Two states have passed legislation placing varying spins on the Department of Housing and Urban Development’s counseling requirements for lenders and borrowers of FHA-insured reverse mortgages. In California, the state Senate unanimously approved AB 1700, which would mandate a seven-day “cooling off” period between the time a borrower receives counseling and when an application is taken. AB 1700 passed the CA Assembly by a vote of 73 to 1. In addition, the bill would require a lender to provide a worksheet guide that addresses certain issues the borrower should consider and discuss with the counselor, such as income and ability to repay as well as taxes and insurance. The counselor and the borrower are both required under the bill to sign the worksheet guide before any reverse mortgage application is taken. No schedule has been set for ...

Revised HUD/VA Addendum to the Uniform Residential Loan Application. On July 30, the FHA has posted on its HUDCLIPS website a revised Addendum to the Uniform Residential Loan Application (Form HUD-92900-A/VA Form 26-1802). This form is used for both FHA and VA mortgage originations.The Department of Veterans Affairs has updated its form to clarify what constitutes a valid marriage for the purpose of obtaining VA benefits. Although the changes to the form do not apply to FHA-insured mortgages specifically, lenders should begin using the revised form for new FHA mortgage originations as soon as possible, the FHA recommended. Processing Request for Execution of VA Quitclaim Deeds. The Department of Veterans Affairs has issued guidance (Circular 26-14-19) for handling of requests for execution of quitclaim deeds. A quitclaim deed is a legal document that is used to transfer a person’s rights to real estate to ...

The comment period on the CFPB’s proposed rule closes Oct. 22, and lenders won’t be subject to the proposed new reporting requirements until 2016.

Since the collapse of the non-agency market back in 2008, Fannie and Freddie have generally accounted for over 70 percent of new MBS production.

In early July, the FHFA unveiled the new MI eligibility standards, which propose – for the first time – risk-based capital rules that are tied to a measurement called “available assets.”

On Wednesday, shares of Altisource Asset Management Corp. were selling for $697 compared to a 52-week high of $1,209.

MBA derived its profit figures from data provided by 349 residential originators.

Warehouse lending consultants told IMFnews that many originators turned profitable after the first quarter, but are not making as much as they earned this time last year.

According to the Inside Mortgage Finance MBS Database, the original unpaid principal balance of the PLS deals in question was almost $40 billion.

Fannie Mae and Freddie Mac are losing ground in the unusually soft mortgage market of 2014, according to a new analysis by Inside The GSEs. The two companies accounted for 66.3 percent of new single-family mortgage-backed securities during the second quarter of this year That was down from 73.8 percent for all of 2013 and represented the lowest combined GSE share of new MBS since the second quarter of 2011.