Issuance of new Ginnie Mae mortgage-backed securities fell 10% in the third quarter. Purchase-money activity climbed at both FHA and VA, but not enough to offset declines in loan mods and cash-out refinances.
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A VA Native American Direct Loan offers the same benefits as one from the VA home loan guaranty program but with no private lender in the middle, said John Bell of the VA Loan Guaranty Service.
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The House and Senate passed separate bills over the summer containing funding for the Department of Housing and Urban Development for the next fiscal year.
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Industry analysts continue to assess Ginnie Mae’s new nonbank issuer eligibility requirements and what impact they might have on the mortgage market.
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Ginnie eyeing permanent emergency credit facility for nonbanks; USDA to hold training sessions on Guaranteed Underwriting System; home equity among seniors hits new record; Ginnie plans temporary business outage; Mortgage Bankers Association rustles support for VA appraisal bill; USDA expands Native American Relending Pilot program.
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