Lenders will now be able make VA loans to veterans who wish to purchase or refinance a home that needs alteration or repair, under new guidance issued by the VA. According to the VA, it has received inquiries from lenders that have expressed interest in originating and processing loans to finance home alteration and repair. The agency noted that the aging housing stock in the U.S. has spurred an increased demand for such loans. Due to their physical condition, older homes are often sold as “cash or conventional financing,” which immediately excludes VA financing and deprives veterans the opportunity to use their VA benefit. The new policy guidance makes the VA guaranty available to lenders looking to finance home alteration, repair, renovation and improvement. It also allows improvements to be included in the value and completed after the loan is closed. The lender disburses the loan proceeds to the ...
The steamship that is the nonbank share of the mortgage servicing market showed no signs of changing course in the early months of 2018, a new Inside Mortgage Finance analysis reveals. [Includes two charts.]
Not only are several mortgage banking firms exploring sale opportunities these days, but dozens of vendors that serve the industry either have changed hands or are up for grabs as well – with more deals expected in the months ahead.
There are some in the industry who believe the entire subservicing sector is far behind in technology and customer service – and is ripe for a technology disruption of a major kind.
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