American International Group's plan to acquire residential mortgages is part of AIG’s effort to “rebalance” its exposure to mortgages after the sale of mortgage insurer United Guaranty to Arch Capital Group.
The CFPB’s appeal asserts that the court’s ruling on the constitutionality of the agency’s structure ought to be reconsidered because it “sets up what may be the most important separation-of-powers case in a generation.”
Industry Groups Urge Congressional Leaders to Pass ‘Tax Extenders’ Legislation. Three industry groups called upon House and Senate leaders to pass “tax extenders” legislation, including two critical tax provisions that are scheduled to expire at the end of 2016. In a joint letter this week, the Mortgage Bankers Association, National Association of Realtors and the National Association of Home Builders called for the “rapid enactment” of a broad “tax extenders” package, including mortgage-debt forgiveness and tax deduction for mortgage insurance premiums. Passing a legislative package of tax extenders that includes the two provisions would provide much-needed certainty to the residential real estate markets, the letter said. Federal Agencies Propose Rule to Expand Access to Private Flood Insurance. Federal banking and credit union regulators and the Farm Credit Administration have published a ...
A new report from the Government Accountability Office urged the FHA and the Rural Housing Service to consider consolidating both their similar, often overlapping single-family home loan guarantee programs. Both FHA and RHS, an agency under the U.S. Department of Agriculture, help borrowers finance homes by providing guarantees on their single-family mortgage loans. The latest GAO report expands on the analysis in a 2012 report, which found overlaps in the loan products offered by the two agencies, borrower income levels, and geographic areas served by the FHA single-family mortgage insurance program and the RHS’ Single-Family Housing Loan Guarantee Program. The report compared single-family home purchase loans backed by FHA and RHS in fiscal years 2010-2014. Auditors found significant overlap and some differences in the borrowers the agencies serve. According to the ...
FHA and VA loan performance improved in the third quarter of 2016 as the delinquency rate on government-backed loans declined on a seasonally adjusted basis, according to the Mortgage Bankers Association’s latest mortgage delinquency survey. The FHA delinquency rate fell by 16 basis points to 8.30 percent, its lowest level since 4Q97, with all categories – 30-days, 60-days and 90 days + past due – reflecting the decline. Over the quarter, the delinquency rate of FHA loans with payments 30 days past due dropped 4 bps from the previous quarter. Insured loans that were 60 days behind on their payments saw a 6 bps drop in their delinquency rate, while that for seriously delinquent loans fell 9 bps during the period. FHA mortgages showed some declines in performance on a non-seasonally adjusted basis. Approximately 8.70 percent of outstanding FHA loans were past due as of the end of the third quarter, up 25 bps from the ...
VA lenders must now submit their condominium approval requests electronically to the VA Home Loan Program to enable the agency to lower condo-approval costs and speed up the process. The process of shifting from paper to electronic submission of VA condo-approval documents began on Nov. 3. Lenders and other program participants are required to upload their condo association documents into WebLGY in PDF format. A condo record must exist in WebLGY in order to upload the required paperwork. Directions on how to search condo records and create a new record may be found in the Quick Reference Document. Users can access the site via a link in Section 6 of VA Circular 26-16-35. When creating a new record, documents within the file or that uploaded individually must be stacked and labeled in the ...