PRMG Mortgage of California is looking to grow its wholesale and correspondent channels and is presently searching for new account executives and support staff…
The Department of Veterans Affairs is seeking clearance for two information-collection forms that are crucial to a veteran’s ability to obtain or cure a VA-guaranteed mortgage loan. The Office of Management and Budget is currently reviewing the forms. The VA also has published notices in the June 1 Federal Register seeking public comment on the proposed revised forms. Comments for both notices are due July 3, 2017. The first form relates to information a veteran must provide to be exempted from paying a funding fee. Borrowers are required to pay a funding fee to obtain a loan with a VA guaranty, unless the borrower is a disabled veteran receiving VA compensation for his or her service-connected disability. Loans made to unmarried surviving spouses of veterans who have died in service or from a service-related disability also are exempted from payment of the funding fee (regardless of whether the ...
A military veteran’s disability pension, a key underwriting factor for a VA loan, either can be service-connected or non-service-connected. A non-service-connected pension is for vets whose disability is unrelated to his time in the military. “It is permanent and total in nature and may not have been caused by their service to the military,” said Mark Jamison, loan production officer (LPO) with the VA’s Cleveland Regional Loan Center. A service-connected pension is for vets whose disability was a result of their military service, Jamison noted. If a vet is eligible for both a service-connected disability from VA and a non-service connected pension, he or she gets only the greater of the two amounts. Those eligible for a non-service connected pension include vets who were discharged from service for reasons other than dishonorable, and who served at least 90 days of active military service, one day of ...
The eligibility of surviving spouses of deceased veterans is something that surfaces every once a while in discussions about VA lending. According to Maxine Henry, program analyst with the VA Home Loan Guaranty Service in Washington, DC, the term “veteran” includes the surviving spouse of any veteran who died in active military service or from a service-connected disability. However, in July 2012, Congress passed H.R. 1627, Honoring America’s Veterans and Caring for Camp Lejeune Families Act, expanding the category of spouses who would be eligible for VA home loan benefits. President Obama signed the bill into law in August of that year. Prior to the bill’s enactment, only surviving spouses of veterans who died in service or of service-connected causes were considered for a VA mortgage. The statute extended VA home loan benefits to others, including widows who have not remarried and ...
Reverse-mortgage originations with FHA insurance rose in the first quarter of 2017 from the prior quarter and from the same period last year despite a long-term slowdown in Home Equity Conversion Mortgage activity, an analysis of agency data found. HECM lenders, including an increasing number of nonbanks, produced $4.5 billion in new HECM loans during the first three months of 2017, up 16.9 percent from the prior quarter. Production also was up 16.6 percent year-over year. Purchase reverse mortgages comprised 83.6 percent of HECMs produced during the period. Borrowers appeared to favor reverse mortgages with adjustable rates over fixed-rate HECMs, which accounted for only 10.7 percent of HECMs in the first quarter. Despite increased originations in the first quarter, FHA data show a gradual decline in HECM endorsements since peaking in FY 2009 with ... [Charts]
An industry trade group is requesting that the Consumer Financial Protection Bureau exclude reverse mortgages from the income-reporting requirement of the Home Mortgage Disclosure Act.The National Reverse Mortgage Lenders Association is seeking an exemption similar to the HMDA exemptions for rate spread; Home Ownership and Equity Protection Act status; origination charges; discount points; lender credits; total loan costs; points and fees; prepayment penalty term; and balloon payments. However, should the CFPB require income reporting on reverse mortgages, the NRMLA would want further guidance and clarification. Home Equity Conversion Mortgage loans make up over 99 percent of the reverse mortgage market today, and have not dropped below 85 percent since 1993, according to the group. NRMLA’s request is part of a broader comment on ...
Any Trump administration effort to reduce the role of FHA in the mortgage market should avoid any changes that might disrupt or damage the overall economy, said the Mortgage Bankers Association.Proposed changes to FHA intended to increase the role of private capital should strive to find the right balance between competing interests, said MBA President/CEO Dave Stevens. Unilateral action could prove to be detrimental to housing and the economy, he cautioned. President Trump campaigned, among other things, on a promise to reduce the role of government in a variety of areas, including the mortgage market. He has issued an executive order to freeze all new and pending regulations and review existing ones to determine which ones to eliminate, retain or revise. The Department of Housing and Urban Development recently published a notice in the ...
The retail channel accounted for 79.3 percent of the $49.49 billion of jumbo originations reported by a diverse group of top lenders in the first quarter…
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