Borrowers saddled with student loan debt now have a better chance of qualifying for an FHA mortgage, thanks to a recent change in the way lenders factor such payments in the calculation of a borrower’s debt-to-income ratio. Under newly revised guidance announced by the FHA recently, lenders may apply the same calculation criteria used in the mortgage industry regardless of the type of student loan-payment plan (such as income-based payment plans) or a deferred-payment plan. Currently, there are...
Wells Fargo was the top seller to the GSEs in the first quarter with $22.75 billion, followed by Quicken Loans ($11.33 billion) and JPMorgan Chase ($6.87 billion).
It’s expected that Blackstone/Finance of America will target borrowers who are self-employed and have a harder time qualifying for conventional mortgages.
Wells Fargo was the subject of more mortgage complaints than any other player in the sector. Then again, Wells is both the largest lender and servicer.
FHFA’s Revised NPL Sale Guidelines: This week, the Federal Housing Finance Agency enhanced its nonperforming loan sale guidelines with three key changes. NPL buyers must evaluate borrowers whose mark-to-market loan-to-value ratio is above 115 percent for modifications that include principal reduction and/or arrearage for forgiveness. NPL buyers cannot “walk away” from vacant properties. …
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