The reverse-mortgage market was virtually glowing last year, with production increasing 24.6% to a whopping $29.65 billion. But much of that activity was front-loaded in the first six months. (Includes three data charts.)
Originations of FHA and VA loans through the retail channel dropped a hefty 52.5% in 2022, allowing the correspondent channel to become the dominant source of government-insured lending. (Includes data chart.)
Although the share of Ginnie Mae loans in forbearance decreased to 1.28% in February from 1.37% the prior month, there are still concerns about FHA/VA loan performance.
The Center for Responsible Lending and the American Enterprise Institute want FHA and VA to implement measures to discourage harmful cash-out refinancings.
The Mortgage Bankers Association recommended the Department of Housing and Urban Development publish its proposed Section 184 guidelines in a policy handbook similar to FHA’s rather than in a Code of Federal Regulation.
The flow of new single-family mortgage-backed securities in Ginnie pools dribbled to just $22.66 billion last month. Through the first two months of the year, volume was down 53.9% from the same period in 2022.