VA refinance activity was the key driver in the government-insured market last year, as production rose 168% from 2019. Freedom rode the refi train to become the top FHA/VA lender in the market.
In a 17-7 bipartisan vote, the Senate Banking Committee approved Marcia Fudge’s nomination as HUD secretary. The Biden nominee drew criticism from Republican lawmakers over her lack of housing industry experience.
Susquehanna International Group dismissed the private MI industry’s concerns over a potential FHA cut as “unwarranted” and not aligned “with the underlying math.”
Both MBA and Black Knight reported declines in forbearance across all investor types. However, MBA economist Mike Fratantoni warned that the job market is still not at pre-pandemic levels.
Still, industry attorneys argue the legislation is cumbersome and creates additional hurdles for mortgagees foreclosing on delinquent HECMs in New York state.
More than 300 industry groups in a letter to the top four congressional leaders asked for $25 billion in direct assistance to homeowners with COVID hardships.
The U.S. District Court of Chicago indicted four individuals for participating in a fraud scheme to obtain mortgage loans totaling at least $3 million.
Ginnie Mae MBS at the end of 2020 included $773.5 billion of VA loans, a 9.5% increase from the previous year, while the FHA sector posted a 4.2% decline over that period. (Includes four data charts.)
RSS