As one vendor put it: “Loss mitigation was behind the scenes for a while because everyone was saying that foreclosures are low and bankruptcies are stable. Well, that’s not the case anymore."
CBO, in a report that received little notice, based its estimates on a variety of assumptions about the companies’ retained earnings, capital requirements and more...
To meet the qualifications for a seasoned QM, a loan must be held by the creditor for at least 36 months after origination and have no more than two 30-day delinquencies during that time period...
However, there’s a catch to the Ginnie number. Servicers of government product, especially depositories with a balance sheet, increasingly are buying delinquent FHA and VA loans out of MBS pools as a way to save money and possibly rehabilitate them down the road.
Meanwhile, the tightening bug is loose again. The broker division of PennyMac Financial Services just told its outside loan officers, “Effective for all conventional loans with applications received on or after August 14, 2020, PennyMac is limiting self-employed borrowers to a maximum of 70% LTV/CLTV for all transactions”…
According to Dave Stevens, a former FHA commissioner, DPA provided by government entities, such as Chenoa, is one of the only scalable options to help those without the means to purchase a property.
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