Despite calls by the industry to improve and clarify the process, the FHA has yet to make a move to meet industry demands for a more detailed defect taxonomy…
Michael Bright Clears First Hurdle to Becoming President of GNMA. The Senate Committee on Banking, Housing and Urban Affairs this week voted to confirm Michael Bright as president of Ginnie Mae. Bright’s confirmation is broadly positive for housing, said Jaret Seiberg, financial services and housing policy analyst for Cowen Washington Research Group. Bright is a former staffer for Sen. Bob Corker, R-TN, and has a history of working well with Republicans and Democrats, said Seiberg. In addition, he has worked closely with Sen. Elizabeth Warren in cracking down on loan churning, he added. The Mortgage Bankers Association welcomed the news. “Mr. Bright would bring significant experience within the mortgage industry and on Capitol Hill to the role of Ginnie Mae president,” said Bill Kilmer, the group’s chief lobbyist. “He has demonstrated a commitment to bipartisan solutions regarding complex ...
An undetermined defect is causing the Department of Veterans Affairs’ loan servicing reporting system to spit out duplicate bill-of-collection transaction numbers. The VA Home Loan Guaranty staff is collaborating with the Administrative Loan and Accounting Center (ALAC) to work around the issue. The resolution to correct the defect in the VA Loan Electronic Reporting Interface (VALERI) application is scheduled to be included in the 18.4 VALERI release on Dec. 8, 2018. VALERI is in the first phase of a three-year project to convert from a system for reporting and storing servicing data to an end-to-end mortgage-processing platform. The VA also has issued a number of servicing alerts and reminders. Liquidation appraisal fees in Colorado will increase in certain counties effective Sept. 1, 2018, so that all counties will have the same fee per property type. The fee changes will be updated and reflected on the ...
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