FHA, VA

Browse articles from all of our Newsletters related to FHA, VA.

April 29, 2016 - Inside Mortgage Trends

Data: Top Sellers of TPO Originations - 3M2016

A ranking of the top 100 sellers of third-party originations in the first three months of 2016. Based on loan-level mortgage-backed security disclosures for MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae.


April 29, 2016 - Inside MBS & ABS

FASB Proposes Technical Corrections, Tweaks to GAAP, Changes Affect MSRs, FHA and VA Loans

The Financial Accounting Standards Board has proposed technical corrections and changes to its codified accounting handbook for private companies, including revisions to guidance relating to FHA and VA loans as well as transfers and servicing of financial assets. The proposed updates respond to suggestions by stakeholders and affect a wide variety of topics in the Accounting Standards Codification, which was established in September 2009 as a comprehensive source of authoritative generally accepted accounting principles used by the private sector. Among other things, a proposed amendment to Subtopic 860-20, Transfers and Servicing – Sales of Financial Assets would add...


April 28, 2016 - Inside Mortgage Finance

Senate Panel Unveils HUD Funding Bill, Spurns Lender IT Fee, Senate Okays Inclusion of Energy Costs in FHA Underwriting

The Senate Appropriations Committee last week approved funding for several housing provisions in the government’s Transportation and Housing and Urban Development fiscal year 2017 budget proposal, including FHA technological improvements, while the full Senate passed an amendment to include energy costs in FHA underwriting and appraisals. Approved by a unanimous vote of 30 to 0, the T-HUD budget bill, among other things, would provide federal funding for FHA technological upgrades rather than charge lenders an administrative fee as HUD had proposed. The committee appropriated $13 million in specific funds to improve FHA’s information technology. The proposed per-loan fee charged to lenders was projected...


April 28, 2016 - Inside Mortgage Finance

Banks Toy With Creating an ‘FHA-Like’ Mortgage For Portfolio; But Chances of Success Are Unlikely

Having agreed to pay billions of dollars in damages for underwriting allegedly faulty FHA mortgages, the nation’s megabanks could be pondering a better idea: Creating a portfolio product that accomplishes the same task as a low-downpayment, government-backed loan. According to industry officials who claim to have knowledge of the situation, Wells Fargo and at least one other top-five ranked lender are working on such a concept, but it remains to be seen whether they will ever get there, and if they do, whether such a creation can amass any type of volume. When asked whether Wells was working on an FHA-like portfolio loan, a spokesman did not dismiss...


April 22, 2016 - Inside FHA/VA Lending

HUD Sets Up Joint FHA/VA System To Prescreen Mortgage Applicants

The Department of Housing and Urban Development has issued a notice to establish a computer-matching program between FHA and the VA that would enable the two agencies to prescreen mortgage applicants. The notice was published in the April 15 Federal Register. The computer-matching program would allow HUD to incorporate VA debtor files into the department’s Credit Alert Verification Reporting System (CAVRS). Consequently, both the FHA and VA would be able to prescreen loan applicants and identify who is delinquent or in default on a federally guaranteed mortgage loan. The use of CAVRS would allow HUD to monitor its FHA programs better and prevent the extension of credit to individuals who are delinquent or in default on their obligations to HUD and other federal agencies. Meanwhile, VA expects to achieve savings through risk reduction and ...


April 22, 2016 - Inside FHA/VA Lending

FHA Eases Rules for Qualifying Borrowers with Student Loans

The Department of Housing and Urban Development has revised guidance to lenders for calculating monthly student-loan payments for debt-to-income ratio purposes. The change is aimed at helping more borrowers with student-loan obligations to qualify for an FHA-insured mortgage. Currently, the FHA requires lenders to calculate a monthly payment for deferred student loans based on 2.0 percent of the outstanding balance, and include it in the borrower’s DTI for qualifying purposes. The disadvantage of the current method of calculation is that it makes it harder for the borrower to qualify for an FHA loan, according to Marc Savitt, president of The Mortgage Center, an exclusively FHA/VA lender in Martinsburg, WV. Under the revised guidance, regardless of the borrower’s payment status, the lender must use: (a) the greater of 1.0 percent (a 50 percent reduction from the current 2.0 percent) of the ...


