The Department of Housing and Urban Development has replaced the information brochure that goes with FHA lenders’ mandatory cover letter alerting delinquent borrowers of the possibility of foreclosure. HUD requires lenders to notify FHA borrowers in default no later than the 60th day of delinquency via cover letter and a copy of a brochure, “Save Your Home: Tips to Avoid Foreclosure.” This resource replaces the previous brochure, HUD-PA-426, and includes information on the revised loss-mitigation tools available for delinquent FHA borrowers. The new brochure has been ...
FHA endorsements fell 25.1 percent in the third quarter of 2013 from the previous quarter as interest rates roller-coastered and refinancing lost steam, according to Inside FHA Lending’s analysis of FHA data. After delayed reporting for two months, the FHA also released data showing a 27.9 percent decline in new endorsements in November from October, with lenders reporting $8.7 billion in total originations for the month. Purchase mortgages accounted for 77.1 percent of November’s FHA volume. Fixed-rate mortgages comprised 97.2 percent of total originations for the month. On a quarter-to-quarter basis, production fell to ... [2 charts]
Ginnie Mae, Japan Sign Joint MOU; Russia Gets Help In Launching First MI. Ginnie Mae is helping Japan and Russia transition from their current secondary mortgage market structures to the U.S. company’s model. On Jan. 9, Ginnie Mae and Japan Housing Finance Agency signed a joint memorandum of understanding to exchange information and help Japan create a securities program tailored after Ginnie Mae’s successful mortgage-backed securities program. Japanese Prime Minister Shinzo Abe has directed the JHFA to make the transition within three to five years. Under the MOU, the two countries will hold ...
Specifically, the CFPB is seeking comment on what consumers find most problematic about the closing process, including errors and changes at the closing table and the involvement of third-parties.
Citigroup marked up the asset value of its MSRs by 5 percent, on a sequential basis, to $2.718 billion. Compared to 4Q12, its MSRs are now worth 40 percent more - even though its overall portfolio has been shrinking in size.
It’s likely that little in the way of money is changing hands on the deal. By selling the MSRs to Fannie, Citi is also settling the payment of “compensatory” fee claims the GSE is owed by the bank.
According to figures compiled by Inside Mortgage Finance, Flagstar is the nation’s second largest wholesale/broker lender. It also has a fairly large presence in the warehouse market.
Now that the Consumer Financial Protection Bureau has delivered its integrated mortgage disclosure project, the agency is asking consumers to identify the key “pain points” associated with closing and how they might by mitigated by market innovations and technology. “The CFPB seeks to encourage the development of a more streamlined, efficient and educational closing process as the mortgage industry increases its usage of technology, electronic signatures and paperless processes,” the bureau said in a recent notice. The plan is to “encourage interventions that increase consumer knowledge, understanding and confidence at closing,” the agency said. Specifically, comment is sought...
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