The House of Representatives last week passed legislation containing a provision to eliminate the cap on VA loan guaranty limits. Sponsored by Rep. Brad Wenstrup, R-OH, the “Veterans Employment, Education, and Healthcare Improvement Act,” H.R. 3016, included an amendment added by Rep. Lee Zeldin, R-NY, in committee. The amendment would eliminate the maximum loan amount the VA will guarantee, allowing more veterans to purchase homes in high-cost areas such as San Francisco and San Jose, CA. The bill was agreed to...

What might replace the GSEs' HARP program? Maybe nothing...

Bill Erbey controls blocks of Ocwen's stock in his own name, but also through limited partnerships and limited liability corporations.

Wells Fargo continues to cut workers tied to the servicing function...

But is the mega-lender advocating for consumers or is it another bold attempt to gain market share and thus increase profits? Industry consultant David Lykken noted: “Quicken’s being smart – they’re using their leverage.”

Caliber is owned by Lone Star Funds, which was hoping to take the nonbank public one day…

A few days later, Ditech filed notice with the SEC that the company would pay Patti Cook a $300,000 bonus for her service to the company...

Declining interest rates are making some bidders think long and hard about MSR pricing...

Meanwhile, EJF Capital, the private equity firm headed by Manny Friedman, has dumped a large chunk of its stake in PHH...

FHA forward mortgage endorsements fell significantly in the fourth quarter of 2015 with a decline in purchase mortgages and an even bigger drop in refinance loans due to rising interest rates, according to an Inside FHA/VA Lending analysis of agency data. Total FHA production fell 22.2 percent from the third quarter to $58.1 billion in the fourth quarter, spurred by steep declines in purchase originations (down 21.5 percent) and refis (30.0 percent). Fixed and adjustable-rate mortgages also saw their volumes drop by 22.1 percent and 30.2 percent, respectively, during the same period. The percentage of conventional loans that refinanced into FHA loans decreased slightly. FHA baseline lending (loans below $417,000) also declined by 22.0 percent quarter-to-quarter, as did FHA conforming jumbos (loan amounts up to the statutory high-cost loan limit), which saw volume drop 24.4 percent in the fourth quarter. FHA jumbos exceeding $625,500 did not escape the carnage as production fell ...