Reporting on VA Loans Impacted by Natural Disaster. The Department of Veterans Affairs is cautioning servicers against reporting as delinquent VA loans that are impacted by a natural disaster. The electronic default notification (EDN) should only be reported prior to the 61st day of delinquency if the borrower intends to abandon the property or pursue an alternative to foreclosure, according to VA. Cite “property problems” as the reason for default, the agency added. On the 61st day of delinquency, servicers should use “casualty loss” as the reason for default when reporting the EDN. This will help VA identify loan defaults caused by a natural disaster. Texas USDA Guaranteed Housing Program See Increased Volume. The USDA guaranteed single-family guaranteed housing programs in the Lone Star State are experiencing significant volume increases, and consequently, ...
The sale of mortgage servicing rights in the secondary market stayed red hot in the third quarter with a whopping $138.9 billion of agency product changing hands, but deal makers believe the market is in for a bit of a breather, at least for a little while.
All three of the banks that rank among the top five servicers in the residential mortgage market reported declines in their portfolios during the third quarter, according to a new Inside Mortgage Finance ranking and analysis. [Includes one data chart.]
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