Technology

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October 24, 2014 - Inside FHA Lending

FHA Notifying Lenders of Possible MRB Action

The FHA warned it would soon be sending notices to lenders who are overdue in completing their annual recertification packages, a rule violation that could land them before the Mortgagee Review Board for disciplinary action. Lenders who were unable to submit their recertification packages containing the required financial reports, annual recertification statements and the renewal fee payment will be receiving notices of deficiency from the FHA. FHA extended the filing deadline to June 27, 30 days after the deployment of the new Lender Electronic Assessment Portal (LEAP) system used in the lender recertification process. Traditionally, lenders were required to access both FHA Connection and Lender Assessment Sub-System (LASS) to complete the annual recertification process. LEAP will now enable lenders to complete all ...


October 24, 2014 - IMFnews

What We’re Hearing: More Questions About Wingspan but No Answers / Are Specialty Servicers Toast? / Should Ocwen Move Its India Workers to Upstate New York? / Mortgage Company Owner Wants to Buy Baseball Team

Note to Ocwen management: every US employee is a potential mortgage customer. Think about it.


October 22, 2014 - IMFnews

Short Takes: Who Might Guaranteed Rate Buy? / RPM Eyes Two More Lenders / A Non-QM IPO Already? Really? / Fitch Upgrades Shellpoint on Servicing / New Appraisal Tool From Fannie Mae / More Trouble for Nonbanks and MSRs?

We even heard one report that a non-QM firm is contemplating an initial public offering. It sounds crazy, we know…Meanwhile, it appears the states want a say in MSR transfers...


October 17, 2014 - Inside Mortgage Trends

E-Close Project to Start Shortly

The Consumer Financial Protection Bureau is poised to formally launch its e-closing pilot project shortly, with an eye towards simplifying the mortgage closing process for both borrowers and lenders and eliminating many of the “pain points” associated with it. “We are looking to kick off the pilot later this year and run it for about three months,” said Brian Webster, program manager for the bureau’s Office of Mortgage Markets, during a meeting of the CFPB’s Community Bank Advisory Council ...


October 17, 2014 - Inside The GSEs

GSE’s Common Securitization Solutions Still Has No CEO

After a year of searching for a chief executive to lead Common Securitization Solutions, the Federal Housing Finance Agency is still looking, but it continues to hire staff. “The search continues,” said a government official close to the matter. “We even have a search firm.”Although the FHFA is keeping a tight lid on information regarding CSS, it’s now common knowledge that the search firm in question is the Washington-based Spencer Stuart, which bills itself as “one of the world’s leading global executive search and leadership consulting firms.”


October 16, 2014 - IMFnews

Short Takes: Short Sellers Target Walter / But Walter Gets a Disclosure Exemption / Will QRM be Aligned with QM? We’ll Know Next Week / NTC Finds Flaws in Servicing Records / DocMagic Makes an Acquisition

More trouble for Walter Investment Management? Meanwhile, according to NTC, as many as 490,000 homeowners could be affected by faulty servicer database records.


October 10, 2014 - Inside FHA Lending

Around the Industry

FHA to Extend Short Refi Program. The FHA has announced its intent to extend its Short Refinance Program for borrowers in negative equity positions. A mortgagee letter will be issued soon to announce the extension. Feedback Period extended for Draft Servicing Section of Proposed Single Family Handbook. The FHA is extending the comment period for the draft servicing section of the Single Family Housing Policy Handbook through Nov. 14, 2014 to allow stakeholders additional time to study and comment on the proposed section. The original deadline date was Oct. 17. CFPB Updates Reverse Mortgage Guide. The Consumer Financial Protection Bureau recently updated its reverse mortgage guide on its website to account for recent changes made by the Department of Housing and Urban Development to its Home Equity Conversion Mortgage program. The updated guide highlights new limits to ...


October 8, 2014 - IMFnews

Short Takes: Did BofA Yank a Big Subservicing Contract? / No Word From Wingspan CEO This Time / Ethos Bullish on Loan Brokers / Black Knight Hires CTO

Ethos Lending, a QM and non-QM lender, is marketing itself to third-party loan officers as the “broker advocate."


October 3, 2014 - Inside The GSEs

IG Calls for Closer FHFA Oversight Of Freddie Mac’s IT Investments

The Federal Housing Finance Agency can and should improve its oversight of Freddie Mac information technology investments, concluded a new audit by the agency’s official watchdog. Last week’s Inspector General audit noted that Freddie is making “substantial investments” in IT in order to better support its operations and reduce risk. The GSE’s planned IT expenditures over three years are expected to exceed $1 billion, the IG added.


September 26, 2014 - Inside FHA Lending

GNMA Financed Minorities, LI Borrowers

Ginnie Mae securitized a relatively higher volume of loans for African-American borrowers than did Fannie Mae or Freddie Mac, according to a new Inside FHA Lending analysis of recently released Home Mortgage Disclosure Act data covering 2013 mortgage originations. Nearly a quarter, 24.7 percent, of mortgages made to black borrowers last year had FHA, VA or rural housing loans financed through Ginnie Mae, loan-level HMDA data show. Fannie Mae (19.2 percent) and Freddie Mac (9.9 percent) also accounted for large shares of mortgages for black borrowers. However, blacks accounted for just 4.2 percent of mortgages with the race of the primary borrower identified in HMDA reports. Fannie actually had a bigger share of the Hispanic market (24.7 percent), but Ginnie accounted for a substantial 17.3 percent of mortgages made to Hispanic borrowers last year. All three agencies saw ... [1 chart]


Poll

What is it going to take to convince lenders to loosen the credit box (i.e., remove underwriting overlays)?

The recent rep and warranty changes announced by the Federal Housing Finance Agency should go a long way in protecting lenders from future buybacks and help expand mortgage credit.
There won’t be any significant elimination of underwriting overlays until the government stops seeking huge mortgage-related penalties and settlements from lenders.
There shouldn’t be any expansion of the mortgage credit box since looser underwriting is what caused the recent mortgage crisis.

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