The bipartisan Middle-Class Mortgage Insurance Premium Act was reintroduced in the House last week by Reps. Vern Buchanan, R-FL, and Jimmy Panetta, D-CA.
The change affects new loans endorsed on or after March 20. The last MIP cut occurred in early 2015, when FHA trimmed premiums by 50 bps for 30-year fixed-rate mortgages.
Despite a downward spiral in new business and losing share to FHA, private MIs continued to report support strong earnings in the fourth quarter. Delinquency trends are edging up. (Includes three data charts.)
Upfront fees will decline for most low-income borrowers, but will increase for some middle-income homebuyers. The result is more cross-subsidy for the GSEs’ mission-based activities.
Average loan sizes generally declined in the agency market last year. But rising mortgage rates pushed agency DTI ratios higher as the year went on. (Includes three data charts.)
Originations of purchase mortgages with primary MI coverage declined in the third quarter, but the FHA stood alone with a sturdy 7% increase in purchase endorsements. National MI was the only private insurer to boost quarterly production. (Includes three data charts.)
For the first time since 2007, private MIs accounted for over half of new insured mortgage originations thanks to surging purchase-mortgage business in the second quarter. FHA and VA were hit much harder by the nosedive in refinance activity. (Includes three data charts.)
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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