The FHA has temporarily suspended publication of its Quarterly Loan Review Findings Report, which contains the results of all post-endorsement technical reviews (PETRs) conducted by the FHA during a particular quarter. The suspension will give the FHA sufficient time to “recalibrate how the report is run” as well as improve the report, the agency explained. The report is currently published in Lender Insight, a quarterly publication that contains information from the FHA’s Office of Lender Activities and Program Compliance. Specifically, the report contains charts that divide PETRs findings into five main categories. Each chart lists the top five underwriting errors in each category for each review period. The FHA said it is working to display the results in a more user-friendly, actionable manner. It did not say when the quarterly report will be ...

Two FHA lenders have agreed to separate settlements with the Department of Justice and the Department of Housing and Urban Development to resolve allegations of mortgage fraud that resulted in huge losses for HUD. Golden First Mortgage Corp. and its owner/president, David Movtady, have agreed to a $36.3 million settlement with the DOJ to resolve allegations they had lied to the FHA about the quality of loans they had certified for FHA insurance since July 2007. Consequently, the agency incurred more than $12 million in losses since that time, according to court documents. Filed in April 2013 in Manhattan federal court and amended in August 2013, the government complaint sought damages and penalties under the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act against Golden First for years of misconduct as an FHA direct-endorsement lender. Golden First was a ...

FHA reverse mortgage production fell during the first nine months of 2014 compared to same period in the prior year due to changes made by the agency to the Home Equity Conversion Mortgage program. The nine-month HECM volume stood at $10.1 billion as of Sept. 30, down 14.8 percent from the previous nine-month period in 2013, according to an Inside FHA Lending analysis of agency data. Volume also fell 9.8 percent on a quarter-to-quarter basis. HECM purchase loans accounted for 93.5 percent of the market while a large majority, 77.0 percent, appeared to favor adjustable-rate reverse mortgages over fixed-rate reverse mortgages. Limited maximum draws in the first year and reduction of principal limit factors – actions taken by HUD to improve the HECM program – significantly decreased the demand for HECM products compared with ... [ 1 chart ]

In 2013, CashCall sold roughly $10 billion of residential servicing rights – a sale that may have been forced by Fannie Mae, sources told IMF.

It was the strongest refi volume of the year, and it helped offset a 9.8 percent drop in purchase-mortgage securitization over the same period.

Moody’s noted that 88.1 percent of the mortgages slated for securitization have been modified.

A spokesman for Impac said the purchase price will be disclosed “when the final docs are filed.”

Lowering premiums now would only put the FHA MMIF further behind, the House Financial Services Committee chairman argued.

Mortgage lenders are delirious about lower FHA premiums, right? Well, not everyone.

HUD Secretary Castro said the MMIF is on a “positive trajectory,” though he admits the premium reduction could delay its recovery...