Deadline Extended for Submission of Due-and-Payable Request. On April 23, the FHA issued guidance to reverse-mortgage servicers on the types of loss mitigation options they may provide when a Home Equity Conversion Mortgage loan goes into default. If the default occurred before April 23, 2015, the guidance’s publication date, servicers have 180 days to submit a due-and-payable request if the borrower is unable to pay property charges and goes into default. Under the revised guidance, FHA is allowing a one-time extension through Oct. 20, 2015, for lender-servicers to submit the due-and-payable request. The FHA said the extension would ensure that the April 23 guidance is successfully implemented. Lenders Get First Look at FHAC Improvements. The FHA is providing an overview of the FHA Connection (FHAC) system enhancements to help lenders get ready before the ...

CFPB Director Richard Cordray overrode a $6.4 million penalty set by an ALJ in the matter and ordered PHH to pay $109.2 million...

Banks, thrifts and credit unions reported a slight uptick in the amount of unused HELOC commitments compared to the end of last year.

Fitch noted that a transaction manager’s compensation agreement will be important in determining any benefit...

When asked why he thought non-QM lending has been so weak he said, “The consumer is resistant to the pricing.”

The six, including Sen. Mark Warner, D-VA, and Mike Crapo, R-ID, are seeking additional information on such things as the role mortgage insurers play in credit risk...

The Consumer Financial Protection Bureau threw the book at PHH Corp. over its captive reinsurance activities, refuting a handful of court rulings, an administrative letter from the Department of Housing and Urban Development and several points made by an administrative law judge. CFPB Director Richard Cordray overrode a $6.4 million penalty set by an ALJ in the matter and ordered PHH to pay $109.2 million – all the mortgage insurance premiums it received from its captive reinsurer, Atrium, after July 2008, regardless of when the loan was originated. July 2008 was...

Lenders pushed back against state regulators that are considering changes to the Nationwide Multistate Licensing System and Registry licensing forms and the Mortgage Call Report. The State Regulatory Registry, which operates nationwide systems for state regulators, received a total of 11 comments from individuals and organizations regarding a proposal issued in May. Lenders provided a few constructive suggestions along with voicing frustration regarding state regulators’ data collection efforts. Pete Mills, a senior vice president of residential policy and member services at the Mortgage Bankers Association, urged...

In recent years there has been speculation that Nationstar would spinoff Solutionstar, but officials at Nationstar now see Xome as a way to differentiate the nonbank from other lenders.

In general, companies whose sole mission is to originate and service residential mortgages are the most shorted stocks in the sector...