The CFPB put out a final interpretive rule last week on how lenders should provide mortgage applicants with a list of local homeownership counseling organizations. Lenders may fulfill this Dodd-Frank Act requirement by using bureau-developed housing counseling lists, which are available via an online tool the CFPB created in 2013, or by generating their own lists using the same Department of Housing and Urban Development data the bureau uses to build its lists. The interpretive rule restates guidance the CFPB issued in 2013, and provides further guidance for lenders who are building their own lists of housing counselors. In response to questions the CFPB has received, the guidance also includes new instructions about how to provide applicants abroad with homeownership ...
The trend reflects the surge in VA home loan originations over the past few years at a time when the FHA has lost market share to private mortgage insurers.
The outstanding supply of VA home loans in Ginnie Mae pools continued to grow during the first quarter of 2015, climbing 2.9 percent from the end of last year, according to a new Inside FHA/VA Lending analysis of loan-level mortgage-backed securities disclosures. Meanwhile, the supply of FHA loans in Ginnie pools fell 0.5 percent during the first quarter. Similarly, FHA loans in Ginnie MBS declined by 2.2 percent from the first quarter of 2014 while VA loans ... [Includes three data charts]
First Horizon National Corp. has announced an agreement in principle with the federal government to settle potential claims related to the underwriting and origination of FHA-insured mortgages during the run-up to the financial crisis. Disclosed in a regulatory filing, the agreement between First Tennessee Bank and the Department of Justice and the Department of Housing and Urban Development covers FHA loans originated from 2006 through 2008, which have gone to claim ...
A recent $36 million settlement agreement between Golden First Mortgage Corp. and the federal government is raising questions about the lender’s ability to pay. The Department of Justice apparently has a plan to collect from a company that is no longer in business and hardly generated enough revenue to pay the full settlement amount. Whatever that plan is, the agency is not disclosing it. Based in upstate New York, Golden First agreed to pay up to resolve allegations that it ...
First-time homebuyers and specialized loan products helped propel Navy Federal Credit Union’s mortgage originations over the $1 billion mark in March, the best month in the credit union’s 82-year history. Year-to-date, Navy Federal has made more than $2.5 billion in mortgages to members, which now include active-duty, retired and reserve personnel of all the armed services, as well as Department of Defense civilian employees and defense contractors. In March 2013, Navy Federal expanded its ...
The FHA is looking at non-traditional factors in credit scoring that might be considered in determining a borrower’s creditworthiness. In remarks during a credit-access symposium co-hosted by the National Association of Realtors and other industry groups, Department of Housing and Urban Development Secretary Julian Castro said the FHA is looking at various alternative credit-scoring models that might help increase homeownership opportunities for more people ...
The reverse mortgage lending industry is asking the Consumer Financial Protection Bureau to clarify that reverse mortgages are excluded from proposed changes to mortgage servicing rules relating to “successors in interest.” In a comment letter, the National Reverse Mortgage Lenders Association warned that requiring lenders to determine which parties meet a new regulatory definition of “successor in interest” could expose lenders to numerous, costly risks. The requirement would ...
The FHA is urging 203(k) program lenders and consultants to be aware of key policy revisions when reviewing the published versions of the 203(k) Rehabilitation Mortgage Insurance Program and 203(k) Consultant Requirements in the new Single-Family Housing Policy Handbook. The revised policies include changes to reflect a clearer, more direct and consistent language and terminology. However, they do not represent a significant departure from 203(k) origination policies or ...
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