Housing Wire

MARCH 29, 2024

Department of Housing and Urban Development (HUD)’s Office of Policy Development and Research is seeking public comment related to application and origination documents for the Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM) program, according to a notice published this week in the Federal Register.

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Appraisal Buzz

APRIL 29, 2024

Mortgage tax escrow payments for local property owners and government processors continue to serve as a crucial source of revenue for local governments. When homeowners obtain a mortgage, lenders typically establish an escrow account to manage various expenses, including property taxes and insurance premiums.

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Housing Wire

FEBRUARY 27, 2023

RMK Financial Corporation , which does business as Majestic Home Loans , has been permanently banned by the Consumer Financial Protection Bureau (CFPB) from the mortgage lending industry following a series of repeat offenses — which occurred despite the CFPB’s law enforcement order issued in 2015. government. government.

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Housing Wire

JANUARY 5, 2022

Some Federal Housing Administration -approved mortgage servicers have routinely flouted the agency’s loan modification program, according to Washington, D.C. 21 letter that a number of mortgage servicers employed by FHA-approved lenders failed to adequately implement loan modification options the FHA introduced in July.

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Housing Wire

MARCH 13, 2023

The Federal Deposit Insurance Corporation (FDIC) has named former Fannie Mae CEO and Blend president Tim Mayopoulos as CEO of Silicon Valley Bank N.A. , Mayopoulos resigned from Fannie Mae in 2018 and joined mortgage software startup Blend the following year, becoming one of the highest-profile executives to join the fintech industry.

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Appraisal Buzz

MAY 6, 2024

Does the cost of homeowners insurance affect the price of a home? In recent years, insurance companies have pulled out of some markets altogether after sustaining massive losses due to wildfires, flooding, and other climate-related disasters. In some markets, the answer is increasingly yes.

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Housing Wire

MARCH 1, 2023

And yes, this certainly has had an impact on insurance companies from coast to coast, as we’ve seen insurers retreat en masse from states such as California , Florida , and Texas , which have all seen record losses in recent years from wildfires, earthquakes, hurricanes, severe winter storms, sinkholes, and more.

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Eppraisal

JULY 7, 2023

In the previous two blog posts, we discussed fixed-rate mortgages and adjustable-rate mortgages, which are widely used in the United States. In this final installment of our three-part series, we will explore government-insured mortgage loans. What are Government-Insured Mortgage Loans?

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Housing Wire

APRIL 12, 2024

For one, the mortgage servicing industry adopted some COVID-era, rescue-type packages where a house does not go into immediate foreclosure. But more broadly, since the Great Recession in 2008, there has been a greater implementation of standardized loss-mitigation measures designed to prevent a foreclosure crisis.

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Housing Wire

MAY 20, 2024

A recently released report from the Financial Stability Oversight Council (FSOC) that identifies vulnerabilities at nonbank mortgage servicers and makes some recommendations to avoid systemic risk is a ”tall order” for state regulators but isn’t only a ”wishful list,” according to Jason Cave, senior consultant at Patomak Global Partners.

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Housing Wire

MAY 23, 2024

Freddie Mac ’s head of single-family acquisitions, Sonu Mittal , this week defended the government-sponsored enterprise’s proposal to acquire single-family, closed-end second mortgages amid opposition by trade groups that are worried about its impacts on the secondary market. “Six Six out of 10 borrowers are below a 4% mortgage rate.

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Housing Wire

NOVEMBER 8, 2023

The National Association of Realtors (NAR) on Wednesday unveiled its state flood disclosure tracker tool , aiming to offer clarity and access to survey existing state disclosure requirements for flood insurance. A lapse in NFIP will take place if the government enters a shutdown, which will take place on Nov. 17 unless Congress acts.

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Housing Wire

JUNE 1, 2023

Six federal agencies have requested comment from the public on a newly-proposed rule that is designed to “ensure the credibility and integrity of models used in real estate valuations.” And the design and development of the models and algorithms can reflect the biases and blind spots of the developers.”

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Housing Wire

JULY 7, 2023

The Homeowners Assistance Fund (HAF) — a program designed to offer financial help to homeowners impacted by the COVID-19 pandemic — has kept more than 300,000 homeowners in their homes by curing defaults and keeping them out of foreclosure , according to data released this week by the U.S. Department of the Treasury. “As

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Housing Wire

FEBRUARY 21, 2024

Many analysts who cover the mortgage industry believe that the worst of the current cycle may be in the rearview mirror. In 2022 and 2023, quickly rising mortgage rates and shrinking volumes sent shockwaves through the industry and prompted massive job cutbacks. According to data from the U.S.

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Housing Wire

MAY 24, 2024

In fact, according to a recent study, millennials currently struggle with so much debt that 25% worry they won’t qualify for a mortgage. Nearly 1 in 5 millennials (19%) think their credit card debt will be a stumbling block when applying for a mortgage, while 1 in 7 (14%) think the same about their student loans.

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Housing Wire

MAY 18, 2022

HousingWire recently spoke with Christian Mills, head of Financial Advisor Relations at Reverse Mortgage Funding, about the ways a reverse mortgage can create a stable cash flow for homeowners in the midst of a volatile housing market. CM : Firstly, reverse mortgages, whether government-insured or proprietary, are non-recourse loans.

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Housing Wire

OCTOBER 23, 2020

Just before its stock debuted at a disappointing $15 a share, Guild Mortgage settled a federal lawsuit that claimed the lender knowingly breached legal requirements when it originated and underwrote FHA loans. Those loans, originated between 2007 and 2011, defaulted and led to claims to the FHA for mortgage insurance.

