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.
FHA insured at least $13 billion in loans to borrowers with unpaid federal tax debt, according to audit findings by the HUD inspector general. The potential loss on the problem loans could be as much as $6.1 billion, the IG said.
FHA has updated its HECM rule, which allows lenders to offer surviving spouses of deceased borrowers the option of deferring payments and assigning the loan.
The Treasury has recommended Congress empower Ginnie Mae to provide “last position” guarantee on MBS backed by conventional home loans and au-thority to adjust its guarantee fee.
The agency has issued interim instructions for obtaining an FHA case number for a unit in an unapproved condominium project that will be processed as a single transaction.
The volume of broker-originated FHA and VA refinance loans pooled in new Ginnie MBS jumped 94.1% from the first to the second quarter. Correspondent production saw the smallest gains among the three channels.
Fueled by low rates, demand for FHA and VA refis was strong in the second quarter, although purchase loan originations for both programs hit the ceiling as well.
HUD and Ginnie Mae, in a joint policy action, announced changes to the eligibility criteria for cash-out refis to reduce lender risk, preserve homeowner equity and boost investor confidence.
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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