Loans originated by correspondents made up nearly half of first-quarter government-insured lending, a new analysis shows. (Includes data chart.)
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The Department of Housing and Urban Development will require lenders to use a Supplemental Consumer Information Form for all FHA Title II single-family home mortgages they originate beginning in August.
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Under FHA’s proposal, participating servicers would receive $1,000 in compensation, but the Urban Institute said that personnel costs would often be higher than that.
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Flagstar Bank met FHA’s face-to-face requirement when it left a door hanger at the home of a borrower prior to foreclosing on the property, a state Supreme Court ruled.
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The Mortgage Bankers Association proposed some revisions of its own in response to an FHA proposal to change home equity conversion mortgage disbursements and defaults.
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While the rules don’t apply to single-family homes, the agency has programs to help seniors and others improve their residences and make them safer.
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FHA raises large multifamily loan limits; VA moves regional loan center email systems; USDA issues standardized multifamily appraisal assignment guidance; HUD opens independent Office of Manufactured Housing Programs; USDA sets new interest rates for single-family direct home loan programs; and more.
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