Like all new automated systems, FHA’s Lender Electronic Assessment Portal (LEAP 3.0) was not without technical glitches when the agency rolled it out back in May. Users immediately reported difficulties in certain functions, such as adding new branches, making changes to existing branches and changing cash flow accounts. The FHA ever since has been working to iron out the kinks to allow lenders to submit their annual recertification packages with ease. So far, certain fixes have been implemented allowing lenders to add, edit and delete branch and regional managers, delete attachments uploaded to LEAP and properly update cash flow accounts in the database. The FHA also changed the way lenders edit their principal affiliations in LEAP. In addition, newly approved lenders now have access to the new system. Furthermore, the FHA expanded to 250 the maximum allowable characters lenders may use when ...
President Obama this week released his agenda for creating economic opportunity for millennials, including greater access to mortgage credit through FHA. While the economy has recovered and there has been some improvement in the housing market, millennials are on a much slower pace toward homeownership than previous generations, the president said. Many are in rental housing, ready to become homeowners but are locked out by the tough, restrictive lending environment, he added. Millennials – identified as those born between 1982 and 2004, also known as Generation Y – are finding it harder to purchase homes because of lender overlays, high mortgage insurance premiums and high downpayment requirements. It also has been difficult for anyone with a credit score below 680 to obtain a purchase-mortgage loan. In his agenda, Obama expressed concern over the ...
Ginnie Mae issuance for the first nine months of 2014 totaled $207.5 billion as government-backed purchase-mortgage activity picked up in the third quarter, according to an analysis of agency data. New issuances rose 19.8 percent from the second quarter. FHA loans accounted for $116.9 billion of new Ginnie Mae issuances while VA and the Rural Housing Development funneled $75.9 billion and $14.2 billion, respectively, of new loans into Ginnie Mae pools. Mortgage securities backed by home-equity conversion mortgages are not included. Purchase mortgages totaling $140.6 billion comprised the bulk of new issuances over the nine-month period while the share of refinances totaled $49.8 billion. Modified loans accounted for $17.1 billion. Most of the FHA and VA loans originated during the first nine months came through the ... [ 2 charts ]
FHA to Extend Short Refi Program. The FHA has announced its intent to extend its Short Refinance Program for borrowers in negative equity positions. A mortgagee letter will be issued soon to announce the extension. Feedback Period extended for Draft Servicing Section of Proposed Single Family Handbook. The FHA is extending the comment period for the draft servicing section of the Single Family Housing Policy Handbook through Nov. 14, 2014 to allow stakeholders additional time to study and comment on the proposed section. The original deadline date was Oct. 17. CFPB Updates Reverse Mortgage Guide. The Consumer Financial Protection Bureau recently updated its reverse mortgage guide on its website to account for recent changes made by the Department of Housing and Urban Development to its Home Equity Conversion Mortgage program. The updated guide highlights new limits to ...
A source close to Horne confirmed the news and said he would be serving as an “executive advisor” to Wingspan, at least over the short term. But this source warned that the situation was "fluid."
No reason for panic yet: Only two jumbo (MBS) borrowers are currently more than 60 days delinquent and the foreclosure process has yet to start for either.
Mortgage lenders delivered $47.82 billion of single-family home loans with private mortgage insurance coverage to Fannie Mae and Freddie Mac during the third quarter of 2014, according to a new ranking and analysis by Inside Mortgage Finance. That was up 29.9 percent from the second quarter of this year as the private MIs piggybacked on the surge in purchase-money mortgages securitized by the two government-sponsored enterprises. Private MI coverage was provided on 39.2 percent of purchase loans sold to the GSEs during the third quarter, and the industry has seen its penetration rate of the sector climb steadily. Back in the first quarter of 2013, only 31.3 percent of Fannie/Freddie purchase mortgages had...[Includes two data charts]
MountainView, a firm known mostly for the market it makes in mortgage servicing rights, is branching out into non-QM lending, but company officials cautioned that its effort will start small. Moreover, a spokesman for the firm clarified that loans acquired through its new “Peak Program” will meet the ability-to-repay rule requirements, including the non-QM loans. “We expect...
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