Government-insured mortgage originations grew across all three lending channels in the second quarter, with brokers gaining market share from the correspondent channel. (Includes data chart.)
Government-backed originations increased in the second quarter thanks to a seasonal boost in purchase mortgages. FHA production outpaced VA lending, and the top lenders largely increased originations. (Includes three data charts.)
Department of Housing and Urban Development programs would be funded at much lower levels than those called for in President Biden’s budget proposal under a fiscal 2024 bill introduced in the House this week.
USDA deputy secretary confirmed; HUD seeks comments on burdens facing FHA lenders in maintaining eligibility; Ginnie Mae expands LMI disclosure initiative; and more.
FHA raises large multifamily loan limits; VA moves regional loan center email systems; USDA issues standardized multifamily appraisal assignment guidance; HUD opens independent Office of Manufactured Housing Programs; USDA sets new interest rates for single-family direct home loan programs; and more.
Lenders produced $4.00 billion in HECMs during the first quarter. Soaring interest rates, a cooling housing market and retreating inflation have all contributed to the 52.2% year-on-year drop in volume. (Includes three data charts.)
The new FHFA director’s whirlwind first week resulted in widespread staffing cuts at the regulator and a dramatic change in leadership at the GSEs. So far, criticism has been muted.
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