Average FHA and VA credit scores declined for both purchase and refi loans pooled into Ginnie Mae MBS in the first quarter. Wholesale-broker production gained a larger share of the market.
Dozens of VA lenders have been subpoenaed by the US Attorney’s Office in Brooklyn to turn over hundreds of VA loan files in connection with an investigation of their lending practices.
FHA’s and VA’s purchase originations fell during the first three months of 2019 despite lower interest rates. On the other hand, lower rates helped boost both programs’ refinance production during the quarter.
Following seasonal patterns, the number of FHA and VA loans in early stages of delinquency fell sharply from the fourth quarter of 2018 to early 2019. Nonbanks continued to expand their footprint, accounting for 62.2% of outstanding Ginnie single-family servicing.
The volume of FHA and VA loans securitized in Ginnie Mae pools declined in 2018, according to an Inside FHA/VA Lending analysis of agency data. [Includes one data chart.]
The wholesale-funded broker is slowly penetrating more deeply in government lending, according to a new Inside FHA/VA Lending analysis. [Includes one data chart.]
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