Correspondent production remained the biggest source of FHA and VA loans, but the rapid growth at United Wholesale Mortgage is reshaping channel dynamics.
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IT modernization is a top priority at Ginnie Mae, FHA, VA and USDA despite a serious shortage of funds to make the changes needed to create electronic platforms for digitized mortgages, facilitate risk management, and provide consumers better service.
HECM endorsement volume rose in the first quarter of 2019 after three quarters of declining originations. FHA attributed the increase to the partial government shutdown that lasted 35 days, delaying HECM endorsements for part of the first quarter.
In a flurry of legislative activity, House committees passed several mortgage-related measures over the past few weeks while in the Senate, lawmakers are considering legislation that would restore eligibility of VA "orphan" loans for a Ginnie Mae guarantee.
FHA is behind the industry, Fannie Mae and Freddie Mac in terms of new technology, which has had a dramatic impact on the agency's ability to recognize and manage risks up front, says FHA's chief risk officer.
The Structured Finance Industry Group is backing an FHA proposal to revise its annual loan-level certifications and defect taxonomy and a Ginnie Mae proposal on high-risk cash-out refinance loans and erratic prepayment speeds.