Borrowers are given the option to either make a single, lump sum draw for adjustable and fixed-rate HECMs at closing or within the 12-month period after the loan closing.

The government is seeking due diligence reviews performed by Clayton, as well as all communication between the clients for whom the company performed such work.

Carrington Mortgage is in the market to buy residential servicing rights. Meanwhile, the mortgage application losing streak has ended.

America’s Homeowner Alliance said it will defend low downpayment loans and the mortgage interest deduction.

As reported by IMFnews late last week, Stewart Title is buying Allonhill, a due diligence firm based in Denver. Meanwhile, look for billions of dollars in NPL sales soon.

In a letter dispatched to CFPB Director Richard Cordray, MBA stresses that mortgage firms are not being allowed enough time to properly comply with the January 2014 implementation of the bureau’s many new rules.

The Chicago ordinance, which took effect in November 2011, requires mortgage lenders to register vacant properties with the city and pay a $500 registration fee.

The Federal Housing Finance Agency is ignoring a clear directive to rehabilitate Fannie Mae and the GSE conservator’s failure to restore the firm to financial health has come at the cost of the company’s common shareholders, according to a new lawsuit filed against the government earlier this week. Fannie shareholders Bryndon Fisher and Bruce Reid filed suit against the United States government, as well as Fannie as a nominal defendant, in the U.S. Court of Federal Claims. This latest shareholder lawsuit does not challenge the legality of Fannie’s placement into conservatorship in September 2008.

Six federal regulators, including the Federal Housing Finance Agency, re-proposed risk-retention requirements, as well as the definition for qualified residential mortgages this week, making significant changes that had been sought by lenders. The new proposal revises a proposed rule the agencies issued in 2011 to implement the risk-retention requirement of the Dodd-Frank Act. Among other things, the rule would recognize the full guaranty on payments of principal and interest provided by Fannie Mae and Freddie Mac for their residential mortgage-backed securities as meeting the risk-retention requirements while the two GSEs are in conservatorship or receivership and have capital support from the federal government.

A title insurance firm is taking a close look at due diligence provider Allonhill. Meanwhile, mergers and acquisitions in the residential finance industry could explode.