Issuance of Ginnie Mae mortgage-backed securities hit a record despite a slowdown in refi volume. The VA remained the top source of Ginnie activity for the second consecutive year. (Includes four data charts.)
Officials at Velocity said the acquisition of an FHA multifamily lender will help to expand the company’s product offerings and serve as a hedge for its traditional focus on business-purpose lending.
FHA should offer borrowers a flexible loan-modification option that would use a portion of a servicer’s partial claim amount to reduce a borrower’s monthly payment, dollar for dollar, according to analysts at UI.
Nevertheless, rumors are circulating that the Biden administration is preparing to test the legal waters by having the FHA and VA extend their REO eviction moratoriums to the end of the year. These were also scheduled to end on Saturday. If that were to happen, most observers believe FHFA would follow suit.
A significant shift from refi to purchase-mortgage lending shaped the ranking of Ginnie issuers in the second quarter. Securitization of modified loans, including mortgages coming out of COVID forbearance, was up sharply. (Includes four data charts.)
Plagued with years of failed technology modernization initiatives, HUD is turning things around with an IT modernization roadmap deemed a success thus far by HUD's Inspector General.
If conformed to run HUD, Marcia Fudge plans to discuss a reduction to FHA premiums with HUD staff then have further discussions with members of Congress.