Ginnie could face a leadership gap if Acting President Sam Valverde is asked to leave before a permanent president is in place. The agency is currently without a chief operating officer as well.
None of the state or local downpayment assistance programs have enough scale or funding to make a meaningful impact in addressing the challenge of accumulating a 3.5% downpayment on FHA loans, according to analysts at the Urban Institute’s Housing Finance Policy Center.
Issuance of Ginnie Mae mortgage-backed securities with refinance loans increased sharply for the third straight month in October. However, the refi business appears poised to slow as interest rates on mortgages increased through October. (Includes two data tables.)
John Bell, executive director of the VA Loan Guaranty Service, spends much of his time now monitoring the impact on VA borrowers from the National Association of Realtors’ landmark antitrust settlement.
After sweeping Republican victories in elections this week, questions arise over who will lead the FHA, Ginnie Mae and the Department of Housing and Urban Development.
Currently, if an individual loan in a Ginnie Mae pool has a defect, the entire pool is ineligible for sale, limiting an issuer’s options to transfer servicing rights.