Reverse mortgages would be included in Home Mortgage Disclosure Act reports under a proposed rule published recently by the Consumer Financial Protection Bureau. The proposed rule would expand the definition of a “covered loan” under HMDA to include reverse mortgages and home-equity lines of credit (HELOCs), which include reverse mortgages structured as open-end HELOCs. Currently, HMDA regulations do not require reporting of HELOCs, although lenders may do so if they choose. Currently, financial institutions only have to report information on a closed-end reverse mortgage if the transaction involves a home purchase, home improvement or refinancing. Among other things, the CFPB has proposed to require that all reverse mortgages and HELOCs be identified by loan type to distinguish them from other categories of ...

The HUD IG found the Federal Housing Administration failed to bill lenders for 486 loans with enforceable indemnification agreements that created losses for the FHA.

One bidder who has looked at the Ginnie MSR package from PHH described it as “seasoned with some delinquencies in it.”

Senator Investor Group now owns a 6.28 percent stake in Radian, a top ranked mortgage insurer.

FHA Commissioner Carol Galante is slated to depart the agency in a few weeks, leaving in her wake a healthier Mutual Mortgage Insurance Fund, but her withdrawal comes amid gripes from some lenders that agency premiums are too high, hurting the first-time homebuyer market. Several industry officials give Galante high marks for not caving to industry pressure on reducing FHA premiums, and for trying to build bridges to originators at a time when the Inspector General of the Department of Housing and Urban Development and Justice Department continue to target lenders for their “legacy” production. One consultant who represents FHA lenders said...

In late July Galante met with the press to discuss working with FHA lenders. But now she's handed in her resignation. Why?

Stonegate Mortgage last week posted a meager second quarter profit of $300,000.

As Fannie Mae and Freddie Mac buyback demands have tapered off, lenders continue to face aggressive government efforts to indemnify the FHA for losses, but they do have options available to them that can work in their favor. During a webinar sponsored last week by Inside Mortgage Finance, Amanda Raines, a partner with the BuckleySandler law firm in Washington, DC, emphasized that FHA indemnification demands have continued this year, with an aggressive use of the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act. That has led...

Production of new agency mortgage-backed securities increased by 11 percent over June, according to a new Inside MBS & ABS ranking and analysis.

JPMorgan Chase and Wells Fargo have both paid major settlements regarding FHA lending, and both have curtailed their participation in the program, according to a new analysis of Ginnie Mae data by Inside FHA Lending.