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Inside FHA/VA Lending

June 2, 2023

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HECM Volume Declines to Pre-Pandemic Normal

Lenders produced $4.00 billion in HECMs during the first quarter. Soaring interest rates, a cooling housing market and retreating inflation have all contributed to the 52.2% year-on-year drop in volume. (Includes three data charts.) Read More

FHA Floats New Loss-Mitigation Tool

The proposed payment supplement partial claim will be particularly useful for distressed borrowers whose mortgages have below-market interest rates. Read More

Gordon, McCargo Tout FHA/Ginnie Partnership

FHA Commissioner Julia Gordon and Ginnie Mae President Alanna McCargo spoke at the Mortgage Bankers Association’s recent secondary market conference. Read More

White House Boosts PAVE Task Force Actions

HUD for the first time has committed to making its FHA appraisal data publicly available. The disclosures will be available later this year. Read More

Servicers Seek Changes to Forthcoming VASP Program

The Mortgage Bankers Association and the Housing Policy Council want the VA to carefully consider the specifics of a new loss-mitigation program, the VA Servicing Purchase program, it plans to unveil this summer. Read More

VA Clarifies Loan Assumption Procedures

Loan holders or their authorized servicing agents with automatic authority must decide on a completed loan assumption application within 45 calendar days of receipt, VA said in new guidance. Read More

Lawmakers Raise Concerns on Proposed CRA Revisions

Members of the House Financial Services Committee are seeking clarification related to the treatment of delinquent loan buyouts from Ginnie Mae pools in the new Community Reinvestment Act proposal. Read More

FHA Proposes Updating HECM Program Standards

The changes would improve FHA’s ability to make prompt payments in instances when a HECM lender defaults on its borrower obligations. Read More

Around the Industry

Ginnie Mae announces implementation timeline for new single-family pool delivery; Ginnie signs memo with USDA on social metrics data sharing for ESG disclosures; HUD OIG issues semiannual report. Read More

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