The number of Ginnie loans one-payment past due jumped 17.3% from March to June, pushing the delinquency rate for the category to 2.06%. That compared favorably to a 3.60% 30-day delinquency rate two years ago.
Multiple lenders tell Inside Mortgage Finance that, in late March, the enterprises began rejecting loans that would have been easily approved in early March.
Flagstar's gain-on-sale margin fell to 135 basis points compared to 184 bps in 1Q21. The company also reduced the asset value of its mortgage servicing portfolio...