Freedom Mortgage upped its FHA/VA production thanks to big gains in retail and correspondent activity, and even claimed the top spot in broker despite a 14% downturn. (Includes data chart.)
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Delinquency rates remain at low levels for multifamily mortgages in Ginnie MBS, though modified loans accounted for 18% the outstanding market. (Includes data chart.)
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The move will allow Ginnie issuers to offer loan modifications that carry a lower monthly payment than the current 30-year term. Also, the agency can test the waters for such a product in the secondary market.
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President Biden has nominated Julia Gordon to be the next FHA commissioner. Also, the White House has picked CFPB Acting Director Dave Ueijo as assistant secretary for fair housing.
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If the Obama-era rule is reinstated, a six-year-old lawsuit filed by the National Association of Mutual Insurance Companies could be revived.
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Meanwhile, government agencies have plans to expand loss-mitigation options to ensure that borrowers coming out of forbearance don’t lose their homes.
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Survey respondents said only 13% of sellers would “definitely” be likely to accept an offer from a buyer using an FHA or VA loan, compared to 66% for conventional loans.
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