The Department of Housing and Urban Development’s Mortgagee Review Board sanctioned 57 lenders in FY 2013 and withdrew the authority of 29 others to originate, underwrite and service FHA-insured loans due to various offenses. The MRB meted out civil fines of more than $2.5 million and imposed sanctions from Oct. 1, 2012, through Sept. 30, 2013, according to an agency report. Additionally, the FHA reached 21 settlement agreements with various lenders in FY 2013, and entered into indemnification agreements with 10 more lenders during the period. The agreements covered 187 FHA-insured mortgage loans. Cases heard by the MRB from ...
The Department of Housing and Urban Development has replaced the information brochure that goes with FHA lenders’ mandatory cover letter alerting delinquent borrowers of the possibility of foreclosure. HUD requires lenders to notify FHA borrowers in default no later than the 60th day of delinquency via cover letter and a copy of a brochure, “Save Your Home: Tips to Avoid Foreclosure.” This resource replaces the previous brochure, HUD-PA-426, and includes information on the revised loss-mitigation tools available for delinquent FHA borrowers. The new brochure has been ...
Citigroup marked up the asset value of its MSRs by 5 percent, on a sequential basis, to $2.718 billion. Compared to 4Q12, its MSRs are now worth 40 percent more - even though its overall portfolio has been shrinking in size.
It’s likely that little in the way of money is changing hands on the deal. By selling the MSRs to Fannie, Citi is also settling the payment of “compensatory” fee claims the GSE is owed by the bank.
According to figures compiled by Inside Mortgage Finance, Flagstar is the nation’s second largest wholesale/broker lender. It also has a fairly large presence in the warehouse market.
Ginnie Mae is telling sellers of mortgage servicing rights – and their advisors – that it wants upwards of 90 days to approve MSR transfers compared to just 30 currently. The agency gave seller/servicers a heads-up on the longer approval times in late November at an “education summit” in Washington attended by both new and existing issuers. A copy of Ginnie’s presentation was provided to Inside Mortgage Finance. Advisory sources said...[Includes one data chart]
According to the bank’s fourth quarter earnings statement, 68 percent of its originations were refis – the mirror image of Wells Fargo, which had 68 percent of its production in purchase-money loans.
The FHFA IG audit estimates that some 9.5 percent of claims for pre-foreclosure property inspections in 2011 and 2012 resulted in $5 million of overpayments by Fannie Mae.
It may be time for the mortgage industry to take a chill-pill: applications are on the rise again, rates have stabilized and some firms are actually hiring loan officers.
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