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.

Maren Kasper graciously lauded the career staff of Ginnie, telling investors the agency is in good hands…

Mortgage “fintech” specialist Better.com is hitting the ball out of the park these days on originations. Better is based in New York...

Some of the improper fee charges were blamed on clerical errors…

Fun fact: Over the past five years, the nonbank share of the agency servicing market has almost doubled and now stands at 47.2%...

One servicing advisor told us he anticipated his clients (smaller shops) would likely take a hit of 2 to 5 bps on their MSRs, but it looks like the big boys are reporting numbers that are worse than that...

The warning comes in the wake of a Government Accountability Office report identifying weaknesses in FHA’s oversight of HECMs, particularly in monitoring, performance assessment and reporting.

Keep in mind that, Ginnie MBS is back-stopped by the full faith and credit of the U.S. government. By comparison, Fannie Mae/Freddie Mac MBS carry an “implied” guarantee.

The VA program saw the sharpest spike in refi activity, shooting up 69.7% from the second quarter.