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Opinion: Reformed FHA program will offer lenders new business opportunities

Housing Wire

Modern manufactured homes are an unusual feature of today’s housing market, the rare homeownership opportunity that is both lower-cost and high-quality. Just five lenders originated more than 75% of all home-only loans from 2018 to 2022, four of whom specialize in home-only lending. Yet help might be on the way.

Business 441
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Ready or not, CRA modernization is at the door

Housing Wire

That’s partly because, according to a joint notice of proposed rulemaking from bank regulators on Thursday, banks’ performance would be judged by where they lend, not just where they have branches. Honestly we don’t know if that is coming or not,” said Ricard Pochkanawala, senior policy council at the Center for Responsible Lending.

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OCC moves to rescind 2020 version of CRA rule

Housing Wire

Instead, the agency is proposing to replace the federal anti-redlining rule with rules adopted jointly by the OCC, Federal Deposit Insurance Corporation , and the Board of Governors of the Federal Reserve System in 1995. The agency is soliciting public commentary, due by Oct.

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Are these factors creating chaos in your mortgage lending ops?

Housing Wire

Add to those challenges increased competition in a rising interest rate environment that is choking off refinance business, driving overall mortgage volume down significantly. Servicers, especially those who service government-insured loan products, are under statutory time constraints that give them very little wiggle room.

Lending 317
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Verification solutions provider Xactus acquires MassiveCert

Housing Wire

Xactus will add flood services to its list of verification solutions with the acquisition of MassiveCert , a software company that provides flood zone determinations for insurance, lending and real estate. Up until now, Xactus obtained data from third parties. Servicers, are you prepared for hurricane season?

Insurance 346
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Federal agency members voice support for new CRA rules 

Housing Wire

representatives at federal agencies reinforced their support for the new rules that would modernize the Community Reinvestment Act (CRA), a few days after a federal judge in Texas granted a preliminary injunction to banking associations that seek to halt its implementation. This week in Washington, D.C.,

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Hot Seat: Philip Reinking of Allied Solutions

Housing Wire

With fluctuating volume, mortgage servicers are still struggling to effectively scale their business. Philip Reinking: Mortgage servicers are facing substantial growth but a lack of talent in scaling business growth. HW: What is Allied Solutions doing differently than the rest of the mortgage lending market?

Insurance 316