The share of “unacceptable” ratings for defective FHA loans following a post-endorsement technical review has dropped from double- to single-digits in FY 2015 due to lenders’ mitigation efforts, according to the FHA’s latest loan-review results. FHA’s initial unacceptable rate has remained at 45 to 47 percent over the last four quarters, but lender submission of mitigating documentation has reduced that rate to 5 percent as of Oct. 31, 2015, the FHA report said. This means an overall mitigation rate of nearly 90 percent of the FHA-insured loan sample. The number of initially unacceptable findings and those findings subsequently mitigated are based on 6,415 FHA-insured mortgages that underwent post-endorsement technical reviews between April 1 and June 30, 2015. Of the total loans reviewed, 68.6 percent were purchase loans, 17.9 percent streamline refinance and ...

Joint civil fraud initiatives have resulted in $558.5 million in recoveries and receivables to the Department of Housing and Urban Development in FY 2015, according to the HUD inspector general’s semiannual report to Congress. The amount includes civil settlements of $212.5 million from First Tennessee Bank, $29.6 million from Reverse Mortgage Solutions, and $1.8 million from three other settlements. The settlements resolved enforcement actions brought by the Department of Justice on behalf of HUD in pursuit of civil remedies under a variety of statutes, including the False Claims Act, Program Fraud Civil Remedies Act, and the Financial Institutions Reform, Recovery and Enforcement Act. Recoveries and receivables for other entities during the reporting period – April 1 to Sept. 30, 2015 – totaled $86.9 million and $268.2 million for the entire fiscal year. Some of the payments were made to the ...

“Erosion of homeownership for blacks threatens to undermine their ability to gain and maintain economic stability, not to mention build assets,” said UI’s Rolf Pendall.

Borrowers are required to have a credit score of at least 700 and at least three months of reserves...

California also has the distinction of having one of the higher broker-GSE ratios in the nation: 21.5 percent.

It’s not every day that a Federal Home Loan Bank tells one of its members to reduce its credit facilities...

In 2015, the two GSEs sold credit risk on about $407 billion of UPB through their back-end risk-transfer programs. The actual amount of credit risk transferred was $12.6 billion.

Mat Ishbia of UWM said the money his company spent getting ready for TRID is an expense "for the long haul..."

New data fields will be added to support Fannie’s and Freddie’s requirements, as well as those required by the FHA, VA, USDA and CFPB...

Clayton said the outlets’ analysis didn’t include factors such as a borrower’s credit score, downpayment, loan size, collateral and land type...