FHA announced it was taking the next step in implementing updated appraisal forms the day after Fannie Mae and Freddie Mac announced they’d push back their mandatory implementation date by more than six months.
The lawsuit challenges HUD’s refusal to award funding that Congress set aside for housing counseling nationwide, which is necessary for the origination of home equity conversion mortgages.
Industry trade groups want government mortgage programs to align their reconsideration of value processes with those of the government-sponsored enterprises.
The U.S. District Court for the Northern District of California issued an administrative stay that will stall the U.S. Department of Agriculture’s intended relocation of some Rural Housing Service staff for at least another week.
Government lending through brokers declined on a quarterly basis in the second quarter while both retail and correspondent production increased. (Includes data table.)
Some FHA borrowers could see improved credit scores from FHA’s adoption of VantageScore 4.0, but the effect should be relatively small, according to researchers at Goldman Sachs’ credit strategy desk.
Industry groups urged FHA to make the proposed alternative partial claim structure friendlier for smaller lenders and called for communication with Ginnie Mae investors.
Issuance to Ginnie Mae custom extended-term pools spiked twice in the last year, after FHA and VA changed their loss-mitigation policies. Delinquency rates on the pools are also exceptionally high.
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