VA processed 2,244 loan assumptions in 2023, compared with 308 in the previous year.

Combined FHA/VA forward mortgage volume declined by 17.7% in the fourth quarter. For the full year, volume was down 19.9%. (Includes three data tables.)

With the new FHA payment supplement loss-mitigation option, servicers will be able to temporarily lower a delinquent borrower’s monthly payment by up to 25%, and up to 30% of the loan’s balance can be directed into a junior lien as a partial claim.

VA processed 2,244 loan assumptions in 2023, compared with just 308 in the previous year. Under a VA loan assumption, a buyer takes over the seller’s mortgage at its existing terms.

Ginnie Mae is also revising the financial eligibility requirements for FHA Title I issuers to help increase lender participation in securitization of the loans.

Congressional lawmakers next week are expected to take up legislation meant to finalize fiscal 2024 funding bills before the latest continuing resolutions lapse.

MISMO said officials from FHA, VA, the U.S. Department of Agriculture and Ginnie Mae are part of the working group set up to develop the new dataset.

Cardinal Financial plans to offer the industry’s first security backed by VA mortgages scored with FICO 10 T.

USDA plans revisions to its single-family housing loan guarantee program guide; HUD raises civil monetary penalties; USDA lowers interest rates for its direct loan program; NAIHC names new executive director; FHA and USDA offer training opportunities in March.

Top Congressional leaders have announced a deal on six bills that will fund several federal agencies, including HUD, USDA and VA.