The Department of Housing and Urban Development and the Department of Veterans Affairs have taken additional steps to provide relief to homeowners in disaster areas hit by hurricanes Harvey, Irma and Maria. This week, the FHA issued policy waivers in storm-ravaged Puerto Rico and fire-stricken counties in California, allowing damage inspections to be completed beginning Oct. 24. FHA currently requires servicers to perform a damage inspection following the close of an “incident period” as determined by the Federal Emergency Management Agency. An incident period is the period For mortgages in disaster areas that have not closed or are pending endorsement, lenders must follow FHA’s guidelines on inspection and repair escrow requirements for loans in such areas. FHA believes that situations in certain jurisdictions in Puerto Rico and California have stabilized and further damage to ...
MBA chief Dave Stevens: “What happens if the president nominates a new [FHFA] director who thinks the government role in mortgage finance is too large and wants to scale it back?"
The GSEs are also working toward issuing credit-risk transfer deals as real estate mortgage investment conduits, which would allow REITs to hold more of the assets.
BRAWL chief Tony Casa said if loan brokers want to send a message to firms that operate in both wholesale and retail, brokers should take their business elsewhere.
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