However, there’s a catch to the Ginnie number. Servicers of government product, especially depositories with a balance sheet, increasingly are buying delinquent FHA and VA loans out of MBS pools as a way to save money and possibly rehabilitate them down the road.

Fannie economists say surging refinance volumes remain the driving force in the housing market...

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So why release yet another preliminary figure? “Today’s announcement was made in connection with financial disclosures the company was required to provide to bondholders,” Rocket said in a statement. The bonds, however, are privately held.

Meanwhile, the tightening bug is loose again. The broker division of PennyMac Financial Services just told its outside loan officers, “Effective for all conventional loans with applications received on or after August 14, 2020, PennyMac is limiting self-employed borrowers to a maximum of 70% LTV/CLTV for all transactions”…

The credit facility will be used for general corporate purposes...

According to Dave Stevens, a former FHA commissioner, DPA provided by government entities, such as Chenoa, is one of the only scalable options to help those without the means to purchase a property.

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?