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As someone who spent a career in the title insurance industry – both as a builder of a title business and leader of the industry’s trade group, — I am proud of the role we play in helping to protect what most Americans consider the biggest purchase of their lives. Why is a title search necessary for refinancing?
House of Representatives proposes to relieve Federal Housing Administration (FHA) borrowers of mortgage insurance premiums (MIPs) once they reach a certain level of home equity , aligning FHA policies with those of conventional loans. Mortgage insurance exists as protection from foreclosure on low equity loans. Introduced by Reps.
In a panel at HousingWire’s IMB Summit in Dallas on Tuesday, Community Home Lenders of America leaders Taylor Stork of Developers Mortgage and Republic State Mortgage President Paulina McGrath tackled some of the thornier affordability issues plaguing the industry. What keeps McGrath up at night? “Something needs to be done.”
Though regulators have the power to ding lenders for violating fair lending law, none of the agencies can give a special purpose credit program their blessing. The watchdog agency provided clarity for the kind of research and data that go into creating a targeted lending program.
Mortgage lending, small business loans, and investments in local development projects are all driven by local lenders who know their markets, live in their communities, and have a vested interest in the growth of their economies. The FHLBanks are also key players in affordable housing and community development initiatives.
The federal banking regulators responsible for overseeing the Community Reinvestment Act (CRA) obligations of lenders they regulate have released the 2022 list of distressed or underserved rural census tracts where community-development loans, investments and services are eligible for special CRA consideration.
Homeowners with the Federal Housing Administration -insured mortgage financing will now be allowed to obtain private flood insurance policies, expanding consumer options to protect borrowers from the country’s major natural disaster. . billion, did not have the required NFIP coverage.
One of our big goals at Blueprint Title is to shrink the title insurance business from an $18 billion business to a $10 billion business,” Berneman, the company co-founder and CEO. “We share of the market controlled by small, independent title insurance companies. ow and ease of the entire closing process.
The company is actively monitoring the still developing situation, and will assess further steps once the extent of the impact is known, Smith added. Department of Housing and Urban Development (HUD), there are more than 5,000 HECM originations in the Los Angeles-Long Beach-Glendale metropolitan statistical area and nearly 4,600 endorsements.
Last week, business-purpose residential mortgage lender Dunmor announced that it received a minority equity investment from Newfi Lending , a nonagency mortgage lender owned by funds managed by Apollo Global Management. Apollo has 16 lending platforms in the U.S. Multifamily developments have been picking up with a very strong start.
Department of Housing and Urban Development (HUD) has terminated the Federal Housing Administration (FHA) direct endorsement approval for Open Mortgage in Iowa. “HUD In practice, the direct endorsement authority allows lenders to underwrite single-family mortgages and submit them to FHA for insurance endorsement.
Another cornerstone of Fannie Mae’s equity plan is the use of targeted lending programs. Fannie Mae sought feedback while its plan was in development and learned some lenders were hesitant to implement special purpose credit programs, which can target lending products based on a protected class.
Regardless of whether an operational or technical solution to this problem is employed, all of the automation in the industry won’t save money if each lender doesn’t individually develop a strategy to achieve the all-important goal of subtraction.
She will now oversee all aspects of the company’s enterprise development team, which is expanding as Incenter seeks to create new solutions and bolster competitive advantages for its clients. “I Incenter’s business channels include capital markets, loan diligence, student lending, insurance, property tax, accounting and marketing solutions.
Servicers for FHA-insured mortgages can offer the modification immediately, according to the latest update to FHA’s mortgage lending policies. The Department of Housing and Urban Development said that the implementation of such an option could prevent “several thousand borrowers a year from foreclosure.”
“The exposure of the largest banks is quite low, but there may be smaller banks that are stressed by these developments.” Although commercial mortgage debt is propelling these concerns, the possibility of failure for a federally insured bank has implications for the residential mortgage sector. FDIC), banks held $2.78 in Q2 2023.
Bettina Arthur has been promoted to vice president of sales enablement at Westcor Land Title Insurance Company. Her subject matter expertise spansescrow, closing, mortgage lending, sales, home building, human resources, general management, and organizational development.
Steve Irwin, president of the National Reverse Mortgage Lenders Association (NRMLA), lauded the development. “I am delighted to see the HECM lending limit increase for calendar year 2025,” Irwin said in a statement to HousingWire ‘s Reverse Mortgage Daily (RMD). This is a developing story.
Bank CRA obligations cover far more than their mortgage lending. It extends to their checking and savings accounts, small business and community development debt and equity financing, bank branch locations, financial literacy, grantmaking and more. They are bound to do more.
Both Droge and Olmos come to University Bank from Open Mortgage , which shuttered its own top 10 reverse mortgage lending division late last year. Sue Haviland has also joined the division as a loan officer, coming off of a roughly three-year stint as Finance of America Reverse (FAR)’s national sales trainer in learning and development.
has honored a longtime professional in its ranks with a lifetime achievement award, in recognition of his 40-year career in the mortgage banking, real estate , homebuilding and title insurance industries. Josh Kilty (left), senior vice president of reverse lending at Fairway, presents a lifetime achievement award to Pistol Pete Stebbins.