April 22, 2016 - Inside FHA/VA Lending

VA Guidance Clarifies Compliance With TRID Disclosure Requirements

The Department of Veterans Affairs has issued new guidance clarifying how VA lenders should comply with the disclosure requirements of the new TRID rule. TRID, which stands for Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosures, was adopted in final form by the Consumer Financial Protection Bureau on Oct. 3, 2015. Specifically, TRID establishes new requirements regarding mortgage disclosure forms, which lenders must use for all home loans. Lenders are required to itemize the services and fees they charge to borrowers on the TRID disclosure forms, instead of on the HUD-1 closing statement, in connection with a loan application to purchase or refinance an existing mortgage. However, switching from the HUD-1 to the TRID form has caused uncertainty among VA lenders as to how to complete the new forms. VA’s TRID guidance lays out ...


April 22, 2016 - Inside FHA/VA Lending

FCA is Altering the FHA Landscape As Banks Flee, Nonbanks Jump In

More large lenders may pull back from FHA lending in the wake of this month’s massive settlements between two major FHA lenders and the Department of Justice to resolve alleged violations of FHA lending guidelines and the Federal Claims Act, warned a Baker Donelson attorney in a recent analysis. As DOJ increases its use of the FCA, “large lenders will continue to step away from FHA originations,” said Craig Nazarro, of counsel at Baker Donelson in Atlanta and author of the analysis. Nazarro also warned nonbank FHA originators of the risk they are taking on by continuing to originate FHA loans and growing their government-backed loan portfolio as the larger banks exit or limit their participation in the FHA market. “Many large lenders have faced or are currently facing these [enforcement] actions, and from the [DOJ’s] recent statements, it does not appear that they are slowing down ...


April 22, 2016 - Inside FHA/VA Lending

Annual MIP Cut Helped Spur FHA Streamline Refi Activity in 2015

FHA’s Streamline Refinance program went through an erratic pace in 2015 as business exploded in the second quarter and declined over the second half of the year. FHA lenders closed 2015 with $67.5 billion in total streamline refis, a 252.4 percent improvement over volume in 2014. Production fell 30.0 percent in the fourth quarter from the prior quarter. The second-quarter spike – which caused streamline refi volume to jump from $12.1 billion in the first quarter to $25.0 billion in the second quarter – was fueled apparently by FHA’s reduction of the annual mortgage insurance premium. In January 2015, the FHA cut its MIPs on 30-year loans, making it less expensive to carry an FHA home. Under the revised MIP schedule, a 30-year FHA streamline refi with a loan-to-value ratio over 95 percent is charged an annual MIP of 0.85 percent. For a 30-year loan under 95 percent LTV, the annual MIP is ... [ 1 chart ]


April 22, 2016 - Inside FHA/VA Lending

VA Paced Growth in Government- Insured Servicing During 1Q16

The Ginnie Mae servicing market continued to grow during the first three months of 2016, with most of the impetus coming from the VA home loan guaranty program. A new Inside FHA/VA Lending analysis of mortgage-backed securities data reveals that the amount of Ginnie servicing outstanding swelled to $1.544 trillion as of the end of March, a 1.65 percent gain from the previous quarter. Because issuer-servicers regularly repurchase seriously delinquent loans out of Ginnie MBS pools, the actual volume of government-insured loans outstanding was somewhat higher. The VA program saw the most growth, increasing by 3.25 percent in just three months, while FHA servicing in Ginnie MBS rose only 0.96 percent from December 2015. Servicing of rural housing loans guaranteed by the U.S. Department of Agriculture was up 1.34 percent, while the FHA insurance program for Native Americans ... {4 charts]


April 22, 2016 - Inside MBS & ABS

Ginnie Mae to Eliminate 19-Year Program Targeting Underserved, Guaranty Fee Reduction Ineffective

Ginnie Mae is shutting down its long-running Targeted Lending Initiative (TLI) because it has not made much of an impact on lending to underserved urban and rural areas in recent years. Launched in 1997, the TLI was designed to encourage lenders to finance housing in underserved areas through a reduced guaranty fee. In 2005, the program played a major role in offering relief and financial assistance to homeowners in areas hardest hit by Hurricane Katrina. Under the TLI, Ginnie Mae’s guaranty fee is reduced...


