The Internal Revenue Service has issued final regulations clarifying whether residential lenders, including nonbanks, are eligible for the 20 percent pass-through deduction under Section 199A of the Tax Cuts and Jobs Act of 2017.
There has been a significant uptick in the re-performing loan market, including whole-loan sales and securitizations (some unrated), as more borrowers move from a nonperforming to re-performing status, according to a new analysis by credit rating agency DBRS.
Ginnie Mae late Wednesday barred loanDepot from delivering VA single-family loans to Ginnie Mae I and multi-issuer pools apparently due to unusually high prepayment rates in its VA loan portfolio.
The record-long government shutdown had little direct impact on mortgage lending and home sales, according to industry stakeholders. However, it may take a while before business processes return to normal, they said.
The Protect Affordable Mortgages for Veterans Act of 2018 was passed by the House via a voice vote on Sept. 26 and then sent to the Senate, where it was stalled on a technicality.
Changes to the Department of Labor’s overtime rule are anxiously anticipated as they may finally answer, among other things, whether mortgage loan officers are excluded from overtime pay.
An estimated $9.6 billion of Ginnie Mae securities backed by FHA-insured reverse mortgages were issued in 2018, down from $10.5 billion a year ago, according to New View Advisors.
Mortgage lenders continue to fund loans even as the record-long government shutdown entered its fifth week. However, the process, particularly for FHA and VA, is much slower than a few weeks ago due to lack of funding and severely reduced staff, according to industry participants.