It initially sought members with expertise in fields such as fair lending, fair housing, civil rights, capital markets, investments, single-family and multifamily lending, community advocacy, Low-Income Housing Tax Credits , research and more. The FHFA began soliciting applications for the committee in September 2023.
Wells Fargo has been slapped with a $250 million civil money penalty by the Office of the Comptroller of the Currency for “unsafe or unsound practices” pertaining to their home lending loss mitigation program this week. As the housing market changes, so does lending fraud. Presented by: First American Data & Analytics.
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.
Almeida Realtor- Team Leader The American Dream Group Coldwell Banker Abhishek Shende Senior Principal Software Engineer Zillow Group Adi Pavlovic CEO Newzip Alnur Kassim-Lakha Director Mile Rock Capital Amy Macken Senior Vice President, Due Diligence Operations Consolidated Analytics Anaid Chacón Senior Vice President of Product Argyle Mortgage Arkadiusz (..)
Still , Vice Chair, Pulte Financial Services Sheri Thompson , EVP, Head of Affordable Housing, Walker & Dunlop Eileen Tu , VP, Mortgage Policy and Credit Development, Rocket Mortgage John Wiechmann , President/CEO, Midwest Housing Equity Group Inc.
Speakers: Haley Parker, Area Business Development Manager, Fairway Independent Mortgage Corporation Arjun Dhingra, Sales and Business Development, All Western Mortgage Doug Wilber, CEO, Denim Social Chelsea Peitz, Founder, Chelsea Peitz Consulting. 02 HWA The Remix: Westwood Insurance Agency. 05 Housing Market Super Session.
M&T Bank Head of Affordable Housing Lending Lopa Kolluri M&T Bank has announced that it has appointed Lopa Kolluri as Head of Affordable Housing Lending. In this new role, Kolluri is responsible for the development, oversight, and day-to-day management of the Affordable Housing vertical within M&T’s Commercial Bank.
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.
The new Federal Valuation Agency would be responsible for developing real estate valuation standards and appraiser criteria, a function the Appraisal Foundation currently performs. The draft bill also proposed an “Office of Fair Lending” within the new valuations agency, which would report to the head of the agency.
Regions Bank is looking to make a big dent in the home improvement lending space , striking a deal to acquire EnerBank USA for $960 million in cash. EnerBank says it works with 10,000 contractors and develops personalized loan programs for their clients. billion in home improvement projects.
million to resolve allegations that it fraudulently originated government-backed mortgage loans insured by the Federal Housing Administration (FHA). Department of Housing and Urban Development (HUD), and the U.S. Brea, California-based direct lender American Financial Network will pay about $1.04 Attorney’s office.
These benefits will allow users to establish proactive margin management processes and remain competitive in any market environment,” Brandonn Dukes, EVP of real estate and consumer lending at Curinos, said in a statement. Founded in 2021, Curinos provides data, technologies and insights for financial institutions.
The Federal Housing Administration (FHA) on Tuesday issued a request for feedback from the public on how it can increase access to small balance mortgages through its single-family mortgage insurance programs. Freddie Mac and Fannie Mae give [lenders] a little bump on their origination fee to encourage small-dollar lending,” said Loftin.
In his new role, Hogle will manage the firm’s retail operations, overseeing growth and development of retail sales and the production network, while supporting the firm’s business channels. Hogle has more than 20 years of experience, including about 15 years with Supreme Lending.
“With this draft ML, HUD is seeking to ensure that borrowers, closing agents, attorneys and title agents are aware of the partial claim subordinate lien amount owed by ensuring that the partial claim payoff is provided to the party requesting the payoff statement for the FHA-insured first mortgage,” the agency said.
Following an extensive review process that included stakeholder comments in the intervening time — including what Barr called “productive meetings with board colleagues and our fellow federal bank regulatory agencies“ at the Federal Deposit Insurance Corp. David Dworkin, president and CEO of the NHC, also lauded the revised recommendations.
The Title I program insures mortgage loans made by private lending institutions to finance the purchase of a new or used manufactured home.). With renewed attention towards the manufactured housing space, the FHA moved this week to provide updated guidance to its Title I loan program, making it easier to understand and use for lenders.
It wants smaller loan originators, credit unions and others “to offer FHA-insured loan products in branch offices that they did not previously register due to business volume considerations, thus expanding the availability of FHA programs to underserved communities,” the notice said.
Mortgage Insurers (USMI), the association that represents the nation’s leading private mortgage insurance companies, announced on Wednesday that it has named Seth Appleton, current president of the Mortgage Industry Standards Maintenance Organization (MISMO), as USMI’s new president.
Debenture interest refers to the percentage of a return that an investor would receive for lending money through a debenture. Department of Housing and Urban Development (HUD) added a DIRA request template that can be used for such submissions. HERMIT was launched by HUD in October 2012 after a protracted development cycle.
Head of Neighborhood and Community Lending. Matic Insurance. Senior Executive Vice President, President of Residential Servicing and Correspondent Lending. Supreme Lending. Head of Home Lending. Planet Home Lending. Executive Vice President of Retail Lending. Company Name. Aaron King. CEO and Founder.
The Federal Housing Administration (FHA) announced late last week that the previously detailed updates and expansions to its 203(k) Rehabilitation Mortgage Insurance Program will be incorporated into updates for the FHA Connection (FHAC) portal. Department of Housing and Urban Development (HUD).
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