New VA home guaranty business continued to boom, rising 21.8% from the first quarter to a record $100.52 billion. But FHA single-family endorsements fell 5.9% to $73.19 billion over that period.
For HUD, the central question boils down to this: Will the MMIF have enough cash on hand to weather what could turn out to be a delinquency tsunami on the FHA book of business?
But there was good news. Thanks to the origination boom, the company’s new insurance written jumped to $25.5 billion in 2Q20, a sequential gain of 52.7%.
With FHA late payments accelerating in the wake of the coronavirus pandemic, all eyes turn to the financial health of the Mutual Mortgage Insurance Fund. Is it time to worry?