The California Association of Realtors renewed its push for rules addressing the proliferation of FHA-insured mortgages that have Property Assessed Clean Energy super liens. In a recent letter to Office of Management and Budget Director Shaun Donovan, the CAR requested that both FHA and the Department of Housing and Urban Development adopt policy that is consistent with the Federal Housing Finance Agency’s existing policy on PACE liens. Specifically, such a policy would prohibit the use of PACE encumbrances with a “super lien” priority over mortgage financing. The group also urged HUD to issue guidelines directing FHA lenders and servicers not to place PACE liens above any mortgage insured by FHA. The CAR expressed concern about how PACE liens might affect the FHA Mutual Mortgage Insurance Fund, which is currently recovering from years of losses. “If the ..
Radian Guaranty has voiced its support for Fannie Mae’s updated Desktop Underwriter 10.0 and reiterated its ability to underwrite borrowers with non-traditional credit, one of the changes made in the latest version of DU. The Philadelphia-based private mortgage insurer said it is working on supporting MI applications for borrowers with nontraditional credit through other submission methods, including delegated submissions. Initially, applications will be accepted through MI Online’s “Quick Submit” option, or borrowers may fax or email their application and documents to intake@Radian.biz. Teresa Bryce Bazemore, president of Radian, said nontraditional underwriting is nothing new to Radian, which has maintained a small share of such loans. “We always had the ability to look at those loans and underwrite them manually,” she said. Besides nontraditional credit underwriting, the updated DU 10.0 includes ...
FHA Revises TOTAL Mortgage Scorecard. Effective on June 11, 2016, the FHA’s TOTAL Mortgage Scorecard no longer returns either upfront or annual mortgage insurance premium factors to an automated underwriting system. The FHA directs lenders to consult Appendix I of its Single Family Housing Policy handbook for applicable MIP factors. AUS vendors have been notified of the change and have adjusted their systems accordingly. HUD, First Citizens Bank Settle Fair Lending Complaint. A South Carolina bank has agreed to correct its lending practices and allocate funding to resolve allegations that it denied more loans to minorities compared to similarly-situated white loan applicants. The settlement agreement stemmed from a complaint filed by the Department of Housing and Urban Development against First Citizens Bank and Trust Co. in 2011 after an analysis of ...
The CFPB will take all of the content and commentary it has provided informally during webinars and at industry events, reconstituting it into some type of formal, definitive, and authoritative guidance.
The ABS allows the following mortgage firms to service the assets: Nationstar, New Residential, Select Portfolio Servicing, Specialized Loan Servicing and Walter Investment Management.
The supply of single-family home loan debt in early 2016 grew for the fourth consecutive quarter to hit $10.008 trillion, its highest level in three and a half years, according to Federal Reserve data released late last week. The first-quarter gain was a modest 0.2 percent from the end of last year, and a 1.5 percent increase from March 2015. But the servicing market is a slow-changing glacier, and steady increases over the past year are another indicator that the mortgage market has largely recovered from the housing recession. Most of the gain came...[Includes two data tables]
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