The Department of Veterans Affairs is proposing to establish fees for originating and servicing vendee loans. Vendee loans are not veterans’ benefits and are distinct from VA-guaranteed loans, the agency clarified in a proposed rule published in the Oct. 26 Federal Register. Vendee financing is...
The Department of Veterans Affairs has proposed to allow eligible veterans to purchase less than the minimum amount of mortgage life insurance coverage required for their VA loan to help them reduce out-of-pocket costs. The proposed rule is aimed at helping VA borrowers lower their premiums and amend current VA regulations to reflect an increase in the statutory maximum amount of coverage available under the Veterans Mortgage Life Insurance (VMLI) program. The VA established...
Proposed changes to the FHA’s condominium approval rules would add approximately 7,000 condo units to the agency’s portfolio and reduce certification costs by $1 million annually, according to a Department of Housing and Urban Development analysis of the proposal’s economic impact. The boost in the agency’s condo originations would result mainly from a proposal to reinstate the “spot” loan process or “single unit approval,” which FHA eliminated in February 2010. The proposed rule would allow...
With sea levels rising and flood risks increasing, federal housing regulators are proposing new base elevation standards for all properties with an FHA-insured mortgage located in flood hazard areas. Under the Department of Housing and Urban Development’s proposed rule, elevations for “non-critical” properties would be raised two feet above the site’s base flood elevation or 100-year floodplain. The proposed rule also would revise...
The U.S. Department of Agriculture’s single-family guaranteed housing program provided $16.14 billion in guarantees to 116,684 rural housing loans during fiscal 2016, down $2.27 billion from FY 2015, according to the Housing Assistance Council (HAC). For the Section 502 direct guarantee loan program, lenders originated approximately $958.3 million in loans in FY 2016, about $58.4 million more than the previous year. Data compiled by HAC, a national nonprofit that helps build homes and communities in rural areas of the country, show...
VA Announces Five-Digit Builder ID Number. VA Loan Guaranty (LGY) has announced that builder identification numbers are now five digits. Four-digit builder numbers will appear as 0 and four digits (01234). LGY does not approve builders. As such, builders need only register with LGY to obtain an ID number. All five digits must be...
Pingora Loan Servicing, Matrix Financial Services and Arvest Bank were the top acquirers of GSE servicing through co-issuance over the first nine months of the year.
Late this week, a spokesperson for Ginnie Mae could not offer any specifics about the revised acknowledgement agreement but noted the changes are “almost” complete.
RSS