RHS Issues Final Rule on Liquidation Value Appraisals. The Rural Housing Service has adopted a final rule amending its current regulation for the Single Family Housing Guaranteed Loan Program (SFHGLP) regarding the use of liquidation value appraisal. In order to reduce overall processing time, lower cost and expedite claim submission, lender/servicers will now be required to order the liquidation value appraisal, instead of the RHS, to estimate a loss claim against the SFHGLP. Currently, if real estate-owned property remains unsold by the lender at the end of the prescribed marketing period, RHS orders a liquidation value appraisal and applies an acquisition and management resale factor to estimate holding and disposition cost. Under the final rule, the lender/servicer must do the ordering. The costs associated with obtaining the liquidation value appraisal can then be included in the ...

Although purchase-mortgage lending is expected to pick up considerably in the second and third quarters, the refi market isn’t dead yet.

At the KBW show, MI firms also dismissed the notion of consolidation in the sector, calling it unlikely.

Refinance lending gained strength in the first quarter of 2016 and surpassed origination of purchase-money mortgages, according to a new Inside Mortgage Finance ranking and analysis. Mortgage lenders originated an estimated $195 billion of refinance loans in the first three months of this year, an 11.4 percent increase over the fourth quarter. With purchase-mortgage production slumping by 11.9 percent to $185 billion, the refi market accounted for 51.3 percent of total originations for the first quarter. Although purchase-mortgage lending is expected to pick up considerably in the second and third quarters, the refi market isn’t...[Includes three data tables]

A dispute over rule interpretation between the Department of Housing and Urban Development and its inspector general regarding the use of gift funds and premium pricing in downpayment assistance has FHA lenders concerned about potential liability and unnecessary legal costs. Last week, HUD Deputy Secretary/FHA Commissioner Edward Golding sought to allay lender concerns by refuting the IG’s position on lender use of downpayment assistance programs sponsored by state housing finance agencies. In a memo to the industry, Golding upheld...

Two of the deals offer a range of $50 million to $100 million per month in GSE servicing rights and have a bid deadline of early next week.

The seller was described as an “independent mortgage banker with a tremendously experienced senior management team and strong net worth.”

Are "fintech" firms spending enough money on mortgage compliance?

The lender allegedly focused on profit and growth at the expense of loan quality and knew about the inefficiencies in 39 of its 125 branches, charges it denies.

The Golding memo signals that HUD and the IG have reached a meeting of minds on the issue.