Housing Wire

MAY 15, 2024

The Community Home Lenders of America (CHLA) on Wednesday released a plan that it says would “modernize” Ginnie Mae , the government-owned company that manages the securitization of government-sponsored loans. CHLA added in a statement that the release of these recommendations is designed to coincide with relevant news.

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Housing Wire

JANUARY 5, 2021

Conventional loans aren’t insured by the government but are backed by private lenders. That said, because conventional loans aren’t guaranteed by the government, they are usually harder to qualify for. These insured loans are a type of federal assistance and require as little as a 3.5% For example: Typical down payments.

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Housing Wire

JUNE 5, 2024

Department of Housing and Urban Development (HUD) this week announced the launch of a new program designed to allow for the purchase, refinance or renovation of manufactured housing under a loan program sponsored by the Federal Housing Administration (FHA).

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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. , The bridge bank structure is designed to “bridge” the gap between the failure of a bank and the time when the FDIC can stabilize the institution and implement an orderly resolution.

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Housing Wire

AUGUST 6, 2024

A policy designed for lenders to review and respond to borrower-initiated reconsideration of value (ROV) requests for appraisals — originally scheduled to be implemented between Aug. 29 and Sept. 2 — has been pushed back to Oct. The policy — announced in May by the U.S.

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Housing Wire

AUGUST 15, 2024

There are many government program offerings designed to support low-income borrowers and underserved communities available through banks and credit unions, including: Federal Housing Administration (FHA): FHA provides mortgage insurance on loans made by FHA-approved lenders. This insurance protects lenders against losses.

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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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Housing Wire

SEPTEMBER 13, 2024

Partial claims are designed to offer assistance to mortgage borrowers who have fallen behind on their monthly payments, allowing them to become current without impacting the terms of their original loan. The proposal would also extend the time frame for lenders to “record partial claim security instruments from 5 to 15 days,” FHA said.

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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

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 3, 2024

Department of Housing and Urban Development (HUD) on Wednesday announced that it has released five new language translations for 19 separate single-family mortgage documents used for Federal Housing Administration (FHA)-insured mortgage servicing.

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Housing Wire

DECEMBER 4, 2024

The federal regulators that stamped their names on document include the Consumer Financial Protection Bureau (CFPB), the Federal Reserve Board of Governors, the Federal Deposit Insurance Corp. These include effective governance and oversight, as well as employee training, to allow for quicker spotting of a potential instance of EFE.

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Housing Wire

JANUARY 5, 2022

But rather than adhering to the program, some mortgage servicers of FHA-insured loans allegedly sent borrowers notices that fail to mention the relief options, requiring paperwork and imposing qualifications that are not necessary under the FHA’s guidelines. “FHA FHA required mortgage servicers to implement the program by Oct.

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Housing Wire

OCTOBER 23, 2020

Guild agreed to settle the federal lawsuit, brought by the Department of Justice , for just under $25 million, the government said Thursday. Those loans, originated between 2007 and 2011, defaulted and led to claims to the FHA for mortgage insurance. It did not admit to any wrongdoing. Presented by: Total Expert.

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Housing Wire

JULY 19, 2024

This move is designed to “create an additional economic incentive to protect Ginnie Mae and taxpayers against a decline in collateral value,” Ginnie Mae explained when announcing the proposed term sheet. Look for more from Leo Wong on the topic of HMBS 2.0

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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. A HECM is insured by the Federal Housing Administration (FHA) 2 and cannot be frozen or reduced at any time. The borrower simply needs to pay taxes, insurance and keep up to date on home maintenance.

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Housing Wire

APRIL 25, 2024

Older adults and people with disabilities are often prone to financial distress, and they may require more resources to better understand their circumstances and options, according to a new report from the Government Accountability Office (GAO). Among a series of 24 examples of federal financial literacy programs for these groups, the U.S.

