3Points with Mat Ishbia, June

Along with warmer weather comes some small changes that have potentially big impacts in the mortgage industry. Mat Ishbia, president and CEO of United Wholesale Mortgage, shares his thoughts on the latest news.

• What’s going on with the GSE?
  FHFA director Mark Calabria has some new plans for Fannie and Freddie, and not everyone’s going to like it. More privatization and more competition are looking likely, but Ishbia is convinced that the changes that will likely take place in the near future aren’t going to be as drastic as some others think.
   
• What’s going on with the VA?
  There have been changes made to VA guidelines, among them the loss of the option not to document funds to close if the amount is 4% of the value or less; changes regarding joint tax returns for self-employed borrowers; and tax return requirements for rental income. The goal, Ishbia said, is to slow down the number of refinances.

• What’s going on with condos?
  Condominiums are an important part of the affordable housing picture, according to Brian Montgomery, commissioner of the FHA. Because of this, he said the FHA is making condominium purchases more efficient and more flexible for borrowers. Ishbia wonders if other agencies might not be far behind in this positive development in the condo space.