A significant shift from refi to purchase-mortgage lending shaped the ranking of Ginnie issuers in the second quarter. Securitization of modified loans, including mortgages coming out of COVID forbearance, was up sharply. (Includes four data charts.)
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According to Ted Tozer, former Ginnie Mae president, the industry was warned ahead of time by the government guarantor of plans to tighten financial requirements for single-family MBS issuers.
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Borrowers can still qualify for a VA-guaranteed mortgage even if they have gaps in employment due to COVID-19. Lenders are encouraged to use "good judgement and flexibility" while verifying a borrowers income.
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Plagued with years of failed technology modernization initiatives, HUD is turning things around with an IT modernization roadmap deemed a success thus far by HUD's Inspector General.
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