House Financial Services Committee Chair Maxine Waters is asking HUD, VA and USDA to address a month-long gap in protections that are meant to help keep borrowers from foreclosure during the pandemic.
Industry backs a change that would eliminate requirements that lenders conduct background checks on builder-contractors working with borrowers in the RHS Single-Family Housing Guaranteed Loan Program.
Julia Gordon, the nominee for FHA commissioner, faced questions over past social media posts from Republicans and housing policy from Democrats at a hearing before the Senate Banking Committee.
Black Knight: “While some borrowers will elect to leave forbearance early between now and their final expiration, servicers are still facing significant operational challenges"...
The number of borrowers whose forbearance plans will expire in the fall is greater than they might have been because maximum forbearance periods are varied based on when a borrower started a plan.
It’s easier for banks to complete buyouts of mortgages from Ginnie MBS than nonbanks due to banks’ funding advantages. Nonbanks are also increasingly modifying mortgages rather than offering partial claims.
Loan officers continue to benefit from strong refis and purchases, but compensation is coming under pressure. Meanwhile, the need for processors is not abating, according to LBA Ware.