As Florida braces for Hurricane Dorian, FHA announced expanded loss mitigation options for homeowners located in presidentially declared major disaster areas.
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.
HUD and Ginnie Mae, in a joint policy action, announced changes to the eligibility criteria for cash-out refis to reduce lender risk, preserve homeowner equity and boost investor confidence.
Industry participants have mixed views on how letting the QM patch expire as scheduled under the ability-to-repay/qualified mortgage rule would affect FHA business overall.
Independent mortgage bankers have asked FHA to remove delinquent natural disaster loans in forbearance from the Neighborhood Watch database to ease investor concern over FHA lender performance.
Users regained access to the agency’s Loan Review System after it was temporarily shut down for four days last month due to server errors. Efforts to fix the problem resulted in loss of data and documents.
Legislation has been introduced in the House and Senate to help prevent FHA foreclosures by increasing oversight of mortgage servicers to ensure they are complying with loss-mitigation requirements.
Trade groups are asking HUD to eliminate the FHA certifications entirely or replace them with language indicating a lender acknowledges key FHA requirements based on loan eligibility.
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