A U.S. district court judge in Detroit has directed Quicken Loans and DOJ to settle via mediation their dispute over poorly underwritten FHA loans. But will they?
New Ginnie Mae mortgage-backed securities volume in the first quarter of 2019 declined to the lowest level in nearly five years. Total single-family MBS production fell 15.7% sequentially to $76.97 billion.
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.]
Many of the loans with lower credit scores and higher debt-to-income ratios that get flagged for manual underwriting under FHA’s revised Technology Open to Approved Lenders (TOTAL) Mortgage Scorecard likely will not get endorsed, analysts said. [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.]
FHA jumbo lenders ended 2018 on a sour note with total originations during the fourth quarter declining 9.7% on a sequential basis and a whopping 30.9% from a year ago. Purchase loans accounted for 74.3% of the FHA jumbo market last year. [Includes one data chart.]
FHA has tweaked its mortgage scorecard to address concerns surrounding loans with higher-risk characteristics such as cash-out refinances and high debt-to-income ratios.
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