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Inside FHA/VA Lending

June 26, 2020

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Correspondents Lose Share in 1Q20 FHA/VA Market

With one big exception — Freedom Mortgage — correspondent platforms saw declining production of FHA/VA loans in the first quarter. Retail was fairly steady, while wholesale-broker gained momentum. (Includes data chart.)

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HECM Production Spikes in 1Q But Sees a Sharp Drop in April

Reverse mortgage lenders pumped out $3.87 billion in the first three months of 2020. But originations took a big step back in April due to COVID-19. (Includes two data charts.) Read More

COVID-19 Infection at BNYM Delays Ginnie Custodial Transfers

BNY Mellon told MBS participants that deals will be delayed because of a COVID-19 infection in its Dallas office. Read More

Significant Number of Loans in Forbearance Still Paying

Roughly 10% of loans backing Ginnie Mae MBS at the end of May were in forbearance because of the COVID-19 pandemic, but over a quarter of them were still current. (Includes data chart.) Read More

Ginnie MSR Sales Almost Nonexistent. However...

Signs of life in Ginnie Mae-related MSR deals? Not yet but hope springs eternal. Read More

FHA Issues Quality Control Waivers During Pandemic

Quality control requirements for early payment defaults and field reviews of appraisals have been temporarily waived. Read More

HUD IG Asked to Probe Rule Change for DACA Recipients

HUD Secretary Ben Carson is sticking to his stance that DACA recipients are not barred from FHA loans. Read More

Waters Proposes Alternatives to FHA, GSE Forbearance Fees

HFSC Chair Maxine Waters rebuked FHA and FHFA for policies she said would unfairly penalize those lending to minority borrowers. Read More

HUD-IG Criticizes Reporting Policies Under FHA-HAMP

FHA policies on reporting of loan mods and for filing partial claims under HAMP were void of deadlines, the HUD-IG told Congress. Read More

Mortgages in COVID-19 Forbearance Declining

Meanwhile, delinquency rates are noticeably rising, according to Black Knight. Read More

VA Lenders Lower Minimum FICO Score Requirements

Lenders are now starting to ease minimum FICO requirements for VA mortgages. Read More

HUD Considering Options to Increase Minority Homeownership

In a bid to make credit more accessible to minorities, HUD is considering alternative, non-traditional credit scoring methods. Read More

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