Reverse mortgage lenders funded $3.95 billion in new home equity conversion mortgages in the third quarter, a 17.9% increase from the previous period. Year to date, though, HECM endorsements lagged.
Endorsements of FHA and VA insured loans increased by 9.2% in the third quarter while total first-lien originations declined. (Includes three data tables.)
Some $30.43 billion in Ginnie Mae mortgage-backed securities was issued last month. FHA volume held up better than VA activity. (Includes two data tables.)
With a healthy reading on FHA’s Mutual Mortgage Insurance Fund, lender trade groups want further changes to FHA’s mortgage insurance premium policy. (Includes data table.)
Large bank correspondent aggregators of FHA mortgages looked to firm guidelines on credit scores and LTV ratios while Fed researchers found that smaller nonbank lenders were willing to go down in credit and loan performance didn’t suffer.
FHA Commissioner Julia Gordon this week returned to her hometown of Philadelphia to address attendees at the Mortgage Bankers Association’s annual convention.
Loan removals from Ginnie MBS increased in the second quarter of 2023. Removals are largely tied to loan payoffs, though there are some variations among servicers. (Includes data chart.)
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