Lawmakers protect borrowers from “surplus funds chasers.”

Under current rules, borrowers must apply for a 203(h) mortgage within one year of the President’s declaration of the disaster.

VA wants servicers to immediately stop offering previously outlined loss-mitigation options from Chapter 5 of its servicers’ handbook.

The case revolved around a property in Brooklyn, NY, with a reverse mortgage dating back to February 2007 and whose owner died in February 2013. The borrower’s estate challenged the foreclosure, arguing that it was past the statute of limitations.

Mortgage servicers will be able to offer the mortgage recovery advance option as a standalone feature or as part of a 30- or 40-year loan modification, the Rural Housing Service said.

A California-based real estate professional admitted to conspiring to originate 102 home loans worth more than $55 million using false and fraudulent loan application information.

Vice President Kamala Harris outlines economic agenda for her presidential campaign; ex-FHA official joins M&T Bank; VA outlines secondary borrowing requirements when using assumable mortgages; FHA drafts guidance on loss-mitigation consultation requirements.

AOMR recently issued $50 million of senior unsecured notes to help replenish its stock of non-QM loans for securitization.

Angel Oak promotes a slate of employees; JPMorgan Chase working on a security backed solely by adjustable-rate mortgages.

UBS disclosed that it’s set to sell Select Portfolio Servicing, a major servicer of loans in non-agency MBS, to an unidentified buyer.