Posted To: Pipeline Press
Last week we noticed that Ginnie Mae volumes had passed Freddie Mac , so the absence of big banks doing that business was certainly taken up by non-depository lenders. But where does the program, and Ginnie issuance, go from here? Bose George with KBW did a fine piece on thoughts about the likelihood of a premium cut by the FHA at its recent Mortgage Finance Conference. "Given the large (50 bps) cut in January 2015, the FHA's ability to cut rates meaningfully is somewhat limited, in our view. While we estimate that roughly 15% of private mortgage insurance volume could theoretically be at risk, we believe that there are significant offsets. First, roughly 20% of FHA business is still being written in the over 720 FICO bucket and we believe that a meaningful portion of this is likely to move...(read more) Forward this article via email: Send a copy of this story to someone you know that may want to read it.
from Mortgage News Daily http://ift.tt/29jU299
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