The agency has issued interim instructions for obtaining an FHA case number for a unit in an unapproved condominium project that will be processed as a single transaction.
Reverse mortgage lenders saw modest growth in the second quarter with a mere 3.0% increase in HECM originations. The trend in the sector remains weak, with production at the mid-year mark down 33.7% from a year ago.
The Department of Veterans Affairs has issued guidance to mortgage servicers regarding the process of sending loss mitigation letters to borrowers who have fallen behind on their monthly payments. The guidance encourages servicers to work with distressed borrowers to avoid foreclosure.
Recent enhancements to Ginnie Mae’s counterparty risk policy are positive because they ensure servicers do their job with greater accuracy and precision, an agency-approved servicer said. Ginnie mandates additional ratings for issuers whose portfolios exceed a certain threshold.
As Florida braces for Hurricane Dorian, FHA announced expanded loss mitigation options for homeowners located in presidentially declared major disaster areas.
Purchase loans still accounted for over two-thirds of Ginnie loan deliveries, but the volume of incoming refinance loans had a slightly higher increase from June.
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