Fee-for-service partnerships between mortgage lenders and housing counseling agencies could bring scale to the pre-purchase counseling services HCAs offer, according to industry experts.
Citi’s Sandy Furlow will help Industrial Bank, a minority depository institution, build strong controls for its future growth within the mortgage business.
Federal agencies want servicers of government-backed mortgages to pause foreclosure proceedings when the homeowner’s application for relief under the Homeowner Assistance Fund is pending.
While the Federal Reserve intervened in the mortgage market to lower rates, lenders did not pass along all the savings to homebuyers, the former Freddie chief said.
Lenders argue the temporary measures adopted by Fannie and Freddie to promote condo safety unnecessarily raise costs for borrowers and present liability issues for HOAs and cooperatives.
Fannie joins Freddie in accepting attorney title opinion letters instead of title insurance. Industry observers said the new option will mostly impact refinances, not purchases.