According to a new letter obtained by Inside Mortgage Finance, HUD says it is uncertain whether any new loan created under the controversial eminent domain plan would qualify for FHA insurance.
The guidance, effective October 15, applies to manually underwritten FHA loans and requires lenders to document reasons for approving a mortgage when the borrower has collection accounts or judgments.
House Financial Services Chairman Jeb Hensarling, R-TX, and House Oversight and Government Reform Committee Chairman Darrell Issa, R-CA, sent a letter to CFPB Director Richard Cordray recently, expressing concerns that senior employees have left the bureau in order to profit from the very rules they helped create. Simply put, it appears that former CFPB employees are now offering financial products in a market sector created by the very rules they were in a position to influence while working in senior leadership positions...
Up until recently, if a mortgage joint venture of Wells Fargo asked its partner if the megabank was still feeling the love for joint ventures, the answer wouldve been yes. At least thats the word from one JV executive who received the news recently that Wells was tossing all of its origination JVs overboard. Earlier in the year, the bank told its two largest JVs HomeServices Lending and Prosperity Mortgage that everything was hunky dory. Well, apparently not. Of course, both Home and Prosperity neednt worry...