VA troubleshooters have identified the technical glitch that has prevented servicers from uploading current servicing data to the agency’s VALERI system. According to a VA spokesperson, the problem was caused by faulty uploading procedures, not by malware within the documents as earlier feared. “Dridex was originally suspected because we became aware of it at the same time the uploading problem occurred,” he explained. “Our warning to servicers was an emphasis on the side of caution.” The Dridex malware, which can go undetected, targets customers of financial institutions by stealing their personal information through HTML injections. The VA Loan Electronic Reporting Interface (VALERI) is a loan administration system that servicers use to oversee loan servicing, monitor loan defaults, and accept and pay claims and incentives. Servicers experiencing problems with uploading servicing data should immediately ...

The Department of Housing and Urban Development could soon face a technology crisis with roughly 87 percent of its antiquated information-technology systems dying or on the verge of collapse. The warning came from the HUD inspector general in a semiannual report to Congress. The report raised concerns about the poor state of HUD’s IT systems, “of which 87 percent are at or near the end of their life cycle.” These systems include 400 IT products that no longer have technical support, the report noted. The problem is so bad that HUD is having trouble doing mathematical ...

Clayton Holdings was the first firm to receive an assessment from rating services as a deal agent…

Groups backing the five-member commission idea include the Mortgage Bankers Association, the Consumer Mortgage Coalition and the Community Mortgage Lenders of America, among others.

Investors in nonprime MBS may be more vulnerable to fraudulent or defective mortgages compared to prime transactions because of deficiencies or inadequacies in the related representation-and-warranties frameworks, according to a new report from analysts at Moody’s Investors Service. “The collateral backing these transactions is riskier than the loans in post-crisis prime jumbo RMBS, which also generally use stronger frameworks,” the report said. For starters, “Transactions in the re-emerging non-prime RMBS sector are...

Quicken, the nation’s third-largest home loan originator – and number two in retail – is continuing to add positions in “all areas of the business,” said a company official.

We can only assume Sen. Warner knows Freddie Mac is headquartered in his state, which means the company’s employees are his constituents.

One possible snag is the Consumer Financial Protection Bureau.

Wells Fargo Bank finds itself in yet another legal quagmire, accused of illegally making “stealth modifications” to mortgage payments of borrowers in bankruptcy without their permission – a charge the bank vehemently denies. A class-action lawsuit filed recently in the U.S. Bankruptcy Court for the Western District of North Carolina alleges that Wells Fargo made unauthorized mortgage modifications that neither the bankrupt debtors, their attorneys nor the bankruptcy court requested or approved. In some cases, 30-year loans were...

But before you can shout “Let’s make America great again” there are some caveats to consider...