Deadline Extended for Submission of Due-and-Payable Request. On April 23, the FHA issued guidance to reverse-mortgage servicers on the types of loss mitigation options they may provide when a Home Equity Conversion Mortgage loan goes into default. If the default occurred before April 23, 2015, the guidance’s publication date, servicers have 180 days to submit a due-and-payable request if the borrower is unable to pay property charges and goes into default. Under the revised guidance, FHA is allowing a one-time extension through Oct. 20, 2015, for lender-servicers to submit the due-and-payable request. The FHA said the extension would ensure that the April 23 guidance is successfully implemented. Lenders Get First Look at FHAC Improvements. The FHA is providing an overview of the FHA Connection (FHAC) system enhancements to help lenders get ready before the ...
The six, including Sen. Mark Warner, D-VA, and Mike Crapo, R-ID, are seeking additional information on such things as the role mortgage insurers play in credit risk...
Americans were too busy refinancing and shoveling snow to get new home-equity loans during the first quarter of 2015, a new Inside Mortgage Finance analysis reveals. Mortgage lenders did an estimated $19.5 billion of home-equity lending during the first three months of 2015, based on new commitments for home-equity lines of credit – by far the most active part of the HEL market – plus originations of closed-end seconds. That was down 7.1 percent from the fourth quarter of last year. Despite the slowdown in the first quarter, home-equity production was...[Includes three data tables]
Lenders pushed back against state regulators that are considering changes to the Nationwide Multistate Licensing System and Registry licensing forms and the Mortgage Call Report. The State Regulatory Registry, which operates nationwide systems for state regulators, received a total of 11 comments from individuals and organizations regarding a proposal issued in May. Lenders provided a few constructive suggestions along with voicing frustration regarding state regulators’ data collection efforts. Pete Mills, a senior vice president of residential policy and member services at the Mortgage Bankers Association, urged...
After being indicted for loan fraud in 2012, Abacus Federal Savings Bank was acquitted of grand larceny and conspiracy charges last week that stemmed from a case brought by the New York District Attorney’s office that involved Fannie Mae. The small Manhattan-based bank, which primarily serves Chinese-Americans in the New York region, was accused of mortgage fraud and falsifying documents and then selling those faulty mortgages to Fannie from 2005 to 2010. Following a four-month trial and nine days of deliberations, a New York jury acquitted...
RSS