Endorsements of FHA-insured home equity conversion mortgages picked up in the second quarter, but not enough to combat the slide year-over-year. (Includes three data tables.)
FHA might hand the industry an item on its wish list, according to a proposal that floated adopting the property condition and quality rating scales used by the government-sponsored enterprises.
Jones nominated for FHA commissioner; odds low for FHA mortgage insurance premium cut; FHA terminates DE for some lenders; HUD plans HECM sale; fee hike planned for Section 184 program.
Congress is going to face a serious reckoning on the federal budget if it wants to stop rising interest rates from crippling its spending capabilities, according to political insiders.
Under the draft revisions to the FHA handbook, FHA would accept the property condition and quality ratings scale used by the government-sponsored enterprises.
MSR owners risk paying for fees they’re not responsible for and potentially overpaying for contracts if they don’t regularly review subservicer invoices, said Steve Stone, managing director at consultancy Garrett, McAuley and Co.
Officials at Ginnie Mae and the Department of Veterans Affairs are in discussions on the high prepayment speeds on VA-backed loans, according to an industry source familiar with the agency.
Congress should act now, while the economy is relatively stable, to create a liquidity facility for Ginnie servicers, rather than plugging holes when the ship is sinking, speakers at an industry event said.