One of the keys for lenders facing financial difficulties is to communicate early and often with Ginnie Mae, according to the agency’s chief risk officer.
Looser pooling requirements for delivering reperforming loans to Ginnie; FHA revises policy handbook; FHA updates instructions for use of GSE model forms; FHA hiring; VA revises various forms; VA offers loan review API; CHLA calls for permanent PTAP; RHS proposes loosening loss-mitigation standards.
Investment-property loans gained share in expanded-credit MBS issuance and many of the typical contributors to deals were absent in the fourth quarter. (Includes three data charts.)
Conforming jumbos took the biggest hit in the fourth quarter as the volume of business Fannie Mae and Freddie Mac conduct in various noncore categories decreased.
Changes are under consideration for determining which firms qualify as community development financial institutions. Under a current proposal, CDFIs would have to follow the CFPB’s ability-to-repay underwriting requirements.
Six expanded-credit MBS started marketing within the past two weeks and there are also offerings of prime jumbos, HELOCs and even a credit-risk transfer deal from Santander Bank.
With potential first-time homebuyers facing affordability issues, some homes that would have been flipped are now being offered for rent, shifting financing strategies for borrowers.
There’s a new program focused solely on a borrower’s business bank statement and a second-lien offering where non-QM borrowers can take cash out without refinancing.