Production of FHA reverse mortgages declined 11.4% from the fourth quarter to the first. Industry watchers are calling for reforms to increase program uptake. (Includes three data tables.)
VA said lenders cannot include the buyer-broker compensation in the loan amount but must consider it in determining whether the borrower has sufficient liquid assets to close the loan.
FHA Commissioner Julia Gordon said from a budgetary modeling standpoint, it would be expensive to cancel insurance premiums while FHA is still insuring the loan.
Hometown Lenders was ordered to cease and desist from accepting new FHA lending business related to residents or properties located in Washington State for violations of the state’s Consumer Loan Act.
FHA seeks comments on proposed updates to its defect taxonomy; FHA implements final rule which distinguishes between governmental institutions and government-sponsored enterprises.
Officials at Ginnie Mae noted that prepayment rates on Ginnie MBS increased at a faster rate than prepayment rates for GSE MBS due to a quirk in interest rates on VA refinances.