FHA is increasing the maximum loan limits for Title I manufactured housing to 15% above the average home price based on Census data for each given type of loan.
Julie McCurley, director of servicing at Mortgage Quality Management & Research, noted that subservicers typically review 10% of their entire portfolio, which consists of loans from multiple clients, providing a low probability for one client’s loans to be reviewed in a subservicer’s audit cycle.
The Community Home Lenders of America last week wrote to the CEOs of credit bureaus Equifax, TransUnion and Experian, asking them to roll back recent price increases on soft credit pulls.
One area of particular concern among quality control regulators is mortgage servicing rights transfers, a Mortgage Quality Management & Research vice president said last week.
The new Payment Supplement program will allow servicers to temporarily reduce a borrower’s monthly payment by up to 25% without modifying the mortgage’s current interest rate.
Facing criticisms that borrowers would intentionally default to qualify for VA’s upcoming loan-modification program, the agency noted that nearly 90% of its home loan portfolio is at a 2.5% to 3% coupon.