FHA is taking comments through June 24 on a draft mortgagee letter.

Home prices are slowing and an expected decline in interest rates could prompt further changes in the trajectory of home prices.

Lenders delivered $27.21 billion of purchase loans into Ginnie MBS in May, up 7.5% from the prior month.

The termination only applies to activity in the Des Moines, IA, HUD field office.

According to an analysis by Inside Mortgage Finance of data from the Home Mortgage Disclosure Act, Open Mortgage originated $480.9 million of mortgages in 2023, with FHA loans accounting for 38.6% of that volume.

Dubbed HMBS 2.0, the securitization product would give Ginnie MBS issuers a new funding mechanism to buy back loans with balances over 98%.

FHA's share of combined FHA/VA lending declined to 60.8% in the first quarter of 2024.

Applications in late May hit the lowest level seen since March.

Government-insured production increased by 11.0% compared with the fourth quarter while total first-lien originations were up 3.2% during that time.

The 30+ day delinquency rate stood at 3.09% at the end of April.