If borrowers of VA loans only paid refinance fees in cash or by rolling the fees into the interest rate, it would more accurately reflect the annual percentage rate of the new mortgage, thus reducing refis where the benefit is razor-thin, according to the Urban Institute.
The document briefly available on the Federal Register late last week described the creation of a new division at Ginnie Mae to address the need for greater data and market analysis.
MBA CEO Bob Broeksmit came to the defense of the FHA program and nonbank participants after the Wall Street Journal’s editorial board suggested nonbanks had engaged in risky underwriting under the government guarantee.
Refinances of loans insured by the Department of Veterans Affairs declined in the second quarter, according to an Inside FHA/VA Lending analysis and ranking of endorsement data. (Includes three data tables.)
Ginnie Mae is using its internal framework to evaluate potential use cases for AI, to avoid feeding data into a public model, according to its president, Joe Gormley.
The Mortgage Bankers Association fired back in defense of the FHA program and nonbank participants after an opinion piece in the Wall Street Journal suggested nonbanks engaged in risky underwriting under the government guarantee.