for single-family direct home loan programs; and more.
Loan removals from Ginnie Mae MBS fell to their lowest point in at least four years as payoffs, defaults and loss mitigation all ebbed in the first quarter of 2023. (Includes data chart.)
The volume of outstanding loans in Ginnie Mae mortgage-backed securities rose 1.6% to $2.181 trillion in the first three months of 2023 as delinquency rates improved across the board. (Includes four data charts.)
Lakeview/Bayview Loan Servicing edged out Freedom Mortgage as the top servicer in the $2.1 trillion GNMA market. FHA delinquencies rose throughout the year, but the VA default rate remained subdued. (Includes four data charts.)
One of the keys for lenders facing financial difficulties is to communicate early and often with Ginnie Mae, according to the agency’s chief risk officer.
Trade groups recommended VA establish a permanent partial claim program that allows servicers to combine a partial claim with a loan modification for borrowers that need to reduce their monthly payments.
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.
If the largest servicer of HECMs couldn’t handle the financial burden posed by mandatory buyouts of the loans, what hope is there for others? FHA is being urged to make changes to HECM policies. (Includes data chart.)
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.
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