Is refi specialist CashCall still on the auction block?

The guidelines follow the Senate’s passage last week of the Reverse Mortgage Stabilization Act of 2013.

According to an IRS private-letter ruling, certain excess servicing rights would constitute a real-estate asset, and income from the spread would be treated as interest on obligations secured by mortgages on real property.

The Senate Committee on Banking, Housing and Urban Affairs approved S.1376, the FHA Solvency Act of 2013, on a vote of 20-to-1.

Sen. Vitter seeks documents from the FHA.

FHA chief Carol Galante expressed concern about the absence of any provision in the bill that would ensure servicer accountability for their performance.

On average FHA took 340 days to sell REO properties based on dispositions from January 2008 through June 2012, compared to just over 200 days for Fannie, Freddie and VA.

Loan applications are strong at Citadel, a newly launched nonprime lender. HUD goes on furlough for a day.

HUD thinks random sampling would help make post-endorsement reviews more efficient, but some legal advisors believe the cost is too great.

Wells Fargo, the nation's large home funder, accounted for almost 31 percent of total Ginnie Mae issuance during the first half of 2013.