Meanwhile, David Lykken of Transformational Mortgage Solutions told us he was the consultant who “got Chad Overhauser in the business and helped him start AmeriPro.” Overhauser is the president of AmeriPro…
According to figures compiled by Inside Mortgage Finance, Caliber ranks 13th among originators, based on first quarter figures and 17th among servicers.
The letter is meant to counteract correspondence sent earlier in the week to Watt from 10 trade organizations and community groups that want the GSEs to build capital...
Officials at Bayview Loan Servicing note that the loans available to correspondents and brokers in the lender’s portfolio lending program allow borrowers shut out from agency mortgages to qualify. “All of the agency and qualified mortgage products that are out there look the same,” Ski Swiatkowski, vice president of portfolio product marketing at Bayview, said last week during a webinar hosted by the lender. Bayview, whose owners include affiliates of The Blackstone Group, offers five ...
Determining a self-employed borrower’s ability to repay can be one of the more challenging underwriting tasks for non-agency lenders. Shelley Callaghan, a senior marketing program manager at MGIC, said one of the main issues to consider when underwriting borrowers with income from partnerships or S corporations is the pattern of cash distributions from the business to the potential borrower. A number of nonbanks have launched non-agency programs for self-employed ...
FHA originations rose significantly in the first quarter of 2016 from the same period last year even as VA loan production decreased slightly, according to an analysis of Ginnie Mae data. Lenders delivered $54.4 billion of FHA-insured loans to Ginnie Mae for securitization during the first three months, up 36.2 percent from the previous year. In contrast, the volume of VA loans securitized over the same period, $35.0 billion, fell 1.5 percent compared to the same period a year ago. A strong purchase-mortgage market drove FHA activity from January to March. The reduction in FHA’s annual insurance premium in January 2015 continued to have an impact on FHA’s purchase-loan market share. In 2015, FHA purchase originations accounted for $151.0 billion of the estimated $881.0 billion in total purchase originations (conventional and government single-family forward originations), according to ... [ 2 charts ]
Two major banks recently launched their own 3 percent downpayment programs, which stakeholders say could shift volume from FHA to the government-sponsored enterprises. How much volume though remains unclear, analysts say. Last week, Wells Fargo and JPMorgan Chase rolled out their respective low downpayment programs for first-time homebuyers and low-to-moderate-income families, which require only 3 percent down. Neither program involves the FHA, and they appear designed to pick up where Wells and Chase left off when they decided to cut back on their FHA business in order to reduce liability risk. Wells and Chase are among several major banks and nonbanks that have coughed up billions of dollars in settlements with the federal government in the last couple of years to resolve allegations of fraud under the False Claims Act and violations of ...
FHA lenders are breathing a sigh of relief in the wake of a legal opinion from the Department of Housing and Urban Development which effectively invalidates the Inspector General’s position on FHA loans with downpayment assistance provided by state and local housing finance agencies. HUD Deputy Secretary/FHA Commissioner Edward Golding’s recent memorandum left no doubt as to the eligibility of loans partially financed through HFAs’ downpayment assistance programs for FHA insurance. The memo also refuted the IG’s views on downpayment assistance involving “premium pricing” and rejected the severe financial penalties the IG had recommended against the lender. The dispute arose from a 2015 IG audit of NOVA Financial & Investment Corp. The audit report concluded that gift funds obtained through an HFA downpayment assistance program and used to help pay for ...
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