Closing delays related to appraisals, title search, insurance and property inspections have all increased in terms of market share in recent months, led by appraisal issues.
Property characteristics and appraisals have accounted for an increasing share of the issues that delay closing of purchase mortgages, according to the latest Campbell/Inside Mortgage FinanceHousingPulse Tracking Survey. Real estate agents participating in the survey cited property issues as causing 22.5 percent of closing delays in January, based on a three-month moving average. That’s up from a 16.5 percent share as recently as October. The increase appears...
Department of Housing and Urban Development Secretary Julian Castro defended a key provision in the administration’s FY 2016 budget proposal that would allow the FHA to assess lenders an administrative fee to fund improvements in the loan origination and servicing processes. At a HUD budget hearing this week before the House Appropriations Committee’s Subcommittee on Transportation, HUD and Related Agencies, Castro said the proposed fee would be used for risk management and technological improvements and in establishing quality-assurance policies to help lenders originate more FHA loans without fear of regulatory action or litigation. Castro responded...
Last year, House appropriators turned down a request that would have allowed the FHA to charge a fee of 2 to 4 basis points to lenders prospectively...
One of the biggest knocks on PHH Mortgage is that it has little in the way of traditional retail, relying instead on private label partners like Merrill Lynch.
RSS