A revised-areas map that meets the new definition of “rural area” for U.S. Department of Agriculture housing programs is now available to USDA lenders and borrowers seeking affordable rural-home financing. The map was posted on the USDA Income and Property Eligibility Site on May 6 and users may access it by selecting “single family housing” under the Property Eligibility menu. More details about the changes will be available soon in frequently asked questions guidance, the agency said. The new definition of rural area is contained in the Agricultural Act of 2014 (Farm Bill), which was enacted on Feb. 7 and made changes to federal rural development programs. Among other things, the bill redefined rural areas as those with populations up to 35,000 that are “rural in character” for eligibility in the USDA housing programs. The previous population requirement was less than 20,000 people. The area must be ...
AAG, NCRC Announces Fair Lending Partnership in Reverse Mortgages. American Advisors Group, ranked first among the nation’s Home Equity Conversion Mortgage lenders in 2013 by Inside FHA Lending, has collaborated with the National Community Reinvestment Coalition to ensure fair lending to older borrowers. Through this partnership, AAG employees will complete an NCRC fair housing training course. In addition, the AAG will consult with NCRC to develop best practices for complying with the Fair Housing Act. An umbrella group of more than 600 community-based organizations, the NCRC will also serve as an adviser to AAG in providing HECM mortgages to qualified borrowers age 62 or older. AAG Chief Executive Officer Reza Jahangiri said the partnership is a huge step toward the promotion of fair lending practices and responsible lending. AAG was the top HECM lender in 2013 with $1.4 billion in total originations representing ...
CSP watchers say the GSE platform is starting to look like an orphan under director Mel Watt. But will Watt mention the project in his first public speech next week?
Fannie Mae and Freddie Mac securitized just $11.1 billion of refinance mortgages with high loan-to-value ratios during the first quarter of 2014, a sign that the Home Affordable Refinance Program is slowing down significantly. The first-quarter high-LTV refi market was down 37.1 percent from the fourth quarter of 2013 and off a hefty 78.5 percent from the $51.4 billion of business the two government-sponsored enterprises did back in the first three months of last year, according to a new Inside MBS & ABS analysis. Production was...[Includes one data chart]
Ginnie Mae issuer applications are beginning to slow thanks to declining FHA and VA production, but lenders that play in the space are beginning to wonder whether they should be paying closer attention to the “compare ratios” that measure delinquencies. According to industry advisors, there are new concerns that the Inspector General of the Department of Housing and Urban Development may be expanding its investigation of firms that have significant claims rates on FHA loans. Four years ago, the HUD IG made a big splash when it issued subpoenas to 15 mortgage lenders with unusually high claim rates. Since that announcement, little information on settlements with the 15 has come...
Reverse mortgages guaranteed by the government are due and payable upon the death of the homeowner, the sale of the home, and other conditions, including the failure to reside in the property or pay the taxes and insurance.
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