VA refinance activity was the key driver in the government-insured market last year, as production rose 168% from 2019. Freedom rode the refi train to become the top FHA/VA lender in the market.
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In a 17-7 bipartisan vote, the Senate Banking Committee approved Marcia Fudge’s nomination as HUD secretary. The Biden nominee drew criticism from Republican lawmakers over her lack of housing industry experience.
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Susquehanna International Group dismissed the private MI industry’s concerns over a potential FHA cut as “unwarranted” and not aligned “with the underlying math.”
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Both MBA and Black Knight reported declines in forbearance across all investor types. However, MBA economist Mike Fratantoni warned that the job market is still not at pre-pandemic levels.
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Still, industry attorneys argue the legislation is cumbersome and creates additional hurdles for mortgagees foreclosing on delinquent HECMs in New York state.
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More than 300 industry groups in a letter to the top four congressional leaders asked for $25 billion in direct assistance to homeowners with COVID hardships.
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The U.S. District Court of Chicago indicted four individuals for participating in a fraud scheme to obtain mortgage loans totaling at least $3 million.
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