There’s a big disparity between default rates on Fannie/Freddie loans and government-insured loans in Ginnie MBS. The combined total delinquencies for the government-sponsored enterprises was 4.13%, compared with Ginnie’s 10.81%.

At the very least, refi lenders see their profit margins suffering because of the new edict. But will the GSEs (and the FHFA) hear their pleas?

The one truism about mortgage banking that everyone knows: It’s a highly cyclical business that lives and dies on two central factors, interest rates and employment.

The CFPB brought just 11 enforcement actions in 2018...

But can MBA and other outraged trade groups do anything to stop this new LLPA? “We hope to rescind it,” said MBA's Bob Broeksmit...

New VA home guaranty business continued to boom, rising 21.8% from the first quarter to a record $100.52 billion. But FHA single-family endorsements fell 5.9% to $73.19 billion over that period.

Pulling the strings behind the non-QM curtain: A giant named PIMCO...

Ginnie also announced new requirements for users of its systems...

“Many banks and nonbanks have pulled back on the aggressive lending terms and conditions they offered in the prior 12 to 18 months,” said one financial services executive...

S&P and dv01 cited concerns about how mortgage servicers and trustees are handling the reporting of non-QMs in terms of delinquency and forbearance...