The move will allow Ginnie issuers to offer loan modifications that carry a lower monthly payment than the current 30-year term. Also, the agency can test the waters for such a product in the secondary market.
Susquehanna International Group dismissed the private MI industry’s concerns over a potential FHA cut as “unwarranted” and not aligned “with the underlying math.”
The U.S. District Court of Chicago indicted four individuals for participating in a fraud scheme to obtain mortgage loans totaling at least $3 million.
United Wholesale Mortgage, a top-ranked government lender, will become public sometime next month. At least, that’s what the firm is planning. Meanwhile, the nonbank is being sued by a small group of loan brokers over commissions.