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Compliance Solutions Address New Rules
As service providers team up to help originators with a complex array of revised mortgage regulations, a new report indicates that investors of residential mortgage-backed securities will see the value of their investments decline as a result of the revisions. One mortgage broker is calling for originators to go a step further than required in disclosing yield spread premiums. An appraisal firm is promising FHA compliance.
Analysis of Latest RESPA Rule FAQs
The U.S. Department of Housing and Urban Development on Jan. 29 issued another version of its frequently asked questions regarding the new Real Estate Settlement Procedures Act rule. The latest version is dated Jan. 28.
Agency Issuance Drops
Agency issuance of mortgage-backed securities fell last month but soared from a year earlier.
HUD Reports Rise in HECM Originations
During its last fiscal year, endorsements of reverse mortgages by the Federal Housing Administration jumped by a quarter.
Berkshire Unit New No. 3 Commercial Servicer
A recent investment by billionaire Warren E. Buffett's Berkshire Hathaway Inc. has prominently placed the company among the nation's biggest commercial mortgage servicers. The top servicer held on to its top ranking, and a single firm ranked as both the biggest government servicer and agency servicer.
Huge Losses From Friday's Failures
Six banks that failed Friday are expected to cost the nation's insurance fund for bank deposits more than $2.3 billion. In other Mortgage Graveyard activity, the head of a branch operation is calling it quits for his company and warns that the same fate faces similar firms, while two government lenders that recently faced government actions have halted new business.
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Agency Updates
Fannie Mae and Ginnie Mae recently announced updates to their secondary marketing policies.
HUD Rampage Continues
Following a bloodbath last week when the U.S. Department of Housing and Urban Development announced actions against more than 200 mortgagees, the agency reported five more firms that faced further actions.
Complying With FHA Appraisal Requirements
A recent event about new appraisal requirements at the Federal Housing Administration covered several issues including the meaning of reasonable and customary fees. The event's panelists included an appraiser for the U.S. Department of Housing and Urban Development and representatives from two appraisal trade groups.
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