According to Ted Tozer, former Ginnie Mae president, the industry was warned ahead of time by the government guarantor of plans to tighten financial requirements for single-family MBS issuers.
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.
Delinquency rates remain at low levels for multifamily mortgages in Ginnie MBS, though modified loans accounted for 18% the outstanding market. (Includes data chart.)
The move will allow Ginnie issuers to offer loan modifications that carry a lower monthly payment than the current 30-year term. Also, the agency can test the waters for such a product in the secondary market.
Susquehanna International Group dismissed the private MI industry’s concerns over a potential FHA cut as “unwarranted” and not aligned “with the underlying math.”
The U.S. District Court of Chicago indicted four individuals for participating in a fraud scheme to obtain mortgage loans totaling at least $3 million.
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