MBA CEO Bob Broeksmit came to the defense of the FHA program and nonbank participants after the Wall Street Journal’s editorial board suggested nonbanks had engaged in risky underwriting under the government guarantee.
Industry groups — including the Community Associations Institute, the Community Home Lenders of America and the National Association of Realtors — made their displeasure about the change to condo loan applications known in a recent joint letter to Federal Housing Finance Agency Director Bill Pulte.
Servicers will not need to use a judicial foreclosure process to terminate a loan backed by the Department of Veterans Affairs that has a partial claim interest, according a new VA policy.