Overall volume was up for both purchase and refinance loans as Ginnie posted its second-highest monthly MBS issuance. VA provided most of the oomph. (Includes two data charts.)
The bank is considering reentering the FHA market, which it fled in 2014 due to tougher regulations and onerous monetary penalties for violating lending rules. The exit of large banks allowed nonbanks to establish a foothold and the correspondent market to flourish in the FHA space.
The Federal Housing Finance Agency has proposed separate capital and liquidity requirements for servicing GSE loans and mortgages backing Ginnie securities. The new minimum liquidity requirements will affect only nonbanks and could benefit banks and private MIs.
The financial condition of nine of Ginnie’s largest nonbank issuers is under review as part of the agency’s ongoing effort to ensure they are financially capable of withstanding the worst economic conditions.
An IG audit has discovered delays in servicer reporting of FHA-HAMP loan modifications and filing of partial claims, resulting in HUD’s inability to act on problems in a timely manner.
HUD seeks condominium-related data collection approval from OMB; Ginnie plans revision of file layout for HMBS pool-level disclosures; automated set-up of electronic funds transfer accounts.
An Urban Institute study has called for uniformity among Fannie, Freddie, FHA, VA and USDA when considering student-loan debt in mortgage underwriting.
HUD’s inspector general reported $69.0 million in financial recoveries from 30 administrative-civil actions related to FHA fraud and $39.2 million in settlements with two FHA lenders.
An audit by the inspector general found that HUD had failed to meet basic privacy protection requirements for records containing stakeholders’ personally identifiable information.
RSS