Government-backed originations fell significantly in the fourth quarter of 2018 due to a decline in purchase lending even as year-over-year results reflected the uncertainty in last year’s government-backed mortgage market. [Includes three data charts.]
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Industry representatives are urging the Department of Veterans Affairs to delay an interim final rule on VA cash-out refinance loans for fear that lenders may stop offering the product.
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A Wall Street lobbying group has urged the Department of Veteran Affairs to change its cash-out refinance interim final rule, calling par-ticular attention to the net tangible benefit provision.
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Congress is reportedly considering a legislative proposal to charge higher guarantee fees for VA mortgages to cover healthcare costs of Korean and Vietnam War veterans who were ex-posed to herbicides, such as Agent Orange and other toxic agents.
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Home Equity Conversion Mortgage originations declined in December-January due in part to the recent government shutdown and an overall slowdown in HECM activity, according to an analysis by Situs, Inc.
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The merger of SunTrust Banks and BB&T Corp. will create a new entity that would have ranked among the top 20 Ginnie Mae issuers and servicers in 2018.
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Ginnie Mae approved far fewer issuers last year than in 2017, according to agency data. Only eight out of 28 applicants were approved to participate in its mortgage-backed securities program, as against 22 issuers in the previous year.
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The U.S. District Court for the Northern District of California has approved a class-action settlement between borrowers and a large bank to resolve allegations of illegal and unfair collection of post-payment interest on FHA-insured mortgages.
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