RMK Financial/Majestic Home Loans has been permanently banned from the mortgage business for violating terms of an earlier consent order in which the lender agreed to cease its deceptive advertising practices.
FHA is cutting annual mortgage insurance premiums, effective March 20. Lenders are seeking operational clarity on loans already in the origination pipeline.
FHA is taking comments through April 17 on a request for information on the barriers consumers and lenders face in accessing the FHA 203(k) rehabilitation mortgage program.
The change affects new loans endorsed on or after March 20. The last MIP cut occurred in early 2015, when FHA trimmed premiums by 50 bps for 30-year fixed-rate mortgages.