Will the FHFA trim cash-out refis by Fannie Mae and Freddie Mac? For now, all is quiet on the topic. In other news: HUD ushered in new regulatory changes for FHA condo financing, making it easier for borrowers and lenders.
One of the best kept secrets in the industry surrounds CEO compensation at the nation's largest nonbank originators. According to interviews conducted by IMF, some CEOs earn $10 million to $15 million per year.
The MBA and ABA made recommendations to strengthen practices and procedures of FHA’s loan-asset sales as the agency moves to make the program permanent.
Lenders are seeking significant revisions to FHA loan-level certifications and defect taxonomy in order to increase participation. Banks fled the FHA market following the financial crisis due to the False Claims Act cases brought against them by the Justice Department.
Reverse mortgage lender Live Well Financial is headed into liquidation, causing financial damage along the way to warehouse providers Flagstar Bank and Customers Bank. What killed the company? Answer: IO securities that were decimated by falling interest rates.
Mortgage Grapevine: Rushmore is buying another origination platform, a sign that mortgage M&A could be on the rise again. Meanwhile, Fannie Mae is offering buyout packages to a select group of employees.
As government agencies focus their attention on the market share of nonbanks, independent mortgage bankers say their business model poses no significant risk to the economy.
A review by the VA inspector general found thousands of veterans with disabilities, even though exempt, may have been charged funding fees on their home loans.
The company agreed to pay $32.5 million in damages to settle False Claims Act allegations tied to FHA underwriting. it admitted no wrongdoing while agreeing to stay in the program.
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