April 21, 2016 - Inside Mortgage Finance

FHA Eases Rules for Qualifying Borrowers with Student Loan Payments Should Help First-timers Get Home Loans

Borrowers saddled with student loan debt now have a better chance of qualifying for an FHA mortgage, thanks to a recent change in the way lenders factor such payments in the calculation of a borrower’s debt-to-income ratio. Under newly revised guidance announced by the FHA recently, lenders may apply the same calculation criteria used in the mortgage industry regardless of the type of student loan-payment plan (such as income-based payment plans) or a deferred-payment plan. Currently, there are...


April 21, 2016 - Inside Mortgage Finance

New Jersey Nonbank Pays $113 Million to Settle FHA Quality Control, Underwriting and Reporting Issues

Freedom Mortgage Corp. has agreed to pay the federal government $113 million to resolve alleged violations of the federal False Claims Act and FHA requirements in connection with the origination of FHA-insured single-family mortgages. The April 15 settlement agreement between the New Jersey-based mortgage lender and the Department of Justice comes in the wake of a record $1.2 billion settlement between DOJ and Wells Fargo, which earlier admitted to false certification of defective mortgages for FHA insurance and failure to file timely reports on several thousand loans that were materially defective or badly underwritten. Like Wells Fargo, Freedom Mortgage failed...


April 15, 2016 - Inside Mortgage Trends

Mortgage Insurance Claiming Slightly Larger Share of Agency Purchase Market

More loans securitized by Fannie Mae, Freddie Mac and Ginnie Mae are carrying mortgage insurance, either private MI or coverage through government-insured programs, according to a new Inside Mortgage Trends analysis of mortgage-backed securities data. The trend toward more insured loans has been gradual over the past two years. In 2014, purchase-money loans with no mortgage insurance accounted for 39.9 percent of new MBS issued by ... [Includes one data chart]


April 14, 2016 - Inside Mortgage Finance

Wells Fargo Agrees to Pay $1.2 Billion to Resolve Charges Of Improper FHA Lending Practices Over 9-Year Period

Wells Fargo last week reached an agreement to pay $1.2 billion to the federal government to resolve certification and reporting violations in connection with FHA-insured loans. The settlement is the largest recovery for loan-origination violations in FHA history, according to Housing and Urban Development Secretary Julian Castro. The April 8 court filing details an agreement in principle, which Wells Fargo announced in February, that resolves not only a pending lawsuit filed by the U.S. Attorney for the Southern District of New York, but also a number of potential claims dating as far back as 15 years in some cases, according to a statement issued by Wells Fargo. According to the settlement, Wells Fargo “admitted...


April 14, 2016 - Inside Mortgage Finance

Fannie and Freddie Securitized Fewer Private MI Loans In Early 2016 as Purchase-Mortgage Market Stalled

The flow of home loans covered by private mortgage insurance into new Fannie Mae and Freddie Mac mortgage-backed securities fell by 11.5 percent during the first quarter of 2016, according to a new Inside Mortgage Finance analysis and ranking. That decline mirrored the 11.6 percent drop in purchase-mortgage securitization from the fourth quarter by the two government-sponsored enterprises. A slight uptick in refinance activity partly offset the slide in purchase-mortgage business. Private MIs do...[Includes two data tables]


April 8, 2016 - Inside FHA/VA Lending

Around the Industry

FHA Total Delinquencies, Serious Delinquencies Show Remarkable Improvement Since Peak. The FHA total delinquency rate in 2015 was 13 percent, down 37 percent from 2012 when the rate peaked at 16.7 percent, according to the latest data from FHA Neighborhood Watch. Serious delinquencies (loans that are 90 days or more past due) have improved 19 percent in 2015, with rates down to 6.74 percent from 9.92 percent in 2012. As of February 2016, the total delinquency rate and serious delinquency rate improved further to 11.1 percent and 5.5 percent, respectively. VA Issues POC Guidance, Seeks Comments on Proposed Data Collections. The Department of Veterans Affairs has issued new guidance revising the point-of-contact for inquiries regarding paid-in-full notifications of loans guaranteed for repurchase under VA’s Regulation 4600 Loans. The ...


