HUD finalizes rule on interested party contributions for FHA HECM for purchase program; Ginnie announces payment default status dataset; federal jury convicts FHA borrower of fraud; and more news briefs.
CHLA endorses House Resolution 612 to protect veterans benefits; VA finalizes rule updating loss-mitigation terminology; VA adopts a no cash, no check policy; Ginnie adds low- to moderate-income data disclosures related to its home equity conversion mortgage MBS program; HUD to hold vacant home sale related to its HECM program.
A district court judge threw out parts of a lawsuit against Ginnie Mae for canceling Texas Capital Bank’s first-priority lien on a loan portfolio of Reverse Mortgage Funding but allowed a key challenge to go ahead.
Ginnie Mae is evaluating a new security backed by FHA home equity conversion loans that have reached balances above 98% of their maximum claim amounts.
Ginnie Mae is exploring a new reverse MBS to provide a new form of liquidity to issuers with home equity conversion mortgages above the 98% maximum claim amount.
The federal government last week filed a motion to dismiss a lawsuit by Texas Capital Bank against Ginnie Mae for eliminating TCB’s interest in the home equity conversion mortgages of bankrupt Reverse Mortgage Funding.
Industry participants support FHA’s plans to update policy on acceptable monetary investment funding sources and interested-party contributions for its home equity conversion mortgage for purchase program.