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Attorneys Call on Servicers to Study Final Defect Taxonomy

February 21, 2025
Namrata Bhatia
Attorneys at the Bradley law firm suggested lender/servicers update their policies and procedures, such as internal audit and quality control, to preempt potential origination or servicing defects.
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Eleventh Circuit Affirms Ruling in Favor of Navy Federal

February 21, 2025
Namrata Bhatia
A borrower sued Navy Federal Credit Union for denying his mortgage refinancing application on the grounds that he had poor credit performance with the credit union.
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Chase Prevails in Foreclosure Challenge Tied to FHA Loan

February 21, 2025
Namrata Bhatia
Ohio appellate court rules in a case stemming from an FHA mortgage Chase had acquired from USA Home Loan in 2008.
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FHA-to-FHA Refinancing May Spur Overpayment

February 21, 2025
Namrata Bhatia
Higher lender fees for originating FHA loans results in fewer loans being refinanced to conventional mortgages, according to a new research paper.
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Around the Industry

February 21, 2025
Namrata Bhatia
HUD cancels $4 million in DEI contracts; HUD DOGE task force recovers $1.9 billion of “misplaced” funds.
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New HUD Secretary Has His Eyes Set on Affordability

February 7, 2025
Brandon Ivey
The Senate voted 55-44 to confirm Scott Turner as housing secretary, paving the way for the Trump administration to install new leadership at FHA and Ginnie Mae.
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New Admin Looks to Refocus Agencies’ Agenda

February 7, 2025
James Dohnert
The Trump administration is expected to put an early focus on reducing regulation and improving efficiency at federal housing agencies.
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Confusion Following Trump’s Attempted Funding Pause

February 7, 2025
Brandon Ivey
The pause was ultimately rescinded following court injunctions. In the meantime, participants in government-insured mortgage programs faced uncertainty.
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Industry Asks VA to Provide More Time for API Mandates

February 7, 2025
Namrata Bhatia
VA is considering a rule that would require lenders to use a new application program interface to report loan information and remit funding fees to the agency. It also plans to rewrite rules regarding when VA would assert a defense for a partial or total loss of a guarantee.
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Ginnie Faulted on Preparedness for Nonbank Failures

February 7, 2025
Brandon Ivey
GAO called for Ginnie Mae to develop processes for participating in interagency exercises, noting that FHFA did a better job than Ginnie in an FSOC effort aimed at addressing the likely failure of a major nonbank mortgage company.
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