Fannie Mae has announced new enhancements to its 97 percent loan-to-value mortgage product, including acceptance of FHA-approved housing counseling, to help attract more borrowers.The improvements would expand access to HomeReady, which allows borrowers to pay as little as 3 percent down on a home purchase. The 3 percent may include income from non-borrower household members. Fannie said it would accept one-on-one, pre-purchase counseling from providers that have been approved by the Department of Housing and Urban Development for FHA borrowers. The goal is to help conventional borrowers meet HomeReady’s homeownership education requirements. Later this year, Fannie will offer lenders a $500 credit to encourage borrowers to take advantage of the housing counseling option to help sustain long-term homeownership. In addition, Fannie simplified income-eligibility requirements for ...
FHA has announced updates to the Electronic Appraisal Delivery (EAD) portal and FHA Connection (FHAC) to make it easier for entities to view and work with appraisal reports. The latest improvement would ensure that EAD portal users, lenders/underwriters in particular, are approving appraisal reports for the FHA case number assigned to them. The FHA also released guidance regarding case transfers in relation to appraisal reports in the EAD portal and FHA Connection. If, prior to case transfer, the original mortgagee uploaded an appraisal, the new mortgagee to whom the case was transferred will be unable to view the appraisal in EAD. Hence, the new mortgagee must obtain a copy of the appraisal from the original mortgagee and submit it through the EAD portal. The original mortgagee must first transfer the case number to the new mortgagee in FHAC. Once the case transfer is complete, the ...
USMI Names MGIC Chief as Chairman. U.S. Mortgage Insurance has tapped Patrick Sinks, chief executive of MGIC Investment Corp., to be the trade group’s new chairman. Sinks succeeds USMI Chairman Rohit Gupta, president and CEO of Genworth Mortgage Insurance. Sinks served previously as USMI’s vice chairman. Bradley Shuster, chairman/chief executive for NMI Holdings, will take overNew Reverse-Mortgage Product. California Mortgage Advisors has expanded its reverse-mortgage menu, with the addition of a non-FHA reverse mortgage option of up to $6 million for select clients. With the new product, CMA joins a handful of private reverse-mortgage lenders that will consider properties valued up to $6 million. Last year, American Advisors Group, the largest Home Equity Conversion Mortgage lender, announced its AAG Advantage lending program, which features the ...
Since Monday of this week, four mortgage-related merger deals have been unveiled, setting in motion what could turn out to be a long awaited mini-boom in activity. But can it last? So far, all of the transactions entail small- to medium-sized lenders, with most facilitated through “asset purchases” as opposed to stock sales. The one exception is the announcement by the publicly traded EverBank Financial that it’s currently engaged in takeover talks with what it called a “well-respected financial services company.” EverBank, which ranked 40th in originations for the first half of 2016 according to a tally byInside Mortgage Finance, is...[Includes one data table]
Among the top 10 residential lenders in 2Q16, Caliber Home Loans had the largest sequential gain at 51.9 percent, according to an analysis by Inside Mortgage Finance…
The mortgage-origination market roared to life during the second quarter of 2016 with an estimated $510 billion in new lending, according to an exclusive new Inside Mortgage Finance analysis and ranking. Nearly all lenders reported hefty increases in production – some 50 percent or more – compared to the first three months of the year. As a group, the top 25 lenders for the second quarter originated 31.7 percent more new loans than in the first three months of the year. The estimated $510 billion in originations during the most recent period was...[Includes two data tables]
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