The Department of Housing and Urban Development has asked its internal watchdog to make some “minor adjustments” to its recommendations following recent audit findings of inadequate HUD monitoring of servicers’ loss mitigation activities. Commenting on the HUD Inspector General’s report, HUD asked for some minor tweaks so that it can best implement the IG’s recommended changes, which include revisions in the department’s monitoring policies and procedures, development of new policies and procedures for sharing new information, and indemnification and administrative actions. The IG undertook...
The Mortgage Bankers Association is projecting that more than 4,600 residential finance professionals will attend its annual convention in Denver next month.
Ginnie Mae and the Department of Veterans Affairs have created a joint task force to deal with improper early refinancing of VA loans – a practice the agencies thought they had eliminated but which has reemerged in the last couple of weeks. The task force will be monitoring closely monthly VA refinancing data and will develop additional policies to augment the current policy, which Ginnie, in consultation with the VA, issued last year to curb churning of VA loans in its MBS. Responding to concerns raised by Sen. Elizabeth Warren, D-MA, acting Ginnie President and Chief Operations Officer Michael Bright acknowledged...
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