Late last year, Ginnie seized the mortgage servicing assets of Reverse Mortgage Funding after the company filed for bankruptcy, citing liquidity issues.
“It’s taking us a little longer to get this done, but at the same time, we want to get it right,” Michelle Corridon, deputy director of policy at VA, said of the VA Servicing Purchase program.
Government-insured mortgage originations grew across all three lending channels in the second quarter, with brokers gaining market share from the correspondent channel. (Includes data chart.)
The VA loss-mitigation service program will more likely be launched next year, Michelle Corridon, deputy director of policy at VA, said during a recent MBA conference.
Panelists at a Community Home Lenders of America roundtable discussed the challenges in targeting low- to moderate-income borrowers, including first-time and minority homebuyers.
Ginnie Mae officials remain confident that most of its issuers will be ready to comply with new financial eligibility requirements set to go into effect Sept. 30.
State housing finance agencies want to be exempted from proposed FHA audit requirements for investing mortgagees, the National Council of State Housing Agencies said in a comment letter.
The updated guidance, which will go into effect Jan. 1, notes that housing counseling must be provided by a qualified, independent third party and not by anyone compensated by a mortgage originator or servicer.