The Fed lifts asset cap imposed on Wells Fargo; bill to establish VA partial claims program introduced in Senate; mortgage applications slow.

Lenders turned down 24.5% of VA refi applications in 2024, compared with 37.3% in the previous year.

The bill largely aligns with legislation approved in the House in May.

Delinquencies on FHA mortgages have crept higher since recovering from the pandemic.

Sales of Fannie/Freddie servicing rights are down as well.

Bulk transfers of mortgage servicing rights for loans held in Ginnie Mae mortgage-backed securities have gradually declined after peaking in the second quarter of 2024. (Includes two data tables.)

Officials at FHA and Ginnie Mae aren’t currently worried about steadily rising delinquency rates on government-backed loans, but they’re watching closely as FHA tightens its loss-mitigation protocols.

There’s been ongoing work at FHA to modernize its information technology systems, but now some of the upgrades will need to fill the shoes of laid-off workers.

The denial rate for VA home loan refinances fell sharply between 2023 and 2024, at the same time VA refi applications doubled, according to a new analysis by Inside FHA/VA Lending. (Includes data table.)

A bill that would give the Department of Veterans Affairs authority to establish a partial claims program awaits review by the Senate Committee on Veterans’ Affairs, after moving quickly through the House.