April 8, 2016 - Inside FHA/VA Lending

FHA Reduces Annual MIP for Low-Mod Multifamily Mortgages

Reduced mortgage insurance rates for FHA multifamily housing programs took effect on April 1, 2016 to help preserve and increase the amount of affordable housing for low- and moderate-income families. The reductions range from 25 to 35 basis points – a significant rate change for FHA’s multifamily portfolio. The revised multifamily mortgage insurance premium applies to any firm commitments issued or reissued on or after April 1. It is designed to encourage capital financing of affordable and energy-efficient dwellings. Announced on Jan. 28, the new MIP rates will not apply to FHA multifamily loans closed or endorsed before March 31, as well as to other multifamily mortgages endorsed in conjunction with an interest-rate reduction or a loan modification. For “broadly affordable” housing, FHA is lowering annual rates to 25 basis points, down 20 or 25 bps from current rates Broadly affordable housing means that ...


April 8, 2016 - Inside FHA/VA Lending

Debt Collection, Mortgages Rank High on Veterans’ Complaints List

Debt collection, mortgages and credit reporting are the top three most-complained-about products and services in 2015, according to the Consumer Financial Protection Bureau’s fourth annual report on servicemembers’ and veterans’ complaints. Such complaints comprised a significant share of complaints from members of the military and their families logged by the CFPB last year. In 2015, the CFPB received 13 percent more military complaints compared to 2014, noted Barbara Mishkin, consumer finance attorney at Ballard Spahr. Of the 19,200 complaints received from members of the military last year, 46 percent (8,900) involved debt collection. The report indicates that military consumers submitted debt-collection complaints at almost twice the rate of the general consumer population, said Mishkin. Of the 8,900 debt-collection complaints, 44 percent involved attempts to collect a debt that the ...


April 8, 2016 - Inside FHA/VA Lending

Making Fewer FHA Loans Helped Chase Reduce Foreclosure Losses

Cutting back on its FHA business helped reduce JPMorgan Chase’s foreclosure inventory but made it harder for the bank to meet its community reinvestment goals, according to the bank’s top executive. In a letter to shareholders, Jamie Dimon, president/CEO of JPMorgan Chase, said he would rather see the bank no longer service defaulted loans. “If we had our druthers, we would never service a defaulted mortgage again,” he wrote. “We do not want to be in the business of foreclosure because it is exceedingly painful for our customers, and it is difficult, costly and painful to us and our reputation.” Chase has cut back on FHA lending and has reinstated overlays in response to stiff penalties it paid to resolve False Claims Act allegations brought by the federal government. In 2014, Chase agreed to a $614 million settlement with the Department of Justice over allegations of ...


April 8, 2016 - Inside FHA/VA Lending

HECM Lenders Get Some Latitude On Due-and-Payable Requests

The FHA has issued new, more permissive loss-mitigation guidelines for Home Equity Conversion Mortgages, including an optional extension for mortgagees when submitting due-and-payable requests. Additionally, the guidelines allow mortgagees to cure a HECM borrower’s taxes and/or insurance defaults as long as the FHA incurs no cost and the mortgagee agrees to refrain from seeking loan assignment for at least three years. The guidelines further remove a previous restriction prohibiting the use of the permissive loss-mitigation options announced in Mortgagee Letter 2015-11 for borrowers in foreclosure. Accordingly, for HECM loans that were in the process of foreclosure prior to the issuance of ML-2015-11, mortgagees may assess those borrowers for a repayment plan in accordance with the mortgagee letter. The repayment plan must have the ...


April 8, 2016 - Inside FHA/VA Lending

Nonprofits’ REO Buys Questioned, HUD IG Finds Itself in a Quandar

Policy changes are underway to prevent nonprofit groups from gaining an unfair advantage over legitimate investors in purchasing real estate-owned properties under the Department of Housing and Urban Development’s single-family property disposition program. An audit conducted by the HUD inspector general found that certain nonprofits were acting as investors while purchasing REO homes through HUD’s distressed-asset sales program. While this may seem to be a case of nonprofits gaming the system, the IG said no regulations were violated because program requirements did not explicitly bar nonprofits from acting as investors during the exclusive listing period. HUD’s distressed-asset sales program is designed to clear the department’s REO inventory in a manner that expands homeownership opportunities, strengthens neighborhoods and communities, and ensures a ...


