Veterans are charged a funding fee at origination to cover the cost of administering a VA-guaranteed loan. However, certain veterans are exempt from the fee…
Although it was a relatively strong quarter for the company, the depository disclosed a $30 million “partial” charge tied to the failure of Live Well Financial, a Richmond, VA-based reverse mortgage lender that closed its doors in early May.
The figures are not adjusted for seasonal factors, and FHA/VA default rates often trend lower in the first quarter. FHA home equity conversion mortgages are not included in the data.
Back in early June, the share price of Fannie/Freddie common was rallying, reaching $3.16 (for the former) and $3.07 for the latter. If you had bought in at those prices, today you’d be looking at losses of 23.1% and 24.7%, respectively.
Like many other governmental housing agencies, CBC provides downpayment assistance through the Chenoa Fund to first-time homebuyers seeking to purchase a home with FHA financing.
The biggest chunk of the insured market was loans with private MI coverage: $78.32 billion in the second quarter, a 49.3% increase from the previous period. That broadened the private MI footprint to 42.0% of the insured agency market, up from its relatively low 41.7% share in the first quarter.
Florida, Texas, Virginia and Georgia were all relatively MI-rich, with insured loans accounting for more than 60.0% of total agency business in those states.
Mike Fontaine, CFO of Plaza Home Mortgage, said servicers can recognize significant benefits from advance financing. “When you have a Ginnie portfolio, servicing advances can be a rather large cash drain,” he said. “If you have the ability to finance that piece of it, it will provide more liquidity.”
The trade groups are calling on the Department of Housing and Urban Development to either remove FHA certifications or replace them with a straightforward lender acknowledgement of key requirements based on loan eligibility…
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