VA Announces Special Relief Following Hurricane Lane. The Department of Veterans Affairs has issued guidance reminding servicers of measures they may use to provide relief to VA borrowers affected by Hurricane Lane. VA Announces Modification Comparison Chart; Development Updates. To provide additional clarification, VA has created a chart summarizing its different modification options. The chart will be available to servicers at https://www.benefits.va.gov/ HOMELOANS/servicers_valeri_guides.asp on Monday, Sept. 10, 2018. Also, VALERI Manifest 18.3 will be released on Sept. 8. VALERI will be unavailable from 7 p.m. EST to 11 p.m. EST. The following system enhancements will be included: CQ 13433 – Updates the redemption expiration date business rule logic in the Transfer of Custody event to pass if loan is terminated via deed in lieu; and CQ 13535 – Updates the ...
Former Federal Housing Finance Agency Acting Director Ed DeMarco told us the bill is a good starting point and includes language that both Democrats and Republicans can agree on...
Ginnie Mae issuers produced $36.68 billion of new single-family mortgage-backed securities last month, a modest 5.0 percent gain from July, according to a new Inside FHA/VA Lending analysis and ranking. Through the first eight months of the year, Ginnie issuance was down 11.0 percent from the same period in 2017. The MBS figures do not include FHA home-equity conversion mortgages, and loan amounts are truncated to the lowest $1,000. Purchase mortgages accounted for 75.6 percent of new issuance in August, although volume was up just 1.9 percent from July’s level. On a year-to-date basis, the purchase-mortgage share rose from 65.7 percent in 2017 to 70.0 percent for the first eight months of this year. Total volume, however, was down 5.1 percent. The refinance market has been more wobbly. As of the end of August, refi volume totaled $65.87 billion, down 26.2 percent from the ... [Chart]
Home Equity Conversion Mortgage originations fell dramatically in the second quarter, raising the possibility of a long reverse-mortgage winter in 2018, according to an Inside FHA/VA Lending analysis of HECM data. HECM production fell a whopping 40.9 percent in the second quarter from the previous period. Total HECM originations stood at $8.6 billion by the six-month mark, down 8.3 percent from the prior year. Traditional HECMs, which exclude purchases and refinances, accounted for 80.5 percent of FHA-insured reverse mortgages originated during the first half of 2018. The amount of funds available at loan origination for the first six months totaled $4.7 billion. Analysts blame the low HECM originations on the new lower Principal Limit Factors (PLFs) for HECMs, which became effective in FY 2018. Under the HECM final rule issued last year by the Department of Housing and Urban Development, principal limits [Chart]
Despite calls by the industry to improve and clarify the process, the FHA has yet to make a move to meet industry demands for a more detailed defect taxonomy…
RSS