On loan applications for 30-year fixed-rate conventional mortgages received in June 2016, the average loan size was $316,000, up from an average of $259,000 in June 2012, according to the Mortgage Bankers Association.
The FHA endorsed a total of $61.54 billion of forward mortgages during the second quarter, according to a new Inside FHA/VA Lending analysis and ranking.
The FHA’s and VA’s acceptance of residential properties with existing senior PACE (Property Assessed Clean Energy) liens is credit positive for asset-backed securities backed by PACE assessments and could have a mixed effect on some residential mortgage-backed securities, according to a new analysis by Moody’s Investors Services. The move is expected to expand the availability of mortgage financing for purchasers of homes with PACE obligations as well as ...
Interest Rate for VA Streamline Modifications. Servicers initiating a trial payment plan (TPP) for a VA streamline loan modification may seek pre-approval from the Department of Veterans Affairs to complete the modification with an interest based on the approval date of the TPP instead of the interest rate at the time the modification was approved. All pre-approval requests must be submitted prior to the TPP agreement or loan modification ... [Includes three briefs]
The Department of Housing and Urban Development’s inspector general has urged the agency to direct FHA lenders to show documented proof that properties in Flint, MI, had a safe and potable water source at the time their FHA loans were closed and endorsed, or face indemnification. The HUD IG, in a report, said it audited the department’s oversight of FHA-insured loans in Flint in the wake of news reports of high levels of lead contamination in the city’s public water system ...
The Department of Housing and Urban Development is seeking comment on a supplemental proposal, which would require an FHA lender to file a claim when a Home Equity Conversion Mortgage loan reaches 98 percent of the maximum claim amount. The proposal stems from another proposed rule published by HUD last May that would codify previous revisions to the HECM program and make additional changes. The proposal would provide the lender an opportunity ...
A dispute over which office within the Department of Housing and Urban Development is responsible for tracking and recording certain collections from civil fraud settlements is wreaking havoc on HUD’s accounting of collections and recoveries. In its semiannual report to Congress, HUD’s Office of the Inspector General said it might have to elevate the matter to the HUD deputy secretary for a decision as to which office is responsible for each action. The dispute ...
The Department of Veterans Affairs has issued new guidance to clarify the loan-fee structure for VA purchase and refinance mortgages, loan assumptions and manufactured home loans. The detailed funding fees are in effect for VA loans closed on or after Nov. 22, 2011, and before Sept. 30, 2024. For first-time use of the VA housing benefit, a VA loan with a downpayment of less than 5 percent would have a funding fee of 2.15 percent for veterans and 2.40 percent for reservists ...
Regions Financial Corp., a $125 billion Alabama bank, has reached a preliminary settlement with the Department of Justice and the Department of Housing and Urban Development to resolve an investigation into the bank’s FHA lending practices. The reason for the investigation was not disclosed in the bank’s 10-Q filing, although Regions acknowledged that DOJ and the HUD inspector general are focusing on its FHA loan origination procedures, underwriting and ...
RSS