Concerned with the increasing number of nonbank lenders in the mortgage market and tight liquidity conditions, Ginnie Mae has started developing stress tests for its largest issuers.
Ginnie Mae will not be able to conform its pooling requirements to the VA interim final rule on cash-out refinancing because doing so would be contrary to the provisions of the Dodd-Frank reform act, the agency noted.
Congress is reportedly considering a legislative proposal to charge higher guarantee fees for VA mortgages to cover healthcare costs of Korean and Vietnam War veterans who were ex-posed to herbicides, such as Agent Orange and other toxic agents.
A Wall Street lobbying group has urged the Department of Veteran Affairs to change its cash-out refinance interim final rule, calling par-ticular attention to the net tangible benefit provision.
Industry representatives are urging the Department of Veterans Affairs to delay an interim final rule on VA cash-out refinance loans for fear that lenders may stop offering the product.
FHA and VA are calling on servicers to provide special relief to furloughed federal workers and contractors as the partial government shutdown neared a full month with no end in sight.
The partial government shutdown, now in its second week, has had limited impact on the FHA and VA lending programs but could be disastrous to federal rural housing programs if prolonged.
There are certain weaknesses in the Department of Veterans Affairs’ interim final rule on VA cash-out refinance loans that need to be ad-dressed to ensure borrowers and investors are protected from loan churning and other predatory lending practices.
Democrats on the House Financial Services Committee urged the FHA to reverse its “unofficial” policy of denying Deferred Action for Childhood Arrivals status recipients access to FHA loans.
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