It was a bravura performance for the FHA’s Mutual Mortgage Insurance Fund in fiscal 2019. The MMIF ended the year with a capital ratio of 4.8%, more than double the statutory minimum.
FHFA Director Mark Calabria: "That might be fine for a normal company, but these are companies that are in conservatorship. They’re essentially in bankruptcy.”
KBW on Ocwen: “While the company is setting up MSR [mortgage servicing rights] financing facilities, management noted returns on available MSR trended down, though the company did lower its targeted ROE [return on equity] on agency MSR to 8.5% from 9.5%."
“The purpose of this letter is to notify you of our findings, outline VA’s expectations regarding your efforts to cure noncompliance, detail what actions you might take and inform you of the actions VA will take if your curative efforts fail to bring the loans into compliance,” the correspondence reads…
October was also unusual because the flow of VA loans into Ginnie MBS exceeded the intake of FHA loans. That’s the first month of VA supremacy over FHA since the beginning of 2017 and perhaps in Ginnie’s history.
At Sept. 30, the Charlotte-based nonbank listed cash and “cash equivalents” on its balance sheet of $50.5 million, half the figure published at Dec. 31.
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