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?

Through the first seven months of 2020, Ginnie issued $400.14 billion of single-family MBS, excluding deals backed by FHA reverse mortgages.

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%.

Freddie recently closed on an $835 million Structured Agency Credit Risk deal that was originally sized at $735 million...

However, despite the bad news on late payments and set-asides, MGIC wrote new insurance on $28.2 billion of residential product, an impressive sequential gain of 55.5%.

According to the S-1 initial public offering documents filed with the SEC, Rocket’s total share count (public and private) is roughly 1.9858 billion shares. At $22 a unit (the upper end of the range) that works out to a cool $43.69 billion. In short: Wow.

Wade takes the helm of the government’s mortgage insurer at a tumultuous time: FHA production is strong but the COVID-19-related forbearance rate on such loans are beginning to inch up as the employment picture worsens.

The biggest gain in the government market was in VA loans, where quarterly volume was up 23.5%...