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VA Prepares to Move Against Abusive Cash-Out Refinance Lending But Provides No Details on Plan

November 30, 2018
The Department of Veterans Affairs wants to act quickly to stamp out cash-out refinance transactions that it deems abusive to service members. It’s going to bypass a lengthy rulemaking process and issue an interim rule to address the problem.
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Retail Channel Posted Highest FICO Scores in 3Q18

November 30, 2018
John Bancroft
However, average debt-to-income ratios were all over the map…
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What We’re Hearing: CNBC ‘Mad Money’ Host Cramer Slams Nonbanks / Questionable Research? / Dan Gilbert of Quicken Fires Back / The Counter-Hedge of Mortgage Servicing Rights / It’s LO Recruiting Season, Pull Out the Check Book / Prestwick MSR Auction / El

November 30, 2018
Paul Muolo
Did CNBC's Jim Cramer do any research on the mortgage industry before he opened his mouth?
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FHA Forward Volume Down Sharply, Weak Purchase Business Fuels Fall

November 30, 2018
FHA forward mortgage production plunged in the third quarter, precipitated by a substantial drop in purchase activity. [Includes two data charts.]
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VA Plans Cash-Out Refi Rulemaking to Prevent Predatory Practices

November 30, 2018
The Department of Veterans Affairs this week laid the groundwork for changes to its current rules on VA-guaranteed cash-out refinance loans.
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Reduced Volume Trend Continues as HECM YoY Production Drops

November 30, 2018
Home Equity Conversion Mortgage originations saw a modest 4.7 percent sequential fall in the third quarter as the downward volume trend for reverse mortgages continued. [Includes one data chart.]
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MMIF Audit Report Suggests FHA May Consider Shrinking Footprint

November 30, 2018
In an analysis of FHA’s fiscal 2018 audit of the Mutual Mortgage Insurance Fund, analysts believe the Department of Housing and Urban Development may be inclined to shrink FHA’s footprint modestly given the risk profile of its new business.
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Investors Find Quicker Alternative to Nonperforming, REO Loan Sales

November 30, 2018
The Department of Housing and Urban Development has not conducted a single nonperforming loan sale in 2018 because apparently investors have found a quicker way to obtain newly foreclosed properties.
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Industry Groups Push for Full Senate Vote on Bright Nomination

November 30, 2018
A coalition of industry groups strongly urged Senate leadership to bring up Michael Bright’s nomination for president of Ginnie Mae for a vote in the full Senate.
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RHS Clarifies Short Sale Rules, REO Purchases by Nonprofits

November 30, 2018
The U.S. Department of Agriculture’s Rural Housing Service has issued guidance regarding short sales and sale of real estate-owned properties backed by rural housing loans.
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