National Mortgage News, May 25, 2016–Collins, Brian
The head of the Federal Housing Administration has informed lenders that loans receiving down payment assistance can continue to benefit from government insurance, despite past questions over the legality of certain assistance programs. Pete Mills, senior vice president for the Mortgage Bankers Association, said Golding’s memo to lenders was “a very positive development.”
Huffington Post, May 25, 2016–Birk, Chris
The historic VA loan program hit a major milestone this month, backing its 22 millionth home loan, according to the Department of Veterans Affairs. This $0 down loan program has surged since the housing crisis.
National Mortgage Professional, May 25, 2016–Hall, Phil
The Mortgage Bankers Association’s Opens Doors Foundation, a non-profit organization that offers mortgage and rent payments to financially-strapped families with critically ill or injured children, is expanding its operations to California via new partnerships with Lucile Packard Children’s Hospital in Palo Alto and Children’s Hospital of Los Angeles.
National Mortgage News, May 26, 2016–Sinnock, Bonnie
When a consumer refinances or pays off her house in preparation for moving, you might expect her to reduce other debts to help get the new mortgage application approved. But the average prime-credit mortgage borrower doesn’t do this, according to a new report from TransUnion based on so-called trended credit data.
Washington Post, May 26, 2016–Lerner, Michele
A new mobile loan estimate comparison tool, known as “Rate My Rate,” was recently introduced by eLEND, a division of American Financial Resources. Borrowers can use the tool to compare a Loan Estimate from one lender with offers from other lenders on the eLEND platform.
Wall Street Journal, May 25, 2016–Eaglesham, Jean; Das, Anupreeta
Proceedings against individual bank employees are rare, and authorities have had difficulty winning cases.
HousingWire, May 26, 2016–Swanson, Brena
The monitor of the Chase RMBS Settlement, Joseph Smith, officially credited Chase with providing $3,887,777,119 of consumer relief to 165,191 borrowers. This brings the bank close to its required $4 billion in credited consumer relief by Dec. 31, 2017.
HousingWire, May 25, 2016–Lane, Ben
Caliber Home Loans, an Irving, Texas-based residential mortgage origination and servicing company, announced Wednesday that it plans to acquire First Priority Financial, a regional residential mortgage lender with branches and originators serving California, Oregon, Washington, Idaho and Iowa.
Reuters, May 24, 2016–Mutikani, Lucia
New U.S. single-family home sales recorded their biggest gain in 24 years in April, touching a more than eight-year high as purchases increased broadly, a sign of growing confidence in the economy’s prospects.
Chicago Tribune, May 24, 2016–Harney, Kenneth R.
Are the federal government’s revised procedures governing mortgage lending and closings doing what they promised: improving consumers’ ability to understand the fees they’re being charged by lenders, title insurance companies and others at settlement? Preliminary results are rolling in and they’re mixed.
