Ginnie Mae has reduced the required minimum size for mortgage-backed securities pools with home-equity conversion mortgages from $1.0 million to $250,000.
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.)
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.
RHS finalizes new rule for single-family loan program; HUD to require unique entity identifier for FHA lenders; USDA to update guidance on default status codes; MISMO announces enhancement for industry loan application dataset; USDA introduces four new forms; HUD awards housing counseling grants.
The new standards are a result of a collaboration between Ginnie and the Federal Housing Finance Agency to align rules for their counterparties. Most of the new standards take effect Sept. 30, 2023.
Funding announced to rehabilitate certain veterans’ homes; Rural Housing Service announces regulatory waivers; share of Ginnie Mae home loans in forbearance rises; HUD to host pre-purchase counseling symposium; HUD schedules housing counseling advisory meeting; Ginnie to hold issuer training and listening session.
Chair of the House Committee on Financial Services pledges support for housing-related funding; FHA plans webinar on manufactured housing; Ginnie Mae to hold training sessions for issuers; VA to award grants providing legal services to veterans at risk of homelessness; MISMO seeks comments on life-of-loan process model; USDA updates income limits for home loan program.
Gordon sworn in as FHA commissioner; Ginnie to expand digital collateral program; FHA to present overview of its single-family purchase program; Ginnie hosts training sessions for single-family issuer pooling processes and systems; Ginnie clarifies requirements for MBS related to delinquent loan buyout eligibility; USDA to hold online training sessions for its single-family program; USDA raises interest rates for its single-family direct loan programs.
FHA restores access to Loan Review System; FHA extends post-foreclosure sales timeframe; HUD housing counseling advisory committee to meet; HUD to host webinar on HECM counseling program; Ginnie Mae to host listening session; Wells Fargo announces military spouse hiring program; USDA’s mandatory use of Guaranteed Underwriting System and Lender Loan Closing System takes effect.
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