The share of homebuyers using all cash to purchase homes rather than a mortgage is increasing. Some affluent homebuyers are avoiding purchase mortgages due to high interest rates.
FTC proposes banning noncompete clauses across wide swath of industries; Rocket unveils special purpose credit program; Guild joins other lenders in offering temporary buydowns.
In late December, Ginnie seized HECM servicing from Reverse Mortgage Funding, which had recently filed for bankruptcy. Other HECM servicers are also facing liquidity pressure, according to industry analysts.
With lenders pushing mortgages that include a temporary buydown feature, MBS investors are pondering prepayment behavior for the loans. Expect loans with temporary buydowns to exhibit prepayment speeds similar to ARMs, according to an industry analyst.
Fees associated with MBS trades and other services provided by the Fixed Income Clearing Corp. increased Jan. 1. The FICC said the fee hike was necessary due to lower revenues and higher expenses.
Ginnie’s budget increases for FY 2023; Ginnie senior vice president found to have violated the Code of Federal Relations; Ginnie aligns eNote standards with GSEs; industry-driven FHA loss-mitigation proposals include some potential changes to Ginnie’s standards.
In the lame duck session, Congress managed to pass a spending bill with funding for FHA IT modernization. A separate bill updating standards for VA appraisals also made it to President Biden’s desk.
Divided leadership in Congress means bipartisanship will be required to get bills to President Biden’s desk. Not many mortgage-related bills are expected to make it that far in the next two years.