The Federal Housing Administration on Friday published a proposed rule that would increase the maximum modification loan term limit from 360 months (30 years) to 480 months (40 years).
Tag: FHA
Industry Briefs Mar. 16, 2022: Wolters Kluwer to Acquire IDS
Wolters Kluwer Governance, Risk & Compliance, Minneapolis, signed an agreement with The Reynolds and Reynolds Co. to acquire International Document Services Inc., Draper, Utah, a provider of compliance and document generation software platforms for the mortgage and real estate industry, for $70 million in cash.
Industry Briefs Mar. 1, 2022: Arch MI: Home Price Growth to Slow in 2022
Home sales, which increased more than 6% in 2021 to a 15-year high, will remain strong this year — supported by solid demographic trends and an expected increase in homes for sale, according to the winter edition of The Housing and Mortgage Market Review from Arch Mortgage Insurance Co., Greensboro, N.C.
MBA Advocacy Update Feb. 22 2022
Last Monday, MBA submitted comments to the OCC on draft principles for large banks’ management of climate-related financial risk. On Tuesday, the FHA announced it is extending the mandatory implementation deadline for mortgagees to begin delivering appraisals through the FHA Catalyst: Electronic Appraisal Delivery Module.
HUD Removes Temporary COVID-19 Underwriting Guidelines for Multifamily Transactions
HUD on Monday announced it would remove temporary COVID-19 underwriting guidelines for multifamily transactions under Section 223(f) of the National Housing Act, a move commended by the Mortgage Bankers Association.
Industry Briefs Jan. 4, 2022: Firstsource Solutions Acquires American Recovery Services Inc.
Firstsource Solutions Ltd., Mumbai, India, a global provider of business process management services, entered into an agreement to acquire American Recovery Services Inc., a nationwide legal collections network headquartered in southern California.
Industry Briefs Dec. 8, 2021: Agencies Announce Dollar Thresholds for Exempt Consumer Credit/Lease Transactions
The Federal Reserve Board and the Consumer Financial Protection Bureau announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2022 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing).
MBA, Trade Groups Urge HUD to Issue ‘Clear Roadmap’ for Servicers in LIBOR Transition
As HUD considers changes to its index for FHA-insured adjustable-rate mortgages away from LIBOR, the Mortgage Bankers Association and other industry trade groups urged the Department to issue a clear roadmap for servicers of FHA-insured ARMs, including specification of a replacement comparable index or indices for existing mortgages, as well as guidance on communications with borrowers.
Industry Briefs Nov. 12, 2021: Ginnie Mae October MBS Issuance Tops $69B
Ginnie Mae, Washington, D.C. reported mortgage-backed securities issuance volume for October rose to $69.36 billion. It said 253,996 homes and apartment units were financed by Ginnie Mae guaranteed MBS.
MBA Letter of Support for Grassley Amendment on False Claims Act
The Mortgage Bankers Association last week sent a letter to Sen. Charles Grassley, R-Iowa, in support of his amendment to a bill that would make changes to enforcement of the False Claims Act.