Acting Ginnie Mae President Maren Kasper: “The RFI enables the agency to incorporate the views of a wide variety of stakeholders as we continue to refine the model, implement policy and evaluate potential risk to the U.S. housing finance system.”
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.”
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