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Inside FHA/VA Lending

June 21, 2024

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HECM Originations Decline in First Quarter

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.) Read More

VA to Allow Borrowers to Pay Buyer-Broker Charges

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. Read More

Gordon Says FHA Continues to Assess Life-of-Loan Policy

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. Read More

House Subcommittee Considers VA Home Loan Reforms

H.R. 8647 would establish a partial claim program, which would bring the VA program on par with FHA, Fannie Mae and Freddie Mac. Read More

VA Issues Proposal to Revise Standards for ARMs

Comments are due Aug. 20 on a VA proposal to revise rules that apply to adjustable-rate mortgages. Read More

CFPB Permanently Bans Former HECM Servicer

Sutherland and NOVAD formed a servicing operation in 2014 that won a contract to service reverse mortgages for HUD. The companies remained reverse-mortgage servicers until near the end of 2022. Read More

Navy Federal Receives Relief in Discrimination Suit

A class-action request against Navy Federal was denied. The plaintiffs in the racial discrimination suit must file an amended complaint. Read More

Hometown Faulted on FHA Lending Ahead of Bankruptcy

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. Read More

Around the Industry

FHA seeks comments on proposed updates to its defect taxonomy; FHA implements final rule which distinguishes between governmental institutions and government-sponsored enterprises. Read More

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