The HUD NPL auction features 5,000 delinquent single-family loans totaling $1 billion in unpaid principal balances with representations and warranties.
The top reasons for FHA condo denials include financial instability, pending litigation, insufficient insurance coverage and outdated or missing documentation.
Just how big is Wells Fargo's Ginnie Mae market share? At Sept. 30, the bank controlled 31.53 percent of the market. Its closest competitor was JPMorgan Chase with a mere 11.75 percent.
The Department of Housing and Urban Development expects to issue the long-anticipated FHA FY 2013 independent review of the state of the FHA’s Mutual Mortgage Insurance Fund on or before the middle of December. The report’s release was delayed due to the three-week government shutdown in October.
The sudden, dramatic increase in flood insurance premiums – some by as much as 1,000 percent – are leaving homeowners and prospective homebuyers stunned.
Wells Fargo once again ranked first among issuers with a market share of 29.6 percent, followed by Chase Home Finance (12.1 percent), and U.S. Bank (3.8 percent).
Under the new guidance, lenders must report to FHA all findings of fraud and material misrepresentations concerning the origination, underwriting or servicing of a loan that the lender is unable to mitigate or resolve.
It is unclear how much money is needed to recapitalize RMIC, which is currently in a run-off mode, but Old Republic plans to contribute up to $50 million and raise additional funds in the capital markets to resurrect its MI subsidiaries.