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MtgeFi Blog
Housing Finance Forecast for July available now for 2024/2025
For July, the MBA and Fannie Mae forecasts for 2024/2025 remain aligned as both lowered 1st mortgage origination estimates ~1.0% for 2024 and raised them 1-2% for 2025 compared to the projections published in June 2024. MBA origination volume is projected at 5.5% higher for 2024 and the same in 2025.
Inspection based waivers and the top 10 reasons to adopt now
Lenders, loan officers and mortgage brokers can take advantage of inspection based waivers and help their borrowers to benefit from these new GSE solutions, stay competitive and reduce their own repurchase risk.
Limited use of inspection based waivers at credit unions an opportunity
Top performing credit unions utilization of inspection based waivers, at 20%, is many times the average credit union. Some lenders like The Golden 1 CU, ENT CU and MidFlorida CU appeared to optimize their use of appraisal and inspection based waivers.
Inspection based waivers at nonbank retail set new benchmarks
For nonbank retail lenders who delivered a minimum of 100 loans in the quarter, top performing lenders utilization is significantly higher. Most notably, with an average of 19% utilization for purchase and refinance, use of inspection based waivers is over 300% when compared to the average lender.
Use of inspection based waivers at banks driven by largest originators
Large banks including Flagstar Bank, JP Morgan Chase, Truist Bank, Citizens Bank and US Bank are all using inspection based waivers, with Truist utilization the highest at 3%.
Inspection based waivers in June achieve highest issuance of 2024
Lenders delivered $921MM (1.58%) with inspection based waivers in June, up 10.9% on May 2024 and the highest single month since both GSE solutions became full activated.