Joseph Gormley and Frank Cassidy, the individuals nominated to lead Ginnie Mae and FHA, respectively, maintained support for actions taken by the agencies this year in responses to the committee.
The U.S. Mortgage Insurers argued the FHA Mutual Mortgage Insurance Fund is vulnerable to a severe economic downturn, and suggested it be held to the same standards as the government-sponsored enterprises.
FHA waived a policy that required lenders to provide notices to borrowers about various protections, a move the agency said would lighten some of the burden on lenders.
Lending was down slightly across products in the third quarter. UWM remained the largest conventional-conforming producer and moved into the top spot among originators of government-insured loans. (Includes two data tables.)
Among a group of servicers with $5.45 trillion in volume, the delinquency rate declined across all late categories during the third quarter. (Includes two data tables.)
The U.S. Mortgage Insurers said FHA’s Mutual Mortgage Insurance Fund is overdue for reforms, with the 2% capital ratio requirement not sufficient to meet the standards the GSEs and private insurers must satisfy.
Issuers produced $47.87 billion of new Ginnie Mae single-family MBS in October, the highest monthly volume so far this year. Refis accounted for 31.9% of the new issuance. (Includes two data tables.)
The Bank of Glen Burnie, a Maryland-based lender, expects to substantially grow its residential mortgage business through its recent acquisition of brokerage VA Wholesale Mortgage.