Links in “Mortgage Lending”
- Registration for FHA Appraisal Portal Now Mandatory
FHA-approved mortgage lenders may begin now to register to use the FHAâs new web-based portal, the Electronic Appraisal Delivery (EAD), which is designed to enable electronic transmission of appraisal data and reports to the FHA prior to loan endorsements. All FHA-approved mortgage lenders must register by June 26, 2016. [8/18/15]
- eClosing Heading Toward Auto Financing, Too?
The CFPB's interest in eClosing for mortgages may spread toward auto financing also, even though the world of auto finance and mortgages are very different. [8/18/15]
- GSEs May Be Required to Purchase Manufactured Home Loans
FNMA and FHLMC do not currently purchase loans secured by manufactured homes, but that could change. The Federal Housing Finance Agency is working on a proposal that would require the GSEs to purchase loans for manufactured homes where 2/3 of the loan is secured by the vehicle and not the real property. [8/17/15]
- Efforts to Expand Housing Market to Minorities and First-Time Borrowers Proving Difficult
Half a year after lowering mortgage insurance premiums in an effort to entice more minorities and first-time buyers into the housing market, a report shows no movement for the two groups compared to a year earlier. [8/14/15]
- New HUD App
HUD unveiled the HUD Resource Locator app and website that provides real-time access to HUD housing information and will enable greater connectivity for those involved in aiding individuals with respect to housing assistance. [8/14/15]
- Credit Unions Gain More Presence in Mortgage Market
In the past two years credit unionsâ share of the residential mortgage market has increased from 7% to 11%. Last year alone, mortgage originations for credit unions increased by over 35%, compared with just a 15% increase for the rest of the market. [8/12/15]
- A Look at the CFPB’s Bulletin on PMI
Here's a look at what's in the CFPB's recent compliance bulletin on the cancellation and termination requirements for private mortgage insurance. Not much new here, but it is clear that the CFPB feels the need to call the industry's attention to this area and may focus on it in future examinations. [8/10/15]
- New Mortgage Reporting Measure Passes Congress
Congress has passed a new measure designed to crack down on inaccurate mortgage interest reporting and fraud. The measure would require financial institutions and servicers to report the date of a mortgage, the collateral address, and outstanding balance at the beginning of the tax year. [8/3/15]
- Speed on Foreclosures Takes a Backseat to Compliance
The ability to quickly resolve delinquent loans used to be king when competing for servicing deals with mortgage investors. But now speed has taken a backseat to the ability to adhere to new compliance requirements. [7/29/15]
- The CFPB Hits Two Companies for “Equity Accelerator Program”
The companies are alleged to have typically charged customers a $295 enrollment fee and a $2.50 transaction fee after telling borrowers they could lower their interest by making biweekly mortgage payments, but instead held the payments until they were due within the typical monthly period. The companies must pay more than $38 million in charges. [7/29/15]
