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Volume 12 - Number 1

January 4, 2019

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Ginnie MBS Issuance Down In 4Q Despite Refi Uptick

Ginnie Mae issuance of single-family mortgage-backed securities fell predictably in the fourth quarter, despite an unexpectedly strong market for refinance loans. [Includes four data charts.]

Government Shutdown Has Little Impact on FHA, VA

The partial government shutdown, now in its second week, has had limited impact on the FHA and VA lending programs but could be disastrous to federal rural housing programs if prolonged.

Stakeholders Cite Flaws in VA’s Cash-Out Interim Rule

There are certain weaknesses in the Department of Veterans Affairs’ interim final rule on VA cash-out refinance loans that need to be ad-dressed to ensure borrowers and investors are protected from loan churning and other predatory lending practices.

Banking Panel Seeks FHA Loans for DACA Recipients

Democrats on the House Financial Services Committee urged the FHA to reverse its “unofficial” policy of denying Deferred Action for Childhood Arrivals status recipients access to FHA loans.

Urban Institute Identifies FHA Trends to Watch in 2019

Following the November release of FHA’s fiscal 2018 report on the health of the Mutual Mortgage Insurance Fund and increases in FHA loan limits, analysts at The Urban Institute have identified four FHA trends to watch for in 2019.

Groups Resist Use of GNMA Model in GSE Reform Plan

The mortgage banking industry has raised concerns about a legislative proposal that would eliminate the current government-sponsored enterprise market and create a new secondary market structure based on a Ginnie Mae model.

VA Develops Red Flag Rule to Combat Identity Theft

The Department of Veterans Affairs’ Loan Guaranty Service issued guidance to help detect, prevent and mitigate identity theft in connection with VA mortgage loans.

Around the Industry

Market Condition Addendum to VA Appraisals Dropped; Farm Bill Maintains Local Eligibility for USDA Rural Housing Programs.

Poll

Do mortgage lenders really need a new credit-scoring model or is the current FICO system adequate?

It’s fine. Stick with what works.

53%

Time for a change. Borrowers are different today.

35%

Undecided, still assessing the situation.

12%