The FHA warned it would soon be sending notices to lenders who are overdue in completing their annual recertification packages, a rule violation that could land them before the Mortgagee Review Board for disciplinary action. Lenders who were unable to submit their recertification packages containing the required financial reports, annual recertification statements and the renewal fee payment will be receiving notices of deficiency from the FHA. FHA extended the filing deadline to June 27, 30 days after the deployment of the new Lender Electronic Assessment Portal (LEAP) system used in the lender recertification process. Traditionally, lenders were required to access both FHA Connection and Lender Assessment Sub-System (LASS) to complete the annual recertification process. LEAP will now enable lenders to complete all ...
FHA to Host First Briefing Session on the First Installment of the Single Family Policy Handbook. The FHA will have a webinar on Nov. 6, 2014, from 2 p.m.-3 p.m., for stakeholders in connection with the first completed section of the Single Family Housing Policy Handbook, the Origination through Post-Closing/Endorsement for Title II Forward Mortgages (Origination through Post-Closing). The new handbook is designed to make it easier for stakeholders to do business with the FHA and support greater access to mortgage credit for qualified borrowers. Once fully completed, the handbook will contain all FHA origination and underwriting policies that lenders use in making FHA-insured loans. The FHA published the first section of the handbook on Sept. 30, which becomes effective for FHA case numbers assigned on or after June 15, 2015. The agency urged lenders to ...
Even though the origination volume of non-agency, non-jumbo mortgages is relatively small, private equity firms increasingly are eyeing the space, believing that within two years – or maybe sooner – the business could be producing robust profits. In short, investors want to enter non-agency lending before anyone else does – and at “ground level” prices. According to non-prime executives and investment advisors, private-equity funds of varying sizes want...
The new nonbank task force includes representatives from nine state regulators, including the New York Department of Financial Services where Benjamin Lawsky is the superintendent.
One servicing analyst told IMFnews that if Ocwen continues to get downgraded on its servicer ratings it could be forced to sell MSRs and/or post additional capital.
An investor in GSE stock, Continental’s counsel in the case is Cooper & Kirk, the same law firm that represents Fairholme, a large hedge fund that bought up GSE stock last year.
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