The class action seeks to incorporate all FHA borrowers who are owed an unclaimed refund on mortgage insurance premiums due to early termination of their loans.
Congressional lawmakers next week are expected to take up legislation meant to finalize fiscal 2024 funding bills before the latest continuing resolutions lapse.
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.
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