Congress extends NFIP through Feb. 2, 2024; FHA proposes updated home equity conversion mortgage assignment claims eligibility policy; FHA extends waiver on face-to-face interviews with distressed borrowers; VA extends foreclosure moratorium for Hawaii wildfires; HUD OIG reports on HUD’s top management challenges.
The average credit scores for new originations of FHA mortgages declined somewhat after BofA and JPMorgan Chase ceased correspondent aggregation in the market.
Issuance of Ginnie MBS declined by 8.6% on a monthly basis in October. FHA and VA volume declined at similar rates while purchase-mortgage activity held up better than refinances. (Includes two data tables.)
The Department of Housing and Urban Development plans to make permanent a pandemic-era waiver that allowed housing counselling agencies to use alternative communication methods.
A new proposal from FHA would expand the list of funding sources borrowers could use to meet their monetary investment requirements under the HECM for purchase program.
FHA wants to streamline policies allowing mortgage servicers to implement alternatives to foreclosure and update its incentive payments for the successful completion of a loss-mitigation option.
Large bank correspondent aggregators of FHA mortgages looked to firm guidelines on credit scores and LTV ratios while Fed researchers found that smaller nonbank lenders were willing to go down in credit and loan performance didn’t suffer.