Ginnie MBS Issuance Slowest in 10 Months
|Purchase Mortgage Surge Overcomes Refi Slump|
New purchase-money lending activity accelerated this past week, lifting overall business despite that refinances slowed to the lowest level since last year. Adjustable-rate prospects grew, as did government business.
Securitizations on behalf of the Government National Mortgage Association decreased to the lowest level in 10 months. The company's book of business is nearing $2 trillion.
Purchases Lead Weekly Mortgage Applications Lower
With home-purchase activity leading the way, the volume of new mortgage applications faltered last week. The share of applications for government loans thinned for the fourth week in a row.
Bids Sought for Agency MSRs
An auction is being conducted for the sale of mortgage servicing rights on agency single-family loans that have a West Coast concentration.
Agency MSR Offering Has NY Concentration
An offering of servicing rights on a portfolio of nearly $800 million in agency home loans has a concentration of properties that are located in the Empire State.
HUD Funding Up In Trump's Budget Proposal
Hurricanes Continue to Hurt Mortgage Delinquency
President Donald J. Trump's federal budget proposal moves some expenses to the states and has deficits continuing to expand over the next two years. Funding for the Department of Housing and Urban Development has been increased from last year's proposal, while more activity is expected from the Government National Mortgage Association.
Mortgage delinquency continued to deteriorate as servicers are still managing the fallout in states impacted by last year's hurricanes. Foreclosure activity has yet to be affected.
Ginnie Warns Some Issuers About Churning
A small group of issuers have been warned by the Government National Mortgage Association about rapidly refinancing home loans to veterans.
Gov Share of Mortgage Apps Down 3 Weeks in Row
While prospective borrowers completed more mortgage applications last week, the share applying for government loans has fallen each of the preceding three weeks.
FHA Res Business Down, Delinquency Up
Monthly and annual residential business at the Federal Housing Administration retreated as delinquency deteriorated. But in its commercial real estate business, activity ascended.