The Urban Institute has called on federal housing agencies to accommodate automated valuation models as their starting points, with human appraisers checking the accuracy of the data as a back-up.
One of the keys for lenders facing financial difficulties is to communicate early and often with Ginnie Mae, according to the agency’s chief risk officer.
Trade groups recommended VA establish a permanent partial claim program that allows servicers to combine a partial claim with a loan modification for borrowers that need to reduce their monthly payments.
Looser pooling requirements for delivering reperforming loans to Ginnie; FHA revises policy handbook; FHA updates instructions for use of GSE model forms; FHA hiring; VA revises various forms; VA offers loan review API; CHLA calls for permanent PTAP; RHS proposes loosening loss-mitigation standards.
If the largest servicer of HECMs couldn’t handle the financial burden posed by mandatory buyouts of the loans, what hope is there for others? FHA is being urged to make changes to HECM policies. (Includes data chart.)
A proposal to streamline servicing and claim requirements for FHA mortgages is in the works, along with expanded loss-mitigation options for VA servicers. VA also plans to issue a final rule on cash-out refis.
Outlook for Wells’ participation in FHA market unclear; Biden signs legislation to improve VA appraisals; MBA calls for higher fee on mortgage assumptions; VA revises forms; FHA hosting webinar on quality assurance; Rural Housing Service updates program guidelines.
As the landscape shifts from refinances to purchase mortgages, the FHA program can be a volume generator, FHA Commissioner Julia Gordon told attendees at the annual Mortgage Bankers Association convention.
The Mortgage Bankers Association suggested FHA reinstate a mortgage lender’s option to document a borrower’s previous work history through a verbal verification of employment, among other recommendations.
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