Production of loans with FHA, VA and rural housing guaranties held up a little better than the other sectors, with estimated originations slipping 1.0 percent from the fourth quarter.
MorVest's David Fleig predicted that nonbanks – which have been gaining market share the past two years – eventually will move to convert some of their MSR assets into cash via bulk sales.
Residential lenders that rely on “downpayment assistance” programs (DPAs) operated by state housing finance agencies are growing nervous about a lengthy and ongoing audit being conducted by the Inspector General of the Department of Housing and Urban Development. Late this week, a spokesman for the HUD IG’s office confirmed to Inside Mortgage Finance that audit has yet to be completed. “It’s getting into the final stages,” he said. “We originally thought it would be done in early 2016.” He stressed...
M&T Bank doesn’t even rank among the top 50 FHA-direct lenders in the nation, according to a recent ranking by affiliate publication Inside FHA/VA Lending...
Mortgage officials tracking the case note that almost a year ago Quicken raised $1.25 billion through a debt sale, money that can be employed for legal help as it fights the DOJ case.
Perhaps, the time is drawing near to once again raise the thorny issue of whether the Department of Housing and Urban Development should cut FHA premiums...
Quicken Loans CEO Bill Emerson ruled out any possibility of settlement with the Department of Justice over allegations of filing false claims on flawed FHA-insured mortgage loans, preferring instead a jury trial. During a recent interview with CNBC’s Squawk Box, Emerson said settlements are a business model that has worked well for the DOJ in its effort to recover taxpayer losses due to questionable FHA lending practices. Quicken Loans, however, will not cave in to agency…
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