Wells Fargo, the nation’s largest mortgage lender, last week agreed to pay $1 billion to settle claims that it overcharged consumers on mortgage rate-lock commitments and force placed collateral-protection insurance on auto loan customers.
The Mortgage Bankers Association this week called upon its members to tailor their state advocacy and lobbying strategies to whatever opportunities they see in the increasingly incendiary political environment.
The senator disagreed with comments made earlier in the day by HUD Deputy Secretary Pam Patenaude, who said there aren’t enough legislative days left...
A new policy change implemented by Fannie Mae will allow REITS, come May 1, to start investing in the GSE’s Connecticut Avenue Securities risk-transfer deals.
The Department of Veterans Affairs has drafted a proposed rule to curb predatory loan churning. The draft rule is “well on its way through concurrence with VA and the Office of Management and Budget,” said Jeff London, director of the VA Loan Guaranty Service, during an interview at the agency’s 19t Annual Lender Conference in Miami recently. He did not specify a publication date but said the proposed rule will be published “fairly soon.” Churning, or serial refinancing, involves multiple refinances of the same loan within short periods with no clear benefit to the borrower. In addition, churning triggers rapid prepayments in Ginnie Mae mortgage-backed securities to the detriment of investors and makes it difficult to price MBS appropriately. London declined to provide details about the rule’s content but said veterans and taxpayers would be protected. VA looked at a range of things that were common in the ...
A general overhaul of the Department of Veterans Affairs’ Loan Electronic Reporting Interface is underway to convert it into a full service, end-to-end system capable of handling every phase of the loan process. Work on VALERI began in 2017, with the aim of integrating all business lines – loan origination, property valuations, and mortgage servicing – into what VA officials view as an automated underwriting system. “We are potentially looking at the redesigned VALERI as an automated underwriting system, an end-to-end system designed to better serve veterans and their families, lenders, servicers and appraisers,” said Jeff London, director of the VA Loan Guaranty Service (LGS), during an interview at the recent VA lender conference in Miami. The VALERI application has been used solely for servicing for the last 10 years. Since 2008, on a monthly basis, servicers have been uploading electronic data ...
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