FHA Commissioner Carol Galante has announced plans to step down from her current post, leaving behind a Mutual Mortgage Insurance Fund that appears well on its way to recovery and a slumping FHA business. Industry response to Galante’s Aug. 12 announcement was mixed. Some stakeholders applauded her toughness and resolve in steering FHA through hard times, while others criticized her for policies that made it more difficult and costly for first-time homebuyers to obtain an FHA-insured mortgage loan. Galante’s nearly three-and-a-half year stint as FHA commissioner was highlighted by her efforts to stabilize the FHA’s ailing Mutual Mortgage Insurance Fund, reduce losses and improve lender oversight. She achieved these goals by creating a comprehensive risk-management structure at FHA, revamping FHA pricing and credit policies, and ...
Redwood, which had 140 active sellers at the end of June, plans to start testing its high-balance loan program with the FHLB system in the fourth quarter of this year.
The HUD IG found the Federal Housing Administration failed to bill lenders for 486 loans with enforceable indemnification agreements that created losses for the FHA.
The VA home loan guaranty program also is building market share, with $25.52 billion of new business written during the second quarter, a 36 percent increase from early 2014.
The Investors Unite chief said Watt has publicly acknowledged that he possesses the Congressional authority to end the GSE conservatorships under the Housing and Economic Recovery Act of 2008.
One non-QM executive who competes with Impac said the company’s forecast likely will not come true. “Right now, this is a very limited market – and there are no securitizations,” he said.
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