New VA endorsements declined significantly due to a sharp drop in refinance activity, but FHA volume was up slightly in the second quarter. (Includes three data charts.)
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In comment letters already submitted, mortgage servicers and credit unions warned that proposed capital requirements could force some entities out of the Ginnie market and drive up the costs of loans.
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If confirmed, FHA nominee Julia Gordon’s first task will be to manage borrower exits from COVID-related forbearance programs that start this fall. However, her confirmation is unlikely to happen before September.
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Democrats on the Senate Banking Committee want the next FHA commissioner to revisit an Obama-era policy that keeps distressed properties out of the reach of individual home buyers.
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Two waivers address concerns that requiring re-reviews of which borrowers were eligible for foreclosure prevention options could take focus away from loss-mitigation efforts.
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House Financial Services Committee Chair Maxine Waters is asking HUD, VA and USDA to address a month-long gap in protections that are meant to help keep borrowers from foreclosure during the pandemic.
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Industry backs a change that would eliminate requirements that lenders conduct background checks on builder-contractors working with borrowers in the RHS Single-Family Housing Guaranteed Loan Program.
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