So now the big question: Are nonbanks really that risky when compared to depositories? A few decades ago, Congress had to bail out the savings and loan industry to the tune of $150 billion.

According to a new tally from Inside Mortgage Finance, refis accounted for 47.6% of first-lien originations in 3Q19 compared to 35.9% and 35.2% in the second and first quarters, respectively.

Consultant Brian Chappelle credits FHA for taking action earlier in the year to stop risk layering on borrowers with lower credit scores.

“Acting” is a title worn by many political appointees in the current administration…

HUD’s addendum to the Uniform Residential Loan Application form is being revised to reflect regulations, ensure accuracy of borrower information, reduce lender uncertainty and maintain FHA’s ability to enforce program requirements.

In 3Q19, PennyMac Financial Services, the nation’s fifth largest home lender, earned a record $121.9 million.

Meanwhile, depository institutions shrank their Ginnie MSR by 1.9% during the third quarter.

In a TV interview, HUD Secretary Ben Carson noted: “We love the non-depository lenders but we want to normalize the market.”

And now for the big question: Where do we go from here?

The temporary measure is expected to generate billions of dollars in VA funding fees between Jan. 1, 2022, and Oct. 1, 2027. It would offset new direct spending by $86 million over the five-year period.