The FHA is nearing full implementation of a new loan review system (LRS) for managing FHA’s Title II single-family quality-control processes. No specific implementation date has been set but it could be sometime in the second quarter, the agency said. The LRS builds on FHA’s efforts to align the documentation of loan-review results. In addition, it incorporates the Single-Family Housing Loan Quality Assessment Methodology or defect taxonomy.The FHA said the new system would not be used to manage any aspect of the agency’s standard loan origination or endorsement processes. Rather, it would be used to review of test cases submitted by lenders seeking unconditional direct-endorsement authority. It would be used as well for various post-endorsement reviews of forward single-family loans. After the ...

Lenders originated $4.93 billion of rural housing loans with a U.S. Department of Agriculture guarantee during the fourth quarter of last year, 33.2 percent more than volume reported during the same period the year prior, according to the Housing Assistance Council’s report on USDA Rural Housing program obligations. USDA provided guarantees under the Section 502 Guaranteed Rural Housing Loan program to 34,412 rural housing loans in the fourth quarter, up from 26,889 loans ($3.7 billion) at the end of 2015. The program is the largest of the USDA’s single-family housing programs. For the Section 502 Direct Guarantee program, guarantees exceeded $196.6 million (1,492 loans), up from $174.7 million (1,334 loans) at the end of 2015. Very low-income (VLI) loan obligations as a percentage of taxpayer funds allocated to the USDA direct loan guarantee program were 38.9 percent, exceeding the ...

But the numbers need to be put into perspective: Agency MBS production in the first two months of 2017 was up 36.3 percent from the same period last year…

Wells Fargo once again dominated the purchase business with $135.5 billion funded in 2016, more than double its closest competitor, JPMorgan Chase…

Lenders that have representatives who are members of the UI collaborative include Bank of America, Quicken Loans, and Nationstar Mortgage…

The bank statement loans and TRID exceptions prompted Fitch to apply higher loss severities to the MBS, which play a role in credit enhancement levels…

Now that Carson is official, it's time to pick an FHA commissioner...

Recently, KBW hired Wall Street veteran Brian Wornow as managing director in charge of its financial services group...

Caliber Home Loans, Dallas, this week agreed to buy most of Banc of California’s mortgage operations, the nonbank’s second acquisition of the past seven months, and a possible harbinger of more activity to come. Mortgage M&A consultant Chuck Klein of Mortgage Banking Solutions said his advisory firm is now involved in at least six different deals. Rick Roque of Menlo Financial predicted that by the time this deal-cycle plays out, 20 percent of nonbanks could disappear via a purchase of one sort or another. Klein recently attended...

More defects and fraudulent information were found in mortgage applications in December and January, according to the First American Loan Application Defect Index. Analysts blame the increase on the dwindling share of less risky refinance transactions. January numbers show that the frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications increased 5.8 percent in January compared with December. “This month, the Loan Application Defect Index continued...