Lenders produced $4.00 billion in HECMs during the first quarter. Soaring interest rates, a cooling housing market and retreating inflation have all contributed to the 52.2% year-on-year drop in volume. (Includes three data charts.)
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The proposed payment supplement partial claim will be particularly useful for distressed borrowers whose mortgages have below-market interest rates.
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FHA Commissioner Julia Gordon and Ginnie Mae President Alanna McCargo spoke at the Mortgage Bankers Association’s recent secondary market conference.
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The Mortgage Bankers Association and the Housing Policy Council want the VA to carefully consider the specifics of a new loss-mitigation program, the VA Servicing Purchase program, it plans to unveil this summer.
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Loan holders or their authorized servicing agents with automatic authority must decide on a completed loan assumption application within 45 calendar days of receipt, VA said in new guidance.
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Members of the House Financial Services Committee are seeking clarification related to the treatment of delinquent loan buyouts from Ginnie Mae pools in the new Community Reinvestment Act proposal.
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Ginnie Mae announces implementation timeline for new single-family pool delivery; Ginnie signs memo with USDA on social metrics data sharing for ESG disclosures; HUD OIG issues semiannual report.
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