The good news (to some) is that DOJ’s lawsuit with a $1.27 billion penalty against Bank of America was tossed by the appeals court. The court also threw out the $1 million fine levied against former Countrywide employee Rebecca Mairone. Ironically, Rebecca is the only industry executive to have been named in a suit and penalized (almost) as a result…
Everyone knows that we need first time homebuyers in the market so we can continue the stream of move up homebuyers. This usually signifies how the economy and the housing markets are faring. The better the economy, the better jobs and wage growth, the more likely consumers will be in a better position to buy their first home or move…
With all the chatter lately about the bad and the ugly in the mortgage business, I wanted to concentrate on the good. We read and hear about predatory lending, subprime loans, fines, penalties and all the challenges faced by mortgage lenders resulting from regulatory changes and CFPB scrutiny. Let’s take a look at something, actually someone, who represents all that’s…
HUD/FHA announced several substantial proposed changes in its Home Equity Conversion Mortgage (HECM) policy & procedures on May 18th. These changes are primarily designed to assure the viability of the HECM program going forward which has become a popular way for seniors to tap the equity in their homes and remain in their property & neighborhood as they grow…
Ed Golding, Principal Deputy Assistant Secretary for Housing and Head of the FHA, (that’s what it says on his letterhead), issued an informal letter (The Letter) to all FHA lenders on the acceptance of Housing Finance Agency (HFA) down payment assistance programs. Everybody rejoiced. Seems FHA had put to bed the industry’s concerns resulting from actions taken by DOJ against…
HUD/FHA recently announced that they will be conducting an all-day, instructor-led training seminar for lenders with the primary focus on the Single Family Housing Policy Handbook (4000.1) and recent updates. This is an ideal time for Direct Endorsement underwriters, loan processors and loan originators to obtain training on the 4000.1 Handbook as there still remains some confusion over the revised…
