Senate passes the VA Home Loan Awareness Act; USDA updates income limits for home loan programs; the Department of Housing and Urban Development and the Federal Emergency Management Agency announce partnership to address disaster housing recovery challenges.
Sutherland and NOVAD formed a servicing operation in 2014 that won a contract to service reverse mortgages for HUD. The companies remained reverse-mortgage servicers until near the end of 2022.
Hometown Lenders was ordered to cease and desist from accepting new FHA lending business related to residents or properties located in Washington State for violations of the state’s Consumer Loan Act.
FHA’s share of the government-insured market declined to 60.8% in the first quarter of 2024, while VA production improved from the fourth quarter led by IRRRLs. (Includes three data tables.)
The VA plans to issue a circular next month addressing the current prohibition against VA borrowers paying fees or commissions to real estate agents as part of a home purchase.
The Financial Stability Oversight Council wants Congress to pass legislation that would allow Ginnie Mae to expand its pass-through assistance program for nonbank servicers.
FHA first-lien, single-family home loan applications were turned down more often than VA home loan applications, according to an analysis of HMDA data. (Includes data table.)
The $3.4 million settlement resolves charges that the Arkansas-based Bank of England engaged in bait-and-switch and other deceptive practices when refinancing VA mortgages.
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