The Department of Housing and Urban Development will auction approximately $230 million worth of multiple residential reverse-mortgage pools to qualified bidders next month. An estimated 1,150 due and payable reverse mortgages will be sold to the highest bidders. The loans are first liens secured by single-family, vacant residential properties, where all borrowers are deceased. No borrower is survived by a non-borrowing spouse. The loans will be sold without FHA insurance and with servicing released. The loans are expected to be offered in regional pools, with qualified nonprofits or units of local government entities as first-priority bidders. They will also bid on up to 10 percent of the loans in a larger regional pool. The open, competitive whole-loan sale will be held on Dec. 12, 2018. Qualified bidders will be required to submit a deposit with their bid. HUD will evaluate each bid and determine the ...
The Department of Veterans Affairs has issued guidance clarifying the effect of guaranteed claim payments on a veteran’s home-loan entitlement. According to the guidance, a veteran loses a part or all of his VA home-loan benefit when the agency pays a claim on a loan terminated by a foreclosure, short sale or deed-in-lieu of foreclosure. For VA loans originated on or after Jan. 1, 1990, the VA will no longer establish debts against veterans after it pays a claim to reimburse a servicer for its loss. Reimbursement could be up to the maximum guaranty amount. On the other hand, the agency may establish a debt against the veteran and pursue collection if the loan was originated prior to Jan. 1, 1990. If the veteran wants to reuse the VA home-loan benefit, he or she must fully reimburse VA for its losses in order to restore full entitlement. The loss only affects the veteran’s entitlement under the VA Home Loan guaranty program and ...
A new poll being conducted by Inside Mortgage Finance/IMFnews shows that 47 percent of lenders are contemplating originating non-QM mortgages in 2019...
Although Impac Mortgage Holdings lost $142.8 million over the past two quarters, company management continues to be bullish on its future, laying the groundwork for a further expansion into the non-qualified loan market.
The delinquency rate on mortgages increased significantly in the third quarter of 2018 compared with the previous period, according to Inside Mortgage Finance’s Large Servicer Delinquency Index. Industry analysts suggest that the rise was largely related to seasonal factors. [Includes one data chart.]
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