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Housing Wire

JULY 14, 2023

Discriminatory practices and policies in government, the banking, and real estate industries continue to impede access to homeownership for [Black, Indigenous, People of Color (BIPOC)] households today,” the summary explained. In May, Wash.

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Housing Wire

JULY 14, 2023

The National Association of Mortgage Brokers (NAMB) announced this week that it supports new federal regulatory proposals governing the use of automated valuation models (AVMs) in determining property values for mortgage originators and secondary market issuers.

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Housing Wire

JANUARY 18, 2023

Unlike HELOCs, reverse mortgages and jumbo reverse mortgages are designed specifically to help seniors manage their cash flow. They also offer senior homeowners more flexibility – most notably, through optional monthly mortgage payments 1. And with a HECM, seniors cannot be locked into any possible payment spikes.

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Housing Wire

JANUARY 5, 2021

But the truth is, your down payment depends on your lender, credit score and the type of mortgage you qualify for. A down payment is the money you pay upfront when applying for a mortgage to buy a home. For most mortgages, lenders require a down payment. Here’s what to expect in the mortgage application process.

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Housing Wire

JANUARY 27, 2022

housing entities are at odds over the future of the federal government’s cash-strapped flood insurance program. But Fannie Mae , the government-sponsored entity that backstops a significant portion of the country’s mortgages, does not seek an exception to the 1974 Federal Privacy Act. Two of the most powerful U.S.

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Housing Wire

FEBRUARY 22, 2023

More than two years after mortgage industry trade groups began openly calling on the Federal Housing Administration ( FHA ) to cut annual premiums on mortgages the agency insures, the Biden administration and the FHA have done just that. So, that’s always a risk for any mortgage insurance company.

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Housing Wire

SEPTEMBER 17, 2021

The mortgage industry must be proactive in examining programs that can help borrowers recover from — and remain resilient to — disasters like these. The mortgage industry immediately recognized the need to help borrowers who were impacted by COVID-19 and would be unable to make their mortgage payments as a result.

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Eppraisal

SEPTEMBER 5, 2023

When purchasing a home and applying for a mortgage, many borrowers are confronted with the dreaded Private Mortgage Insurance (PMI) requirement. While this approach may take longer to accumulate the necessary funds, it can save you thousands of dollars in PMI premiums over the life of your mortgage.

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Housing Wire

MARCH 18, 2022

When Curtis Mangus of Premier Mortgage Resources in Meridian, Idaho looked into pivoting into reverse after serving decades in the traditional mortgage business, he asked his managing partner at the lender about its reverse mortgage department. You are the reverse mortgage department,” he said. The partner smiled. “

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Housing Wire

MARCH 28, 2024

New changes from the Federal Housing Administration (FHA) and Ginnie Mae , which insure and guarantee loans, could help open an untapped market for lenders looking to expand their businesses and improve access to credit for buyers of manufactured homes. Yet help might be on the way.

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Housing Wire

MARCH 21, 2024

House of Representatives Subcommittee on Housing and Insurance hearing on Wednesday, members focused on the challenges faced by today’s homebuyers. Rising costs “The 30-year fixed mortgage has increased over 100%, doubled, since 2020,” Davidson said. Department of Veterans Affairs (VA),” the memorandum stated. Brad Sherman (D-Calif.).

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Housing Wire

DECEMBER 14, 2023

The Federal Communications Commission (FCC) — the government regulatory body overseeing communications across a wide variety of media including radio, telephone cable and the internet — adopted a new series of rules on Wednesday designed to crack down on controversial lead generation methods, including “robocalling” and “robo-texting.”

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Raleigh Realty

MARCH 29, 2021

Buying a Home As a Government Employee Are you a government employee preparing to buy a home? With the right resources, you can ensure a successful investment and one in which you may save tens of thousands of dollars thanks to being a government employee. Who Is a Government Employee?

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Housing Wire

MAY 26, 2022

A spokesperson from Department of Housing and Urban Development’s Office of Inspector General said that the loans funded were FHA-insured loans. The DOJ alleges Hernandez falsified borrower’s income by inflating monthly child support payments on mortgage loan applications. Her place of work was not disclosed.

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Housing Wire

MAY 27, 2022

The requirement also applies to mortgage lenders, legal experts say. The CFPB, a government watchdog agency, said lenders aren’t absolved from adverse action notice requirements under the Equal Credit Opportunity Act if they use complex algorithms, which Rohit Chopra, the director of the CFPB, has dubbed “black-box models.”.

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Housing Wire

AUGUST 22, 2023

The Mortgage Bankers Association (MBA) and the Consumer Bankers Association (CBA) sent a letter to regulators on Monday warning of the “unintended consequences” of new quality control standards for automated valuation models (AVMs). Department of the Treasury ; and the Federal Reserve System.

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Housing Wire

MAY 19, 2023

The bill, 2023-H 6082Aaa (given additional letters in its designation to reflect that it has been amended), is part of a broader package of 14 bills sought by the speaker in an effort to address housing issues and spur additional production according to reporting at The Providence Journal.

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Housing Wire

MAY 9, 2022

For the first 30 days, a foreclosed property listed for sale can only be bid on by owner-occupant buyers, approved nonprofits, and government entities, the FHA announced last week. Typically, FHA-insured foreclosed properties are snatched up by large investors and turned into rental properties.

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Housing Wire

DECEMBER 2, 2020

Prior to 2020, the mantra around the mortgage industry going back to 2016 was that launching a new “digital experience” was the equivalent to table stakes in poker. The message was clear: if you weren’t already invested in new digital mortgage experience, then your competition already beat you to the sale.

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