The FHA this week extended temporary rules for approving condominium projects for FHA financing indefinitely. The extension will remain in place until the condominium rulemaking process is completed, the agency said in a mortgagee letter. Temporary approval requirements were first issued in 2012 and later modified in 2015. The current temporary provisions expired on Aug. 31, 2017. Under a proposed rule issued for comment on Sept. 27, 2016, elderly condominium owners would find it easier to obtain a Home Equity Conversion Mortgage. FHA proposes to reinstate “spot condo” approvals whereby individual units are approved by FHA rather than the entire condominium project as required under current rules. Spot-condo approvals would require property recertification every three years rather than the current two-year requirements. Processing recertifications would be streamlined under the ...

As Hurricane Harvey’s floodwaters recede, federal agencies that provide guarantees on mortgages are faced with the daunting task of identifying and assisting borrowers with government-backed mortgages in disaster-stricken areas of Texas. FHA, VA, the U.S. Department of Agriculture’s Rural Housing Service and Ginnie Mae have issued special relief guidance for approved lenders following Hurricane Harvey. The FHA has issued guidance to remind lenders and servicers that FHA-insured mortgages secured by properties in a presidentially-declared major disaster area are subject to a 90-day moratorium on foreclosures following a natural disaster. FHA also provides lenders an automatic 90-day extension upon expiration of the moratorium to begin or re-start foreclosure action or evaluate the borrower’s need for loss mitigation. In addition, FHA urged servicers to brush up on the 203(h) and the ...

Meanwhile, net servicing income fell to $27 per loan in 2Q17 from $225…

Another source added: “Eli’s interest in the industry is legit. They want to buy and hold companies.”

NRMLA said the changes "diminish the benefit (amount of loan proceeds) available and increase the costs (increased upfront mortgage insurance premium) to most borrowers.”

The refi share of new applications continues to rise…

Cowen & Co. predicts that storm damage caused by the hurricane could “encourage” lender consolidation…

In aggregate, banks and thrifts earned $3.72 billion from mortgage banking activities during 2Q17…

“The NOLO platform allows customers to complete the mortgage lending process entirely online without the industry standard loan officer interference at each step,” 360 said.

“Before a loan closes there will need to be [property] reinspections,” said Pete Mills, senior vice president of residential policy and member engagement for MBA.