The FHA/VA market continued to lean more heavily on third-party loan producers in 2018, according to a new Inside FHA/VA Lending analysis of Ginnie Mae mortgage-backed securities data. [Includes four data charts.]
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An outline for housing finance reform released late this week by Senate Banking Committee Chair Mike Crapo, R-ID, looks a lot like the last gasp reform proposal released in 2018 by Rep. Jeb Hensarling, R-TX, the now retired chair of the House Financial Services Committee. Among other things, the proposal puts Ginnie Mae firmly in control of the government guarantee business.
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Ginnie Mae this week barred loanDepot from securitizing VA loans in Ginnie Mae I and multi-issuer pools as part of its efforts to curb loan churning and rapid prepayments.
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Ginnie Mae’s plan to reduce the number of small issuers of mortgage-backed securities could increase the agency’s risk and make it harder for those issuers to remain in the program, warned the Community Home Lenders Association.
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The recent government shutdown had a minimal impact on mortgage lending activity partly due to its timing. The 35-day shutdown, which began on Dec. 22, coincided with the holiday season, which is typically a slow time for the housing market.
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The real estate industry is calling for the immediate release of the long-overdue final FHA condominium rules to enable more projects to qualify for FHA-insured financing.
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Conventional and VA-backed home mortgages are the most common type of mortgage products that servicemembers complained about to the Consumer Financial Protection Bureau, according to the agency’s latest analysis.
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HUD receives share in settlement under False Claim Act; Implementation date for EAD system postponed; Issuance of HMBS declines year over year.
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