The new bill would reduce or eliminate processing delays, thereby encouraging more lenders to participate in trust land mortgage lending, according to the Mortgage Bankers Association.
The proposed rule would expand the methods of communication servicers can use to reach borrowers in default in order to comply with HUD’s face-to-face meeting requirements.
The Mortgage Bankers Association and the Housing Policy Council want the VA to carefully consider the specifics of a new loss-mitigation program, the VA Servicing Purchase program, it plans to unveil this summer.
Loan holders or their authorized servicing agents with automatic authority must decide on a completed loan assumption application within 45 calendar days of receipt, VA said in new guidance.
Members of the House Financial Services Committee are seeking clarification related to the treatment of delinquent loan buyouts from Ginnie Mae pools in the new Community Reinvestment Act proposal.