Acting Ginnie Mae President Michael Bright also issued a warning that expulsion from the program for “lenders who produce pools with inexplicably fast prepayment speeds” was a distinct possibility.
It's only a matter of time before the White House officially nominates acting Ginnie Mae president Michael Bright to be the permanent head of the agency...
The CFPB and VA recently issued their first WARNO, or “warning order,” to members of the U.S. armed forces and veterans with VA home loans, urging them to stay on their toes and avoid deceptive mortgage refinance offers. “If you have a VA home loan, then there is a good chance that you have already come into contact with unsolicited offers to refinance your mortgage that appear official and may sound too good to be true,” the two agencies said. Many of these solicitations promise extremely low interest rates, thousands of dollars in cash back, the ability to skip mortgage payments, and no out-of-pocket costs or waiting period. “Don’t be fooled,” the CFPB and VA said. “Before responding to any ...
Language in the pending Senate tax bill that could hammer the value of mortgage servicing rights is causing grave concern in the industry and, if the wording remains, nonbank mortgage firms could get hammered financially.
Ginnie Mae will soon announce a series of measures to resolve improper refinancing of VA loans that is causing rapid prepayments in the agency’s MBS, according to Michael Bright, Ginnie’s acting president.
Mick Mulvaney has been in charge of the CFPB all week and we’ve yet to hear one prediction that subprime mortgage lending will revive with a vengeance…
Acting Ginnie Mae president Michael Bright said the task force is examining critical issues, important data and lender behaviors related to refinancing loans…