The Fed lifts asset cap imposed on Wells Fargo; bill to establish VA partial claims program introduced in Senate; mortgage applications slow.

A bill that would give the Department of Veterans Affairs authority to establish a partial claims program awaits review by the Senate Committee on Veterans’ Affairs, after moving quickly through the House.

VA partial claims bill passes in House; nominee for FHA commissioner expected to have industry experience; Pulte touts big find at Fannie.

Trade groups and consumer advocacy groups sent comments to FHA on a draft proposal from late November introducing a permanent loss-mitigation waterfall.

FHA released a draft mortgagee letter this week proposing new nonjudicial foreclosure processes for mortgage liens held by the secretary of the Department of Housing and Urban Development.

FHA recently posted a draft mortgagee letter proposing revisions related to how it will handle partial claim document recording and payoff statements.

The Department of Veterans Affairs has called on servicers to pause foreclosures on VA home loans through May 31, 2024.

The proposed program could be improved by simplifying communications with borrowers and making changes that expand the number of borrowers who can be helped, industry and consumer groups said.

Under FHA’s proposal, participating servicers would receive $1,000 in compensation, but the Urban Institute said that personnel costs would often be higher than that.

The proposed payment supplement partial claim will be particularly useful for distressed borrowers whose mortgages have below-market interest rates.