Robust homebuying activity brought a huge increase in purchase mortgages into the Ginnie Mae MBS program in the second quarter. Rate-term refinance activity was up sharply.
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Congress withdrew a provision in the Blue Water Navy Vietnam Veterans Act that would have raised the guarantee fee on VA home loans. Instead, it approved the removal of the cap on VA mortgages.
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The agency has lifted a suspension of loanDepot from its multi-issuer securities program, noting the nonbank’s prepayment speeds on VA loans have normalized and are strictly being monitored.
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Originators and servicers of Home Equity Conversion Mortgages need to gear up for tighter standards approved by the state legislature. It has not yet been delivered to the governor.
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Customers Bancorp has obtained ownership of interest-only strips of Ginnie securities backed by HECMs that served as primary collateral for loans made to a nonbank that closed in May.
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