April 8, 2016 - Inside FHA/VA Lending

Not Reporting Material Events on Time Causes Recertification Delay

Approximately 300 FHA lenders are seeing their recertifications held up because they failed to report in a timely manner events or changes that may affect their eligibility to participate in FHA programs.Delays are occurring because lenders have failed to notify the FHA of material events as soon as they have occurred and waited until the annual recertification to report them, according to industry sources. Under rules of the Department of Housing and Urban Development, a notice of material event alerts the agency to a significant change to the information provided by the lender at application that may affect its status as an FHA-approved lender. The department strongly encourages lenders to notify FHA within 10 days of the event to prevent delays during the annual recertification. Each FHA lender must complete the annual recertification process in order to retain its FHA approval. Lenders must ...


April 8, 2016 - Inside FHA/VA Lending

GNMA Market Slumped in 1Q16, But Monthly Data Show Rebound

Ginnie Mae issued $93.41 billion of single-family mortgage-backed securities during the first three months of 2016, an 8.6 percent drop from the previous quarter, according to a new Inside FHA/VA Lending analysis of loan-level MBS data, excluding FHA reverse-mortgage activity. Early 2016 was the slowest market in a year for Ginnie MBS production, though it still was stronger than most of the agency’s pre-2015 business. And issuance in the first quarter of 2016 was 17.0 percent ahead of the volume produced during the same period last year. The soft spot in the first quarter was FHA lending, especially purchase-mortgage activity. Issuers delivered $54.44 billion of FHA loans into Ginnie MBS during the period, a 12.1 percent drop from the fourth quarter, including a 15.0 percent decline in FHA purchase mortgages. Securitization of VA loans fell by a ... [4 charts].


April 7, 2016 - Inside Mortgage Finance

Mortgage Servicing Auctions Come Fast and Furious Despite Uncertainty Over Rates; Bidders Price Offers Accordingly

Although interest rates have been trending downward for much of the year, it hasn’t stopped mortgage firms from selling one of their most prized assets: mortgage servicing rights. According to a new tally from Inside Mortgage Finance, almost $27 billion in MSR auctions have been announced since March 1, with some bulk deals sized as high as $6.2 billion dollars. At least 16 offerings have been announced...


March 25, 2016 - Inside FHA/VA Lending

VA 2017 Budget Seeks $34 Million To Run, Maintain VALERI System

The Department of Veterans Affairs FY 2017 budget is seeking $34 million for the VA Loan Electronic Reporting Interface (VALERI) to manage the 2.4 million VA mortgages in portfolio. VALERI connects VA with more than 225,000 approved mortgage servicers and an estimated 320,000 veteran borrowers. Specifically, the system is used to manage and monitor servicer and VA staff activities aimed at providing timely and appropriate loss-mitigation assistance to defaulted borrowers. Without these resources, approximately 90,000 veterans and their families would be in danger of losing their homes each year, the VA said. Furthermore, this could cost the VA $2.8 billion a year in additional expense. In addition, VALERI also supports payment of guaranty and acquisition claims.Meanwhile, starting March 19, VA servicers began using the new version of the bulk upload templates to ...


March 25, 2016 - Inside FHA/VA Lending

Lenders Urged to Assess Liability Following FHA’s New Certifications

The Mortgage Bankers Association urged lenders to review the Department of Housing and Urban Development’s new loan-level and lender-level certifications to assess the legal and reputation risks to FHA lending. In a statement, MBA President/CEO David Stevens further urged lenders to analyze whether the new certification language provides sufficient protection from unwarranted false claim enforcement action. The MBA statement came as the Department of Justice, commenting on the new certifications, warned that it will continue to pursue lenders that submit false statements and false claims with the intent to defraud taxpayers. The new loan-level certification language reinforces FHA’s position that lenders should not be penalized for minor mistakes on FHA loans. It requires lenders to certify “to what they know to be true to the best of their knowledge.” Lender-level certification, carved out of the initial loan-level certification, would require lenders to certify they have not ...


