VA loan servicers have until Nov. 1, 2015, to review and comment on the new VA Servicer Handbook and ensure compliance with the established policy and guidelines. The servicer handbook combines guidance issued via circulars and news flashes over the years. In addition, the agency has started hosting biweekly servicer calls to update VA servicers on policy changes and new developments, according to Andrew Trevayne, assistant director of loan management with the VA Home Loan Guaranty Program. VA-guaranteed loans are serviced through the VA Loan Electronic Reporting Interface (VALERI) system. The handbook also discusses roles and responsibilities for VA loan-administration staff and servicers. It does not change or supersede any regulation or law affecting the loan program. Servicers may submit comments on the updated handbook to ...
VA lender Michigan Mutual in Southfield, MI, gives new meaning to “service above and beyond,” which makes it unique among its VA peers. Michigan Mutual, a national wholesale mortgage lender, ramps up its service to members of the military by having a representative conduct yearly outreach to American soldiers in Afghanistan and Iraq. Every year, since 2009, Rick Roque, managing director at Michigan Mutual, has been volunteering to spend a few weeks conducting mortgage-related seminars for soldiers in U.S. bases in the two countries. During those seminars, Roque talks about the benefits of a VA-guaranteed mortgage loan for those thinking of purchasing a home after their deployment. “Soldiers in combat zones are constantly under severe stress and hardly have time to think about homeownership,” said Roque. “Their priority is survival and ...
The FHA has a number of rulemakings in the regulatory pipeline and other policy topics related to mortgage origination and servicing, all lined for action in the fall. The program changes are geared towards FHA single-family priorities, such as expanding first-time homebuyers’ and underserved creditworthy borrowers’ access to credit, ensuring the long-term viability of FHA Mutual Mortgage Insurance Fund and making it easier to do business with the FHA. Agency data show that, as of July 31, 2015, first-time homebuyers accounted for 82 percent of FHA purchase loans compared to 72 percent in the prior year. FHA officials attributed the surge in purchase loans to the half percentage point reduction in the annual mortgage insurance premium, which they translated into a yearly savings of $900 for a household with an average mortgage-loan size of $180,000. On Sept. 15, the ...
Mortgage loans with a Section 502 guarantee are a great deal for first-time homebuyers in rural areas, said Michelle Corridon, deputy director of the Single Family Housing - Guaranteed Loan Division with the U.S. Department of Agricultures’ Rural Development. No downpayment is required on a 30-year fixed-rate, USDA-backed mortgage loan, Corridon noted. Loan closing is fast because closing is fully automated, she added. Approximately 99 percent of USDA lenders are using paperless, automated loan closing, for which they pay a certain fee. Loan-note guarantee is also available online. USDA loans are typically purchase transactions. Of these, 85 percent are first-time homebuyers. There are few refinances, Corridon noted. Approximately 10 percent of purchase loans are for new construction. The product caters to low- and moderate-income households in ...
The IG was actually looking into possible down payment assistance violations at another lender and decided to audit loanDepot because of its high volume of loans with those features.
An earlier version of the bill that Corker tried to fast-track through the Senate did not include the prohibition on using g-fees to pay for unrelated government spending.
One source, angered by Cordray's comments, said, "No, Mr. Director. Those concerns have eliminated non-QM loans, which come with protection against frivolous lawsuits. That’s why no one except a perfect borrower can get a loan…”
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