The ability to extract more equity at a lower price appears to be driving the growth in FHA cash-out volume, according to an Urban Institute analysis of FHA’s FY 2018 report on the financial condition of the Mutual Mortgage Insurance Fund.
Mortgage-backed securities analysts are recommending that Ginnie Mae temporarily place VA cash-out refinance loans with high loan-to-value ratios in custom pools until the VA implements new rules to curb churning in cash-out refis.
Finance of America – a Blackstone Group portfolio company – has agreed to pay $14.5 million to the government to resolve allegations that its operating subsidiary, Gateway Funding Diversified Mortgage Services, knowingly endorsed ineligible loans, resulting in losses to the FHA insurance fund.
The Consumer Financial Protection Bureau has filed a complaint and a proposed settlement against a Nevada lender for misleading borrowers on the benefits of VA streamline refinancing.
The FHA has announced that protocols in place for second appraisal requirements for certain Home Equity Conversion Mortgage loans are now fully automated.
Mortgage broker trade group introduces NAMB All-In. Genworth launches risk-based pricing engine. VA updates fee-cost schedule. Industry groups pressure Senate to confirm Trump nominee for GNMA.
The complaint further alleges that company executives have been aware of the poor EPD rates since 2011 but apparently did nothing to resolve the problem.
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