An Urban Institute study has called for uniformity among Fannie, Freddie, FHA, VA and USDA when considering student-loan debt in mortgage underwriting.
HUD’s inspector general reported $69.0 million in financial recoveries from 30 administrative-civil actions related to FHA fraud and $39.2 million in settlements with two FHA lenders.
An audit by the inspector general found that HUD had failed to meet basic privacy protection requirements for records containing stakeholders’ personally identifiable information.
FHA has asked lenders and servicers to review existing guidance for originating and servicing forward loans and HECMs in presidentially declared major disaster areas.
Two FHA lenders lost their direct-endorsement approvals due to excessively high default and claim rates. The two can apply to have their DE authorization reinstated six months from the date of termination.
The New York Department of Financial Services has asked financial institutions to accelerate LIBOR transition and submit plans for addressing the risks associated with moving to an alternative benchmark rate.
The revised defect taxonomy will hardly nudge banks to return to or increase participation in FHA programs despite tighter standards for identifying and curing defective loans, according to industry stakeholders.