HUD finalizes rule on interested party contributions for FHA HECM for purchase program; Ginnie announces payment default status dataset; federal jury convicts FHA borrower of fraud; and more news briefs.
Adrianne Todman, the new acting secretary of the Department of Housing and Urban Development, called for more action to solve the affordable housing crisis.
CHLA endorses House Resolution 612 to protect veterans benefits; VA finalizes rule updating loss-mitigation terminology; VA adopts a no cash, no check policy; Ginnie adds low- to moderate-income data disclosures related to its home equity conversion mortgage MBS program; HUD to hold vacant home sale related to its HECM program.
Many mortgage brokers failed to satisfy a two-part test that determines whether compensation they received from a lender is permissible under the Real Estate Settlement Procedures Act.
The class action seeks to incorporate all FHA borrowers who are owed an unclaimed refund on mortgage insurance premiums due to early termination of their loans.
The new rules come a month after FHA released a final rule eliminating the requirement that mortgage lenders register all branch offices where they conduct FHA business.