The Department of Agriculture’s single-family guaranteed housing loan program ended fiscal 2014 with $19.1 billion in loan guarantees, down from the record $22.4 billion in loan guarantees reported in the prior year, according to agency estimates. Month-over-month, Section 502 loan guarantees were up to $2.1 billion in September over August, ending the quarter on a strong note. 2013 was a record year for loan guarantees under the USDA’s Section 502 loan program, the largest of the agency’s single-family housing program, thanks to robust refinancing activity. Many USDA homeowners took advantage of the lower rates offered under a joint refi pilot program by USDA and Chase Home Finance, the top USDA lender, last year. Chase fully funded the pilot. In 2014, Texas led all states in rural housing guarantees with $927 million, followed by North Carolina ($880 million), Michigan ($720 million) ... [1 chart]

PHH Mortgage may avoid taking a big hit in a legal dispute with a homeowner after the company mishandled his mortgage modification. Last week, in Linza v. PHH Mortgage Corp. et al., Yuba County (CA) Superior Court Judge Stephen Berrier threw out most of the jury’s original $16.2 million verdict against the company, including all punitive damages. Instead, the judge said that homeowner Phillip Linza is entitled to only $159,000 in damages. The case stems...

Securitization of rural development home loans during the first nine months was $14.19 billion, with the top three issuers accounting for 58 percent.

Whatever might be in the works at the FHFA regarding looser credit won’t be out until mid-December, we’re told…

The CFPB initially allowed a simple refund of the excess amount under certain conditions...

With Continental Home Loan under its umbrella, Freedom believes its production run-rate will be $2 billion a month.

Production of rural housing loans with a Department of Agriculture guaranty is expected to end 2014 far below the record volume originated last year, according to agency estimates. USDA Section 502 guaranteed homeownership obligations in fiscal 2014 totaled $19.1 billion, down from last year’s $22.4 billion, according to data recently disclosed by the agency. Texas led...[Includes one data chart]

Is the investment banking arm of JPMorgan Chase sniffing around the non-QM space? It sounds crazy, we know...

With certain exceptions, credit unions invest almost exclusively in agency product, avoiding jumbo securities.

HUD believes the program’s initial objectives have been attained and that prudence and vigilance are again called for to prevent abuses.