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Analysis of HOPE for Homeowners Program (free report)
The law firm of Weiner Brodsky Sidman Kider PC has prepared a white paper on the HOPE for Homeowners Program created under as part of the Housing and Economic Recovery Act of 2008.
The 23-page report provides an overview of the act as well as requirements and rules.
It also discusses required origination and servicing procedures.
read full report
Mixed Mortgage Market
Fixed rates fell, 1003 applications nudged higher and FHA activity jumped. As the yield on the 1-year adjustable-rate mortgage rose, the underlying 1-year Treasury yield tumbled.
Default Servicing News
Several states are calling on subprime servicers to adopt streamline modifications that may cost one company more than $8 billion, while servicers of Federal Housing Administration loans are being warned about loss mitigation steps that are required to avoid damage assessments. And as some companies have emerged to help servicers deal with delinquent and foreclosed loans, one is looking to exploit lender compliance errors.
Lack of FHA Kills Ohio Firm
A once-booming mortgage company that specialized in subprime refinances has shut down. The Ohio-based company's demise appeared to be tied to its lack of government loan programs.
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Originating H4H Loans
Guidelines have been issued for refinancing delinquent and current exotic loans using a government-insured program created under the recently passed housing legislation. Lenders that utilize the program will be held accountable for fraudulent appraisals.
Reverse Mortgage Updates
Counselor fee payments have been prohibited and loan limits are increasing on reverse mortgages.
FHA Changes Effective Today
The timer on the home page of the Nehemiah Program's Web Site has expired -- indicating down payment assistance funded by home sellers is no longer available on loans insured by the Federal Housing Administration. But that isn't the only change on FHA loans effective Oct. 1.
Wachovia Launches Option-ARM Project
Wachovia Corp. is outsourcing the refinancing of its option adjustable-rate mortgages into government and conforming loans. One of the companies hired to handle some of the refinances is looking for more originators.
Mass. Cracks Down on Reverse Lenders
Mortgage regulators in Massachusetts have issued cease-and-desist orders against four reverse mortgage companies. Among the charges were mortgage fraud, deceptive advertising and failure to comply with reverse lending requirements.
Record Ginnie Issuance
The Government National Mortgage Association securitized more loans last month than at any other time in its history.
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