Despite best efforts of lenders to create awareness of the VA home loan program, many veteran borrowers still fall through the cracks, according to Freedom Mortgage COO Mike Patterson.
A federal judge issued a temporary restraining order blocking planned layoffs at federal agencies, including the Department of Housing and Urban Development’s Office of Fair Housing and Equal Opportunity.
About a week before FHA’s updated loss-mitigation waterfall went into effect, the agency issued several changes. However, servicers have additional time to incorporate the new updates.
High churn rates in the VA program lead to higher interest rates for FHA borrowers because loans from the two programs are pooled together in Ginnie Mae MBS. But there’s not a clear path to separate them.
The Department of Housing and Urban Development wants to know whether any statutory changes could improve the programs. Meanwhile, there is no update on the HMBS 2.0 product proposed last year.