MtgeFi Blog
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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.
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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.
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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.
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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%.
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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.
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Housing Finance Forecast for June 2024 available now for 2024/2025
Fannie Mae and MBA published their latest housing finance forecast for June 2024 this week providing estimates of the quarterly purchase and refinance origination volumes for 1st lien, closed-end, single family mortgages in 2024 and 2025. For June, the MBA and Fannie Mae forecasts for 2024 and 2024 remain aligned as both lowered purchase and…
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Freddie Mac Second Mortgage Approved as New Pilot by FHFA
On June 21, FHFA announced conditional approval of Freddie Mac’s second mortgage pilot proposal. Based on the general eligibility and the non-bank average loan size ($77,185) for closed-end second liens originated in 2023, the pilot could originate approximately 35,000 loans over 18 months.
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Inspection based waivers in May reach highest for 6 months
For May 2024, GSE issuance totaled $54.5BN, up 33.0% on April. Lenders delivered $831MM (1.52%) with inspection-based waivers, up 20.1% on April 2024 and the highest for 6 months.
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Home Equity Originations in 2023, With 430 New Lenders Active
In 2023 there were 3,598 total credit unions submitting quarterly financial disclosures with 3,321 (92.1%) recording home equity on the balance sheet. Of these, 2,969 (82.5%) recorded HELOANs and 2,227 (61.9%) recorded HELOCs.
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Housing Finance Forecasts for May 2024 Available Now for 2024/2025
Fannie Mae and MBA published their latest housing finance forecast for May 2024 this week providing estimates of the quarterly purchase and refinance origination volumes for 1st lien, closed-end, single family mortgages in 2024 and 2025. For May, the MBA and Fannie Mae forecasts for 2024 and 2024 remain aligned as MBA lowered purchase and…