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.
Ginnie, other agencies discuss efforts to modernize technology and business platforms to conform with the digitized, paperless mortgage market and deliver faster, efficient service.
Average FHA and VA credit scores declined for both purchase and refi loans pooled into Ginnie Mae MBS in the first quarter. Wholesale-broker production gained a larger share of the market.
FHA’s and VA’s purchase originations fell during the first three months of 2019 despite lower interest rates. On the other hand, lower rates helped boost both programs’ refinance production during the quarter.
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