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FHA Production Slips in 1Q16; Just One Bank Among the Top 20 in FHA Retail

May 24, 2016
George Brooks
FHA loans as a share of all loan originations rose 7 percent year-over-year…
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House Approves Bill Allowing Temporary License for Loan Originators that Transfer from Banks to Nonbanks

May 24, 2016
Brandon Ivey
The SAFE Transitional Licensing Act of 2015 had strong support from the Mortgage Bankers Association, The Community Home Lenders Association and other trade groups.
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Short Takes: So Much for the Quiet on TRID Complaints / Mortgage Lenders Lean Toward Trump? / The Last Squeezing of the HARP Grapes / Former Wells Exec Joins Fannie Mae Board

May 23, 2016
Paul Muolo
So, who will mortgage professionals vote for come the fall election? Trump or Clinton?
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CFPB Experts: Chances of Being Examined Rest in Complaint Portal, Data

May 23, 2016
Paul Muolo
Nonbanks primarily need to worry about being examined for lending, but the CFPB has its ears open to servicing complaints as well…
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IMA, MIAC Out with New Servicing Deals

May 23, 2016
Paul Muolo
With rates holding steady the past two weeks, more servicing auctions could come to market…
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Final Jumbo Tally for 1Q16: $77 Billion; JPM Dethrones Wells as Market Leader

May 23, 2016
Brandon Ivey
Last summer, Chase started offering jumbos with credit scores as low as 680 and downpayments as small as 15 percent. Previously, the bank required credit scores of at least 720 and 20 percent down…
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Ginnie SVP Drayne: Influx of Nonbanks Has Raised A Lot of Issues for the Agency

May 23, 2016
John Bancroft
“We also have to pay more attention to third-party financing and third-party document custodians that new issuers are relying on,” Drayne added.
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Single GSE Security, CSP Still on Target for 2-Stage Launch; The Cost Thus Far: $270 Million

May 23, 2016
John Bancroft
Although the CSS joint venture has a projected budget and multi-year budget plan, it is working with FHFA about when to release that information…
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Jumbo Share of Originations Edged Up In 1Q16, Chase Puts Focus on Loans

May 20, 2016
Jumbo mortgages accounted for 20.3 percent of total first-lien originations in the first quarter of 2016, according to estimates by Inside Nonconforming Markets. While jumbo production declined slightly in the first quarter compared with the previous period, overall originations posted a steeper drop. An estimated $77.0 billion in jumbos were originated in the first quarter of 2016, down 1.3 percent from the previous quarter and up by 6.9 percent compared with ... [Includes one data chart]
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VA Clarifies Guidance for Conveying Titled Properties to VA Secretary

May 20, 2016
The Department of Veterans Affairs has clarified the type of documents lenders would need to provide clear and marketable title for conveyed properties to the VA in all states and U.S. territories. Under VA rules, each conveyance or transfer of real property to the VA shall be acceptable if “the holder covenants or warrants against the acts of the holder and those claiming under the holder (e.g. by special warranty deed).” In addition, the conveyance would be acceptable if it entitles the VA Secretary to such title as is or if it is acceptable to prudent lenders, informed buyers, title companies and attorneys, generally in the community in which the property is located. The VA said its determination of clear and marketable title depends on state statutory requirements. As a general requirement, documents for proper conveyance of clear and marketable title to the VA include the ...
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