To help address racial disparities in lending, the NCRC called for expansion of the Community Reinvestment Act, stronger enforcement of the CRA and strengthening of the government-sponsored enterprises’ affordable housing goals.
“[The GSEs’] corrupt business model lets shareholders and executives reap huge profits while the taxpayers cover all losses,” according to the Republican platform.
The bill would expand flood insurance options by including private flood insurance and require the GSEs to accept any private flood insurance company a borrower chooses, as long as the company is financially sound.
Officials at Wells Fargo said that in the first month of offering the non-FHA yourFirstMortgage, applications for more than $1.0 billion in production were received.
Officials at BofA have a positive outlook for originations, with the bank’s first-mortgage production pipeline at higher levels at the end of the second quarter.
CA Legislature Poised to Pass Protections for Widowed Homeowners. The California legislature is a step away from enacting legislation that would extend existing foreclosure protections in the state Homeowners Bill of Rights (HBOR) to widows, widowers and other heirs of deceased homeowners. The legislature passed the HBOR in 2012 to provide due process protections to homeowners and establish rules and procedures for communication between servicers and borrowers regarding options to avoid foreclosure. However, the bill’s protections did not extend to surviving spouses and successors-in-interest who may wish to continue paying the mortgage loan but could not assume the loan or afford the payment with the loss of the deceased homeowner’s income. Surviving family members may then seek a loan assumption or modification, only to be refused by the servicer because their names are not on the ...
Freedom Mortgage Corp. is now ready to compete full time with the big boys in the rural housing market with its recent purchase of JPMorgan Chase’s rural housing business. The price of the deal was not disclosed. Freedom Mortgage’s newly acquired USDA origination platform kicked into gear on July 1, primed to serve rural-housing borrowers through its correspondent channel. Overall, the purchase would catapult the New Jersey-based nonbank to becoming the leading seller of USDA rural housing loans to Ginnie Mae. Chase Home Finance led all other USDA mortgage lenders in the first quarter of 2016 with $1.2 billion in total originations, which is 31.5 percent of all USDA-backed loans produced during the period. Freedom Mortgage was the largest VA lender and the second largest FHA lender in 2015. The acquisition of Chase’s USDA business would make Freedom the second largest, if not the ...
The Department of Veterans Affairs has clarified policies that have raised questions among VA lenders but were not addressed during the agency’s annual lender conference in San Diego, CA, back in May. ? What is the VA’s policy regarding a non-purchasing spouse’s (NPS) credit? VA: The NPS’s liabilities need to be considered but not its credit history. ? What is VA’s policy regarding a loss that an NPS reports on a joint tax return? If a joint tax return shows a business loss, then that loss will have to be deducted from the veteran’s income in both community and non-community property states. What is reported to the Internal Revenue Service must be used when applying for a federally guaranteed loan In a situation where a couple has been faced with business losses, the veteran and his or her spouse may want to consider both being on the loan in order to potentially qualify. ? The VA Pamphlet states: “Account balances reduced to ...
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