The trade group is backing a three-step loss-mitigation waterfall suggested by a former Ginnie president that would not require an actual buyout of the loan or an increase in the note rate.
Administrators are promising technical system upgrades and bolstering industry cooperation through the Mortgage Industry Standards Maintenance Organization.
Documentation on student loan debt forgiveness will be a key factor in the underwriting process for homebuyers benefiting from the recently announced debt relief program.
RHS finalizes new rule for single-family loan program; HUD to require unique entity identifier for FHA lenders; USDA to update guidance on default status codes; MISMO announces enhancement for industry loan application dataset; USDA introduces four new forms; HUD awards housing counseling grants.
The new standards are a result of a collaboration between Ginnie and the Federal Housing Finance Agency to align rules for their counterparties. Most of the new standards take effect Sept. 30, 2023.
The most popular option is when another veteran assumes the VA loan and trades the benefit eligibility, said John Bell, executive director of VA’s Loan Guaranty Service.
Housing counselors can play a greater role in helping delinquent borrowers understand the menu of loss-mitigation tools, according to trade group and government officials speaking at a recent HUD conference.
Sen. Jon Tester, D-MT, chair of the Senate Veterans’ Affairs Committee, and Sen. Mike Rounds, R-SD, recently introduced the Native American Direct Loan Improvement Act to boost homeownership among Native Americans.
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