The final HUD regulation marks the first time the agency has made changes to the LI program, which enables high-performing lenders to insure forward mortgages without a pre-endorsement review.
According to the government, Golden First Mortgage Corp. of Great Neck, NY, failed to carry out its duties and responsibilities as a direct endorsement lender, leaving FHA with large losses.
Funding for the housing programs administered by the Department of Agriculture’s Rural Housing Service will not be subject to sequestration even though mandatory budget cuts are now being implemented across the board at all federal agencies.
Nationstar Mortgage clarified that the non-agency MBS it plans to issue in the second quarter of 2013 is an asset-backed security with servicing advances from non-agency mortgages. Genworth U.S. Mortgage Insurance, a unit of Genworth Financial, Inc., announced on Friday that it will offer 24 training classes in April to help mortgage lenders and servicers improve their efficiency and build their business. Fannie Mae President and CEO Tim Mayopoulos said this week that it would be a “mistake” for official Washington to allow the prospect of the newly profitable GSEs to continue to slow walk efforts on housing finance reform.
An Arizona court is expected to rule soon on whether to approve a proposed asset and stock purchase agreement worth up to $267 million between the appointed receiver of PMI Mortgage Insurance Corp. and private-equity investor Arch Capital.
The Court of Appeals of Ohio for the Eighth District apparently has put to an end to city government lawsuits forcing banks to pay for the high costs of foreclosures, including city costs to raze or board up abandoned houses and lost taxes due to property devaluation.