The volume of broker-originated FHA and VA refinance loans pooled in new Ginnie MBS jumped 94.1% from the first to the second quarter. Correspondent production saw the smallest gains among the three channels.
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Purchase loans still accounted for over two-thirds of Ginnie loan deliveries, but the volume of incoming refinance loans had a slightly higher increase from June.
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FHA may have sold ineligible delinquent loans to private investors in fiscal 2016 due to misclassification, according to a recent GAO report.
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Issuance of Ginnie Mae securities backed by FHA-insured reverse mortgages jumped 93.9% in July; Arch MI's insurance in force rose 24.3% as of the end of the second quarter; Ginnie Mae has awarded a blanket purchase agreement to CGI Federal Inc.
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