Citadel, one of the earliest entrants to the new expanded-credit market, funded $295.0 million of loans in the first quarter, a 19.4 percent sequential increase…
Rep. Jeb Hensarling: "I’m confident that, under Kathy’s leadership, gone are the days of wasting more than $240 million of taxpayer money to renovate a building it doesn’t even own and paying staff to perform research that has nothing to do with the Bureau’s mission..."
Ed Robinson, senior vice president in charge of mortgage banking for Fifth Third, told Inside Mortgage Finance his bank made a conscious decision to jump into the MSR acquisition arena…
Cowen: “We see the nomination of Kathy Kraninger as a way to keep OMB Director Mick Mulvaney in charge of the Consumer Financial Protection Bureau for years to come..."
FHA FAQ Website Moves to New Platform. The FHA will be shifting its Frequently Asked Questions website to a new platform. Users may experience some changes in functionality, the agency warned. The FHA Resource Center has posted new advanced search tips to help users better navigate the new platform. VA Title Requirements for Conveyance of Real Property. The Department of Veterans Affairs has extended guidance for title requirements for conveying real property to July 1, 2020. The rescission date of the original guidance is July 1, 2018. Reverse Mortgage Lenders Comment on CFPB Consumer Complaint Reporting. The National Reverse Mortgage Lenders Association questioned the Consumer Financial Protection Bureau’s legal authority to publish unredacted consumer complaints. In a comment letter, the industry group said that while complaint data in some format may be ...
The U.S. Department of Agriculture Rural Housing Service has issued guidance detailing requirements for refinancing its direct and guaranteed rural-housing loans. Direct and guaranteed are both Section 502 loan programs but are different from each other. The lender for guaranteed home loans is a privately owned thrift, bank or mortgage company, which is also the servicer of the loan. The lender for the direct program is the RHS, while USDA Rural Development, which includes RH, is the servicer. Guaranteed borrowers are capped at 115 percent of the area median income while income levels for direct borrowers must not exceed 80 percent of AMI. Guaranteed borrowers are not eligible for payment assistance, which can lower the interest rate on the mortgage to as low as 1 percent. The assistance is for direct borrowers and is based on borrower income as a percentage of AMI. Finally, borrower protections differ ...
One policy issue that could land on FHA Commissioner Brian Montgomery’s desk soon is whether potential borrowers who were granted temporary status under the Obama-era Deferred Action for Childhood Arrivals are eligible for FHA-insured loans. Mortgage lenders are divided on the issue and may soon ask the newly installed head of the FHA for guidance, said Brian Chappelle, a mortgage industry consultant. President Obama created the DACA program in 2012 to allow undocumented immigrant children to stay temporarily in the U.S. for two years without fear of deportation. They have an opportunity to renew their DACA status towards the end of their second year. To qualify for DACA, the undocumented child must have arrived in the country before they were 16 years old or be younger than 31 on June 15, 2012. They must have lived continuously in the country since June 2007. A person protected under DACA is ...
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