The financial conditions of Ginnie Mae’s largest nonbank issuers appear to be healthy and the firms ready for any potential economic downturn, the secondary mortgage market agency said.
FHA’s updated guidance on downpayment assistance may resolve its ongoing dispute with the HUD inspector general, but it could give rise to new problems, suggests a recent analysis from Situs.
VA is on track to implement a new servicing phase of a project that would convert the current VA Loan Electronic Reporting Interface to an end-to-end origination and servicing platform. The enhanced servicing application will go live on May 28.
HUD Secretary Ben Carson was in the hot seat in Congress this week as Democrats on the House Financial Services Committee questioned him on key issues including oversight.
Liquidity does not appear to be a cause of concern for the secondary market agency’s top nonbank issuers despite differences in how liquidity issues are addressed from firm to firm.
The legislation approved by the House of Representatives last week reauthorizing the National Flood Insurance Program through Sept. 30 is awaiting Senate action. The program's authority is scheduled to expire on May 31.
Asked to explain about debenture interest curtailment penalties and why servicing FHA nonperforming loans is more expensive than those of the GSEs, Carson replied: “I have not had that discussion. I will look it up.”