The Federal Housing Finance Agency has proposed separate capital and liquidity requirements for servicing GSE loans and mortgages backing Ginnie securities. The new minimum liquidity requirements will affect only nonbanks and could benefit banks and private MIs.
Lakeview Loan Servicing capped a years-long ascent up the ranking of Ginnie Mae servicers thanks largely to bulk MSR purchases and acquisitions through co-issuance arrangements. (Includes four data charts.)
FHA has asked lenders and servicers to review existing guidance for originating and servicing forward loans and HECMs in presidentially declared major disaster areas.
New York Governor Andrew Cuomo signed into law a bill prohibiting deceptive advertising and marketing of Home Equity Conversion Mortgage loans. The law takes effect March 5, 2020.
Notwithstanding improvement in the financial condition of the FHA Mutual Mortgage Insurance Fund, HUD has no plans to cut mortgage insurance premiums or drop the FHA life-of-loan policy.
Delinquent loans accounted for 7.37% of FHA mortgages in Ginnie MBS at the end of September, up from 6.98% at midyear. The total delinquency rate for VA loans rose from 3.52% to 3.73% over that period. (Includes four data charts.)
The combined delinquency rate of the entire FHA portfolio rose by 94.8 basis points in the second quarter, returning to normal levels following a dip in 1Q19. The increase was fueled by short-term late payments.