The U.S. Department of Agriculture’s Rural Housing Program has fully automated the submission of loan-origination documents and the electronic issuance of conditional commitments. This means that RHS’s Guaranteed Underwriting System (GUS), which is used for underwriting single-family rural home loans, has gone paperless, beginning March 28, 2015. Over the past year, USDA Rural Development has implemented changes to streamline and modernize the guaranteed loan program. In December last year, the RHS modified its lender loan-closing system to allow electronic issuance of loan note guarantees. Under the streamlined document-submission process for GUS requests, lenders will upload all required origination documents into GUS following a final submission. This enables lenders to avoid encrypting and emailing docs to USDA. After receiving the docs, GUS will alert the ...
VA mortgage servicers disputing a final reconveyance decision must submit the information themselves to the Department of Veterans Affairs, not the foreclosure attorney, according to new guidance issued by the agency. The new policy became effective on March 13, 2015, and spells out the process for a servicer to dispute a final reconveyance decision. Reconveyance is the transferring of a clean property title to a buyer after a secured debt, such as a deed of trust or mortgage, has been paid in full. The VA developed a reconveyance dispute process with Vendor Resource Management, a real estate asset management company, to address servicer disagreements pertaining to the reconveyance of an asset. Servicers are now required to complete and submit information regarding reconveyance disputes to VRM via email. Disputes must be received directly from ...
Fannie Mae Updates Reverse Mortgage Loan Servicing Manual. Fannie Mae has updated its reverse mortgage servicing manual with changes and clarifications to policies pertaining to Home Equity Conversion Mortgages. For HECMs, Fannie now requires servicers to place a real estate-owned hazard insurance policy upon completion of a foreclosure sale. It also outlined servicers’ responsibilities regarding the documentation and cancellation of REO hazard insurance claims; reimbursement of REO hazard insurance premiums; and remittance of insurance loss proceeds. The revised policy changes must be implemented no later than April 1, 2015. House Democrats Reintroduce Housing Finance Reform Bill. Democrats on the House Financial Services Committee have introduced legislation that would provide private and government risk-share coverage to all mortgages, create a ...
According to an informational circular on Angel Oak Mortgage Solutions, some of the top executives at the firm used to work for Southstar Funding in Sandy Spring, GA.
Business is booming at Fannie Mae and Freddie Mac thanks to a healthy surge in refinance activity, according to a new Inside Mortgage Finance analysis of mortgage-backed securities issued by the two government-sponsored enterprises during the first quarter of 2015. Fannie and Freddie issued a total of $189.92 billion of single-family MBS during the first three months of the year. That was up 5.9 percent from the fourth quarter of 2014, and it marked the biggest output for the GSEs since the third quarter of 2013. Early 2015 was leaps and bounds ahead of the pace set during the same period last year, which marked a 14-year low in mortgage production. All of the oomph came...[Includes three data charts]
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