{"id":415105,"date":"2023-11-15T15:01:55","date_gmt":"2023-11-15T20:01:55","guid":{"rendered":"https:\/\/www.housingwire.com\/?p=415105"},"modified":"2023-11-15T15:02:01","modified_gmt":"2023-11-15T20:02:01","slug":"fha-mmi-fund-remains-healthy-despite-mortgage-headwinds","status":"publish","type":"post","link":"https:\/\/www.housingwire.com\/articles\/fha-mmi-fund-remains-healthy-despite-mortgage-headwinds\/","title":{"rendered":"FHA: MMI Fund remains healthy despite mortgage headwinds"},"content":{"rendered":"\n

The U.S. Department of Housing and Urban Development<\/strong><\/a> <\/strong>(HUD) and the Federal Housing Administration<\/strong><\/a> (FHA) managed another solid year of financial performance for the Mutual Mortgage Insurance (MMI) Fund, covering FHA\u2019s Title II Single Family Mortgage Insurance programs.<\/p>\n\n\n\n

The FHA\u2019s MMI Fund achieved a capital reserve ratio of 10.51% as of Sept. 30, a year-over-year drop of 0.6% from 2022<\/a>, according to FHA\u2019s Annual Report to Congress<\/a> released on Wednesday. The report marked the eighth consecutive year the ratio has exceeded its 2% statutory minimum.<\/p>\n\n\n\n

The performance of the forward book of business posted a stand-alone capital ratio of 10.20%, another slight decrease of 0.27% compared to a year ago.<\/p>\n\n\n\n

\u201cDespite the tick down, the ratio is still more than five times the Congressionally mandated level of two percent,\u201d the report found.<\/p>\n\n\n\n

FHA also detailed that the percentage of first-time homebuyers using FHA insurance was more than 82% of total recorded FHA forward-mortgage purchase endorsements.<\/p>\n\n\n\n

\u201c[M]ore than four out of every five borrowers with FHA-insured mortgages are first-time homebuyers, while in the market as a whole, fewer than half of mortgages are made to first-time homebuyers,\u201d according to the report.<\/p>\n\n\n\n

That figure still saw a slight reduction from 2022\u2019s level of 82.97%, but remains solid despite industry-wide volume reductions seen this year.<\/p>\n\n\n\n

In an exclusive statement to HousingWire, HUD Secretary Marcia Fudge said that current FHA and HUD leaders are serving as responsible stewards of the MMI Fund.<\/p>\n\n\n\n

\u201cToday\u2019s report shows that thoughtful and responsive policies can expand homeownership and address long-standing inequities while maintaining a well-performing Mutual Mortgage Insurance Fund,\u201d Fudge said. \u201cIn 2023, we helped thousands of Americans become homebuyers, promoting equity and fairness while bolstering our entire economy.\u201d<\/p>\n\n\n\n

Industry players reacting to the news cited the early 2023 cutoff of the FHA mortgage insurance premium (MIP) by 30 basi<\/a>s points<\/a> as a contributing factor to the strength of the book of business this year.<\/p>\n\n\n\n

\u201cThe FHA program is healthy, with a high capital reserve ratio and delinquency levels that are now lower than before the pandemic,\u201d said Bob Broeksmit, president and CEO of the Mortgage Bankers Association<\/strong><\/a> (MBA).

\u201cWe applaud the tremendous efforts of HUD, FHA lenders, and mortgage servicers in managing risk, originating quality loans, and helping distressed homeowners exit forbearance and stay in their homes. The Fund\u2019s capital reserve ratio is far above the statutory minimum reserve ratio and is well positioned to withstand any economic slowdown.\u201d<\/p>\n\n\n\n

MBA hopes for additional MIP action, Broeksmit said.<\/p>\n\n\n\n

\u201cFHA\u2019s move to lower mortgage insurance premiums (MIP) earlier this year improved the purchasing power for many homebuyers, but affordability challenges persist because of low housing inventory and high mortgage rates and home prices,\u201d he said. \u201cFurther action on the MIP, such as eliminating the life of loan premium requirement, should be considered to provide payment relief to FHA borrowers.\u201d<\/p>\n\n\n\n

The performance was also lauded by Scott Olson, executive director of Community Home Lenders of America<\/strong> (CHLA).<\/p>\n\n\n\n

“CHLA is thrilled by FHA’s continued financial strength, as evidenced by today’s FHA Actuarial Report,\u201d he said. \u201cIn light of FHA’s financial strength, just as relief from excessive student debt burdens has been a priority, the Administration should make relief from excessive homeownership mortgage cost burdens a priority by ending the FHA Life of Loan premium policy.\u201d<\/p>\n\n\n\n

Editor’s note: Find performance coverage for the Home Equity Conversion Mortgage (HECM) book of business on Reverse Mortgage Daily<\/strong><\/a><\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite challenges, the forward mortgage book of business in the MMI Fund remains well above the required statutory limit set by Congress.<\/p>\n","protected":false},"author":7007,"featured_media":383536,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2020],"tags":[2683,3560,1259],"coauthors":[239905],"acf":[],"yoast_head":"\nFHA: MMI Fund remains healthy despite mortgage headwinds - HousingWire<\/title>\n<meta name=\"description\" content=\"Despite challenges, the forward mortgage book of business in the MMI Fund remains well above the required statutory limit set by Congress.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.housingwire.com\/articles\/fha-mmi-fund-remains-healthy-despite-mortgage-headwinds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FHA: MMI Fund remains healthy despite mortgage headwinds - 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