The bank has managed to sell all securities received as collateral for a ware-house line of credit to now-defunct reverse-mortgage lender Live Well Financial.
The trade group has urged Ginnie Mae to treat issuer stress testing as just “one tool among many,” in which results serve as the basis for further analysis and engagement rather than as a driver for enforcement.
Federal prosecutors have charged the top executive of defunct reverse-mortgage lender Live Well Financial for allegedly masterminding a $140 mil-lion bond fraud involving Home Equity Conversion Mortgage loans.
The Department of Veterans Affairs has issued guidance to mortgage servicers regarding the process of sending loss mitigation letters to borrowers who have fallen behind on their monthly payments. The guidance encourages servicers to work with distressed borrowers to avoid foreclosure.
Recent enhancements to Ginnie Mae’s counterparty risk policy are positive because they ensure servicers do their job with greater accuracy and precision, an agency-approved servicer said. Ginnie mandates additional ratings for issuers whose portfolios exceed a certain threshold.
The volume of broker-originated FHA and VA refinance loans pooled in new Ginnie MBS jumped 94.1% from the first to the second quarter. Correspondent production saw the smallest gains among the three channels.
Moves by the Trump administration are disrupting the economy and the federal agencies that deal with the housing market. Bob Broeksmit, president and CEO of the MBA, isn’t sure how it’s all going to play out.
Is Onity Group eyeing a sale? Perhaps. And why not? Servicing values are approaching a 25-year high.
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