Cash-strapped nonbank servicers were less likely than banks to help borrowers through pandemic-era mortgage relief, according to a new Federal Reserve report on the CARES Act forbearance program.
The Mortgage Bankers Association suggested FHA reinstate a mortgage lender’s option to document a borrower’s previous work history through a verbal verification of employment, among other recommendations.
Ginnie Mae to ease seasoning requirements for reperforming loans, FHA proposes updating loan limits on its Title I manufactured home program, HUD proposes removing LIBOR for ARMs, and more news.
Ginnie Mae President Alanna McCargo said she’s hopeful the one-year extension of the implementation deadline for Ginnie’s new risk-based capital requirements will give its nonbank issuers room to breathe and time to consider their restructuring.
Industry trade groups want Ginnie Mae to continue making changes to its risk-based capital requirements for nonbank issuers during the extended implementation period.