Mortgage banking officials tracking the issue believe that if the agency is going to lower Fannie Mae/Freddie Mac loan limits for 2014 it will need to codify those changes by mid- to late October to give lenders time to update their technology systems.
There is no mention in the SunTrust filing how much HUD/FHA might receive. A spokesman for the bank declined to provide a number to Inside Mortgage Finance.
The most important take away from this week’s loan limit reduction news: Congress warning DeMarco that he’d better defer to them on loan limits. His reply: radio silence. Meanwhile, Wells tosses Freddie overboard, sort of.
An analysis of modified mortgage loans shows Ocwen Financial’s modifications were the best in the field as the servicer focused not only on volume but on quality as well. Performed by Moody’s Investors Service, the report attributed Ocwen’s excellent results to its ability to take that extra step to prevent the loan from going to foreclosure and help distressed homeowners keep their homes. Moody’s focused on mortgages that were seriously delinquent at the height of the mortgage crisis ...
Nearly three-fourths of mortgages in Bank of America’s foreclosure review pipeline are on hold due to various regulatory and process delays, according to a new analysis by Moody’s Investors Service. The delays have caused foreclosures at the bank to last sometimes up to a year longer, on average, than foreclosure timelines for Freddie Mac. As of the end of August, Moody’s said BofA had 115,000 loans scheduled for foreclosure review. “Over 72 percent of the population was non-workable inventory because of ...
Over the past year, some lenders have complained privately about the presence of enforcement attorneys during examinations, telling Inside Mortgage Finance that it can be intimidating to staff.
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