Correspondent production is still the leading source of government-insured loans, according to an exclusive survey, but retail gained ground in the third quarter. Wholesale-broker volume was up, but its market share contracted.
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Buyout may be an option though an unnecessary one in addressing VA’s IRRRL problem, according to industry participants. An analyst suggests a recoupment issue can be cured by a cash payment to the borrower.
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Notwithstanding improvement in the financial condition of the FHA Mutual Mortgage Insurance Fund, HUD has no plans to cut mortgage insurance premiums or drop the FHA life-of-loan policy.
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USDA lenders ramped up production in the third quarter of 2019 with a strong boost from purchase originations. More than 50% of total USDA originations were from correspondents. USDA servicing volume was up slightly from a year ago.
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The agency’s proposals for increasing the supply of capital to fund Ginnie mortgage servicing rights include advance financing for servicing and exploring non-traditional MSR ownership.
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VA loan-related provisions in the Blue Water Navy Vietnam Veterans Act of 2019 raise the maximum amount of entitlement available to veterans, the maximum guarantee of loans in excess of $144,000, a revised VA funding-fee table and a fee waiver for certain vets.
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