President Biden’s planned nomination of Alanna McCargo to serve as Ginnie Mae president received widespread support from the industry.

Ginnie extends certain COVID-related exemptions; VA introduces new API; FHA upgrades its tech platform; FHA to host session for nonprofits that want to bid on distressed properties; FHA announces lender recertification training session; and NAR says student debt dampening homebuying among millennials.

Servicers can temporarily offer repayment plans to HECM borrowers regardless of their total outstanding arrearage. Also, servicers no longer have to wait for three years before seeking an assignment of a HECM they have cured with their own funds.

A Delaware Superior Court ruled that ACE American Insurance Co. must advance nearly $18 million to Guaranteed Rate on a claim the lender filed for defense costs related to allegations it violated the False Claims Act.

Key metrics reviewed in HUD’s single-family default monitoring system showed that residential servicers generally complied with HUD’s forbearance reporting requirements for FHA loans.

If confirmed, FHA nominee Julia Gordon’s first task will be to manage borrower exits from COVID-related forbearance programs that start this fall. However, her confirmation is unlikely to happen before September.

Democrats on the Senate Banking Committee want the next FHA commissioner to revisit an Obama-era policy that keeps distressed properties out of the reach of individual home buyers.

Two waivers address concerns that requiring re-reviews of which borrowers were eligible for foreclosure prevention options could take focus away from loss-mitigation efforts.

The House will consider funding for new FHA programs as part of a “soft” infrastructure budget reconciliation bill backed by Democrats.

FHA should offer borrowers a flexible loan-modification option that would use a portion of a servicer’s partial claim amount to reduce a borrower’s monthly payment, dollar for dollar, according to analysts at UI.