A big deal or ho-hum: Fannie Mae in late July said it will allow for shorter waiting periods involving mortgage debt charge-off accounts and mortgage debt that is discharged through a bankruptcy.
Lenders spend an inordinate amount of time responding to FHA indemnification requests about minor concerns that in many cases are ultimately revoked, according to the Mortgage Bankers Association.
Complaints about inaccurate data include issues such as account status, account terms, “information is not mine,” personal information, public record and “reinserted previously deleted information.”
Many banks are beginning to shy away from the product as the Inspector General of the Department of Housing and Urban Development and Justice Department take banks to task for underwriting flaws.
SIFMA's call for higher guaranty fees might sound like heresy in the mortgage industry, but the trade group clearly wants the non-agency market to revive.
Though mortgage securitizers, issuers, lenders and servicers support a proposal to consolidate Ginnie Mae’s two MBS program into a single security, certain specific issues appeared to divide them. In a recent joint letter to Ginnie Mae, the Securities Industry and Financial Markets Association and the Mortgage Bankers Association said many of their members agree on a number of the issues raised by the proposal, but in some cases disagree on the solutions. “It is clear that further discussion is warranted, and direct engagement with key stakeholders should be beneficial,” the trade groups suggested. Both industry groups were responding...
We only bring up the “going private” issue because class action attorneys have finally woken up to the fact that Ocwen’s shares have been clobbered over the past year...
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