The number of Ginnie Mae loans in forbearance came in at 7.61%, down 6 bps for the week while the Fannie Mae/Freddie Mac tally declined to 3.11%, a 2 bp improvement.
The government MI is waiving a section in the handbook that reads, “Non-US citizens without lawful residency in the U.S. are not eligible for FHA-insured mortgages.”
In January of last year, the flow of VA loans into Ginnie MBS exceeded the volume of FHA loans, a trend that culminated in December, when VA accounted for 57.0% of monthly issuance.
Depository institutions saw their combined agency servicing shrink 2.5% from the third to the fourth quarter, squeezing their share of the market to 42.2%.
On Friday, Black Knight released its weekly forbearance report, declaring that 5.2% of all mortgages were in some form of relief, a 92,000 unit decline for the seven-day period ending Jan. 5. The data analytics vendor said despite what looked like positive news, it cited a “troubling slowdown in the rate of improvement.”
Late last week, Black Knight released its measurement: 2.83 million mortgages in COVID-related relief for the seven-day period ending Dec. 29. The FHA/VA (GNMA) reading increased by 11,000 units.
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