A borrower sued Navy Federal Credit Union for denying his mortgage refinancing application on the grounds that he had poor credit performance with the credit union.
The refi boomlet lost steam after peaking in November. PennyMac overtook Freedom Mortgage at the top of the issuer ranking in January. (Includes two data tables.)
The Senate voted 55-44 to confirm Scott Turner as housing secretary, paving the way for the Trump administration to install new leadership at FHA and Ginnie Mae.
The pause was ultimately rescinded following court injunctions. In the meantime, participants in government-insured mortgage programs faced uncertainty.
VA is considering a rule that would require lenders to use a new application program interface to report loan information and remit funding fees to the agency. It also plans to rewrite rules regarding when VA would assert a defense for a partial or total loss of a guarantee.
GAO called for Ginnie Mae to develop processes for participating in interagency exercises, noting that FHFA did a better job than Ginnie in an FSOC effort aimed at addressing the likely failure of a major nonbank mortgage company.
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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