March 25, 2016 - Inside FHA/VA Lending

VA Provides Updated Guidance on Flint, MI Water Contamination

The Department of Veterans Affairs has issued additional lender guidance for dealing with the public water contamination problem in Flint, MI. The guidance expands on the agency’s minimum requirements for properties backed by VA loans. The guidance refers to policy in the VA Lender’s Handbook which requires properties to have “a continuing supply of safe and potable water for drinking and other household uses,” before being approved for a VA-backed home loan. In the VA’s view, safe and potable water also refers to water used for bathing, showering and sanitary uses. Properties not in compliance with this requirement will not be eligible for the VA guaranty. Proper mitigation of lead-contaminated water must include a central filtering system that is acceptable to local health authorities and that can provide safe and potable water. Appraisers must comment and adjust for any ...


March 25, 2016 - Inside FHA/VA Lending

FHA Urged to Update Assumption Rules, Discuss Handbook Changes

The Mortgage Bankers Association called upon the FHA to update guidance regarding the assumption of FHA-insured loans and, separately, sought additional clarifications on many outstanding policies in the newly revised Single Family Policy Handbook. In a letter to FHA Commissioner Edward Golding, the MBA strongly urged the FHA to revisit and make changes to its loan-assumption policies and procedures, which have gone unchanged since the mid-1980s. With interest rates expected to rise over the next few years, the MBA anticipates the number of FHA loan-assumption requests to increase as well. Stale assumptions would make it virtually impossible for lenders to recover the actual costs incurred while processing them, warned Pete Mills, senior vice president for residential policy. Loan assumption enables a homebuyer to take on the obligations of the ...


March 25, 2016 - Inside FHA/VA Lending

FHA, VA Appraisals Come in Lower Than Contract Price, Survey Finds

Although appraisals are mostly in line with contract prices, VA and FHA appraisals more often miss the contract price than appraisals for conventional home loans, according to real estate agents’ responses to the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey. The difference gets no clearer than in California where many FHA and VA appraisals are coming in under the contract price. In contrast, appraisals for conventional mortgage loans are coming in as much as 10 percent higher, said a real estate agent in the Golden State. “FHA and VA appraisals are more conservative than conventional,” respondents observed. There are a number of reasons for FHA and VA appraisals coming in lower than conventionals, industry participants say. Although the appraisal process is the same for both government and conventional mortgage programs, FHA and VA appraisal rules require much closer scrutiny of the property to determine whether certain repairs must be made before it can be sold. In addition, no two appraisers are alike. Some appraisers will not give value to upgrades, such as granite countertops or hardwood floors, while others do.


March 25, 2016 - Inside FHA/VA Lending

Inspector General Voices Concern Over HUD’s Ability to Protect MMIF

Despite efforts by the Department of Housing and Urban Development to prevent or mitigate fraud, waste and abuse in FHA loan programs, concerns remain about HUD’s resolve to take the necessary actions going forward to protect the FHA insurance fund. Testifying recently during a House appropriations hearing, HUD Inspector General David Montoya said HUD is often hesitant to take strong enforcement actions against lenders. Montoya blames HUD’s tentativeness in carrying out competing mandates of continuing FHA’s role in restoring the housing market and ensuring availability of mortgage credit, and continuing lender participation in the FHA program. For example, he said FHA has been slow in starting claims reviews. “The OIG has repeatedly noted in past audits and other types of lender underwriting reviews HUD’s financial exposure when paying claims on ...


March 25, 2016 - Inside FHA/VA Lending

VA Jumbo Securitization Rises in 2015 Despite 4th Quarter Decline

Ginnie Mae securitization of jumbo mortgage loans with a VA guaranty rose significantly in 2015 despite a volume drop-off in the fourth quarter, according to Inside FHA/VA Lending’s analysis of agency data. Year-over-year results saw an almost 60 percent increase in Ginnie Mae mortgage securitization backed by VA jumbo loans. This was slightly dampened by 17.1 percent drop in VA MBS production in the fourth quarter from the previous quarter. All top-five VA jumbo securitizers – Wells Fargo, Freedom Mortgage Corp., PennyMac Corp., U.S. Bank, and Quicken Loans – reported significant drops quarter-over-quarter and year-over-year. Wells Fargo delivered a total of $5.0 billion in VA jumbo loans into Ginnie pools, making it the leading jumbo securitizer in that segment. This accounted for 17.7 percent of the market. Freedom Mortgage ended the year with $2.1 billion in ... [ Charts ]


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