Legislation was introduced this week in the House Financial Services Committee that would strengthen oversight of FHA mortgage servicers to ensure their compliance with the agency’s loss-mitigation requirements. The FHA Foreclosure Prevention Act of 2018 (H.R. 5555) would require the Department of Housing and Urban Development to conduct servicer oversight, including sampling, compliance reviews, and direct information collection from borrowers whose files were sampled. “A decade after the devastating foreclosure crisis, we continue to see significant problems with the servicing of FHA loans that unnecessarily put homeowners at risk of foreclosure,” said Rep. Maxine Waters, D-CA, ranking member on the committee and sponsor of the bill. Waters said her bill would ensure that FHA servicers help families experiencing financial hardships avoid foreclosure so that they can ...
After booking large one-time charges from marking down the carrying value of their deferred tax assets in the fourth quarter, Fannie Mae and Freddie Mac likely will post strong earnings for the first quarter of 2018, according to an analysis by Inside MBS & ABS.
Stearns Holdings LLC has sent out notices to investors that snatched up $250 million worth of short-term debt that it would like to buy back at least $80.0 million of the paper, which matures in 2020.
Eave, a direct-mortgage lender, launched recently with a focus on jumbo mortgages, technology and low fees. The originator, only operating in Colorado at the moment, claims to be able to close loans about twice as fast as “brand name” lenders. “We took the entire mortgage universe apart and put it back together, better,” the firm said, touting its underwriting process. The lender claims that more than 60 percent of the information collected by other lenders from ...
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