Mortgage Daily, July 11, 2018Genworth Mortgage Insurance reported 44 percent of industry executives polled at the recent MBA National Secondary Market Conference believe removing legal uncertainty surrounding the origination of loans insured by the Federal Housing Administration is the best way to improve access to mortgage credit.
Category: Top National News
Trump Administration Says Task Force Will Fight Consumer Fraud
Wall Street Journal, July 11, 2018–Yuka Hayashi (subscription)Trump administration officials on Wednesday promised to maintain a focus on fraud against consumers, particularly the elderly and service members, using the resources of several regulatory and law-enforcement agencies.
FHA Commissioner: Mortgage Insurance Premium Cut Not Likely in 2018
HousingWire, July 10, 2018–Ben LaneFHA Commissioner Brian Montgomery said Tuesday that while it’s probably “too early to commit to anything,” it’s unlikely that the FHA will reduce its mortgage insurance premiums this year, citing the most recent FHA actuarial report.
FHA Commissioner: We’re Easing False Claims Act Use to Bring Big Banks Back to FHA Lending
HousingWire, July 10, 2018–Ben LaneFHA Commissioner Brian Montgomery said Tuesday that he believes the Obama administration went too far in some cases and said that the Trump administration is dialing back the use of the False Claims Act to bring more lenders back into FHA lending.
Max Non-QM Loan Amount Raised to $5 Million
Mortgage Daily, July 10, 2018Versus Mortgage Capital, a nonprime correspondent investor, raised the maximum loan amount to $5 million for some of its programs that allow the origination of loans that don’t meet Qualified Mortgage requirements.
More White Knuckles for Lenders as Flood Insurance Deadline Approaches
National Mortgage News, July 9, 2018–Hannah Long (subscription)Congress has until July 31 to renew the program or risk a lapse in coverage, which would create a new round of headaches for lenders and real estate agents. Home sales in high-risk flood areas could stall, and policyholders would be unable to renew their insurance in the middle of hurricane season.
Chicago Targets ‘Zombie Housing’ for Renewal, Block by Block
U.S. News & World Report, July 9, 2018–Anne Marie KukecThe city, nonprofit community groups, financial institutions and others are partnering to revitalize housing left behind in the foreclosure crisis.
CFPB Official Who Challenged Mulvaney for Top Job is Stepping Down
CNN, July 6, 2018–Dona BorakLeandra English, a top Consumer Financial Protection Bureau official, is stepping down from the agency and ending a legal fight to become acting chief.
Freddie Mac: ACIS Loss Coverage Reaches $10 Billion
HousingWire, July 6, 2018–Alcynna LloydFreddie Mac announced on Friday that it has obtained a new insurance policy under its Agency Credit Insurance Structure, which will provide a combined maximum limit of up to $294 million of losses on single-family loans made under the Home Affordable Refinance Program.
Overall Share of Equity Withdrawals Drops to 4-Year Low
HousingWire, July 9, 2018–Jessica GuerinAmerican homeowners have record amounts of equity in their homes, but the percentage of tappable equity withdrawn fell in the first quarter of 2018, according to data released Monday by Black Knight.