Beginning June 16, custom single-family pools in the Ginnie II program won’t be subject to the 10% concentration limit on mortgages with buydowns.

Lenders turned down 24.5% of VA refi applications in 2024, compared with 37.3% in the previous year.

The bill largely aligns with legislation approved in the House in May.

ARMs accounted for less than 1% of total FHA originations in 2024.

Ginnie MBS investors continue to have concerns about mortgages with permanent buydowns.

Guidance provided by VA in late April regarding the end of VASP lacked details on how to address timely applications that needed corrections after the deadline.

Removal activity had increased in each of the previous four quarters.

Rep. Chris Pappas, D-NH, tried to get VASP restarted until Congress passes legislation to allow for a partial claims program at VA. The effort was voted down.

"This change is necessary because VA is not set up or intended to be a mortgage loan restructuring service," said a VA spokesperson.

Correspondent production made up 46.1% of the group’s government-insured volume in the fourth quarter.