Fueled by low rates, demand for FHA and VA refis was strong in the second quarter, although purchase loan originations for both programs hit the ceiling as well.
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HUD and Ginnie Mae, in a joint policy action, announced changes to the eligibility criteria for cash-out refis to reduce lender risk, preserve homeowner equity and boost investor confidence.
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Industry participants have mixed views on how letting the QM patch expire as scheduled under the ability-to-repay/qualified mortgage rule would affect FHA business overall.
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Independent mortgage bankers have asked FHA to remove delinquent natural disaster loans in forbearance from the Neighborhood Watch database to ease investor concern over FHA lender performance.
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Users regained access to the agency’s Loan Review System after it was temporarily shut down for four days last month due to server errors. Efforts to fix the problem resulted in loss of data and documents.
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President Trump has signed into law the VA “orphan” bill to remove conflicting requirements that caused many VA refis to remain ineligible for delivery into Ginnie Mae pools.
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Legislation has been introduced in the House and Senate to help prevent FHA foreclosures by increasing oversight of mortgage servicers to ensure they are complying with loss-mitigation requirements.
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