Luxury Mortgage was founded in 1996 and is currently headed by CEO David Adamo. Years ago, there was a company with a similar name headed by Michael Covino…

Currently, depository institutions account for only 14% of direct FHA lending compared with 45% in 2010.

October was also unusual because the flow of VA loans into Ginnie MBS exceeded the intake of FHA loans. That’s the first month of VA supremacy over FHA since the beginning of 2017 and perhaps in Ginnie’s history.

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.