A Wall Street lobbying group has urged the Department of Veteran Affairs to change its cash-out refinance interim final rule, calling par-ticular attention to the net tangible benefit provision.
Industry representatives are urging the Department of Veterans Affairs to delay an interim final rule on VA cash-out refinance loans for fear that lenders may stop offering the product.
FHA and VA are calling on servicers to provide special relief to furloughed federal workers and contractors as the partial government shutdown neared a full month with no end in sight.
The partial government shutdown, now in its second week, has had limited impact on the FHA and VA lending programs but could be disastrous to federal rural housing programs if prolonged.
There are certain weaknesses in the Department of Veterans Affairs’ interim final rule on VA cash-out refinance loans that need to be ad-dressed to ensure borrowers and investors are protected from loan churning and other predatory lending practices.
Democrats on the House Financial Services Committee urged the FHA to reverse its “unofficial” policy of denying Deferred Action for Childhood Arrivals status recipients access to FHA loans.
Following the November release of FHA’s fiscal 2018 report on the health of the Mutual Mortgage Insurance Fund and increases in FHA loan limits, analysts at The Urban Institute have identified four FHA trends to watch for in 2019.
The Department of Veterans Affairs’ Loan Guaranty Service issued guidance to help detect, prevent and mitigate identity theft in connection with VA mortgage loans.
The Department of Veteran Affairs’ interim final rule on cash-out refinancing appears to be a positive move for borrowers and investors, especially for higher coupon MBS but potential loopholes could seriously weaken it, analysts warned.
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.