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Housing Wire

MARCH 29, 2024

The first is for the HECM anti-churning disclosure, which is designed to protect borrowers from unnecessary loan refinancing. Form 1003 “is also used in the mortgage industry by government sponsored enterprises to originate conventional mortgages,” the notice stated. Two key documents are at the center of the proposed changes.

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Housing Wire

OCTOBER 1, 2024

“In the wake of the devastation caused by Hurricane Helene, the [FHA] reminds mortgagees about its guidance for originating and/or servicing FHA-insured forward mortgages and [HECMs] in locations in the U.S. and its territories where the president has declared a major disaster under the Stafford Act,“ FHA said in its notice.

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Housing Wire

FEBRUARY 27, 2023

government. Even after the 2015 law enforcement order, RMK continued to lie to military families by falsely implying government endorsement of its home loans,” CFPB Director Rohit Chopra said in a statement. RMK originated consumer mortgages, including mortgages guaranteed by the VA and mortgages insured by the FHA.

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Housing Wire

MAY 20, 2024

Cave spent nearly three decades in executive roles at the Federal Deposit Insurance Corp. FDIC), including as a representative on the deputies committee of the FSOC, where he helped to build its nonbank designation program.

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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

MAY 27, 2022

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.”. The requirement also applies to mortgage lenders, legal experts say.

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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 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

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. She allegedly created phony prepaid debit card statements designed to serve as records of the borrowers withdrawing the monthly child support payments.

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Housing Wire

JULY 31, 2024

This is a move designed to “create an additional economic incentive to protect Ginnie Mae and taxpayers against a decline in collateral value,” Ginnie Mae explained when announcing the proposal. It’s not going to go away from the government-insured HMBS program,” he said. “It It can be the HMBS 2.0 program predominantly.”

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Housing Wire

JUNE 25, 2024

The Consumer Financial Protection Bureau (CFPB) this week announced the approval of a new rule that aims to govern “current and future applications of complex algorithms and artificial intelligence used to estimate the value of a home.” FDIC), the National Credit Union Administration (NCUA) and the Federal Housing Finance Agency (FHFA).

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Appraisal Real Estate Valuation Law 397

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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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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Insurance Mortgage Marketing Design 459

Housing Wire

MAY 3, 2021

Should the FHFA be appointed receiver for the government-sponsored entities under the Housing and Economic Recovery act of 2008 (HERA), the so-called “living wills” would facilitate a “rapid and orderly resolution” from conservatorship, the agency said Monday. government.

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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

SEPTEMBER 17, 2021

This borrower-oriented model could help the industry design a framework for any natural disaster in the future. Most importantly, the CARES Act created a standardized relief program for homeowners with mortgage loans backed by the Government Sponsored Enterprise (GSE) housing agencies (Fannie Mae, Freddie Mac, and Ginnie Mae).

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Housing Wire

JUNE 21, 2024

The pilot program includes several limitations to the types of loans the government-sponsored enterprise will be allowed to purchase. The product is designed as an alternative to a cash-out refinance for homeowners who don’t wish to trade in a lower mortgage rate for one in the 7% range, he said. Mittal said.

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Mortgage Marketing Design Insurance 459

Housing Wire

MARCH 14, 2022

in which title insurance companies are required by law to file reports identifying individuals who made all-cash real estate purchases exceeding $300,000 through shell companies. As the regulations currently stand, it falls on title insurers in the 12 GTOs to report these all-cash transactions. trillion in existing home sales in 2021.

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Housing Wire

JUNE 12, 2024

The program was designed to help military service members successfully transition to civilian status by becoming homeowners and building the wealth they missed out on during the war. This ranked ahead of education and training (85%), insurance (83%) and health care (73%). Department of Veterans Affairs (VA) has contributed $3.9

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Housing Wire

FEBRUARY 22, 2022

Lenders are left to their own devices to design the programs, based on guidelines from the CFPB, and hope they get it right. Special purpose credit programs, Uejio said, are “also a recognition that government alone cannot solve this problem.”. Yet mortgage lenders are still reluctant to implement the targeted lending programs.

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