VA servicers may request to deviate from a VA regulation more than once if circumstances change during the life of the loan, according to guidance issued by the agency. Servicers should submit all deviations in a single pre-approval request if there is a need to diverge from multiple regulations, the VA said. “It is the servicer’s responsibility to adhere to all other regulatory requirements and ensure all actions are in the best interest of the veteran and the government,” the guidance stated. Meanwhile, servicers may now access a VA title-training module tailored for servicers. Vendor Resource Management, VA’s property management contractor, developed the module. Servicers must fill out and submit a training request form to be able to access the training, according to agency instructions. In addition, VA encourages servicers to submit as few forms as possible rather than submit one form per person. Upon completion of the ...
New Rural Housing Administrator. The U.S. Department of Agriculture has named Joel Baxley as Rural Housing Service administrator. Prior to joining RHS, he was the consulting services director and the senior real estate technical consultant with RSM US Financial Advisory Services consulting practice, where he worked on rural housing matters. Baxley has 23 years of experience in real estate finance. New CMLA Head Named. The Community Mortgage Lenders of America has named Ed Wallace to succeed retired Executive Director Glen Corso. The CMLA recently lobbied for legislation, now law, to protect FHA lenders whose compare ratios became elevated due to recent natural disasters. Private MI Provides 12-Month Rescission Relief on 100,000 Loans. National MI has granted a 12-month rescission relief on its first 100,000 loans as of the first quarter of 2018. NMI provided relief to borrowers ...
Excessive risk-based pricing, high private mortgage insurance premiums and lender credit overlays are locking out low-income borrowers and families of color from the conventional mortgage market, pushing them towards FHA as their only option, concludes a new study from the Center for Responsible Lending.
There was a healthy flow of mortgage servicing rights during the first quarter of 2018, but it’s unclear whether this year will match the prodigious transaction volume recorded in 2017. Transfers of single-family agency servicing rights totaled an estimated $121.76 billion in the first three months of 2018, according to an exclusive Inside Mortgage Trends analysis of mortgage-backed securities data from Fannie Mae, Freddie Mac and Ginnie Mae ... [Includes three data charts]
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