Legislation was passed earlier this year to curb abuses tied to VA rapid refis but lender violations remain an issue. At least, that’s how the VA sees it. Big audits may be in the works.
Repeat homebuyers accounted for over half of the agency purchase-mortgage market in the third quarter, the first time that’s happened in a while. (Includes four data charts.)
Will the FHFA trim cash-out refis by Fannie Mae and Freddie Mac? For now, all is quiet on the topic. In other news: HUD ushered in new regulatory changes for FHA condo financing, making it easier for borrowers and lenders.
Private mortgage insurers came close to setting an all-time record for new business written through traditional flow transactions during the second quarter. FHA and VA also posted hefty gains from the first quarter.
Earlier this year, Wells Fargo offloaded roughly $20.7 billion in Ginnie servicing rights. The buyers? A bank and a nonbank. Meanwhile, the Equifax data hack will cost upwards of $700 million in settlement costs.
Private MI captured 48.3% of insured purchase loans sold to Fannie, Freddie and Ginnie during the second quarter. Deliveries of VA loans spiked 55.5% higher from the first quarter.
A House committee last week approved a bill that would extend deductions for mortgage insurance premiums through 2020. Meanwhile, the Senate is grappling with how to address various expired tax breaks.
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