The National Reverse Mortgage Lenders Association (NRMLA) and other trade groups issued statements of support this week as they seek to have the Senate confirm two key leaders to federal housing posts. The letters reference President Donald Trump’s nominations of Joseph Gormley as president of Ginnie Mae and Frank Cassidy as commissioner of the Federal […]
NRMLA backs Gormley and Cassidy for key housing roles Read More »
Mortgage performance remained strong in September despite Federal Housing Administration loans driving up total foreclosures, according to new industry data. Overall foreclosure volume remained historically low, with foreclosure sales reaching 21,000 in the third quarter this year, roughly half of 2019’s pre-pandemic levels, according to a report from ICE Mortgage Technology. FHA loans accounted for
FHA foreclosures drag down strong mortgage performance Read More »
The Federal Housing Administration (FHA) said Wednesday it will continue processing claims during the government shutdown but cannot endorse new Home Equity Conversion Mortgages (HECMs) until funding is restored. That information was confirmed by the National Reverse Mortgage Lenders Association (NRMLA). Because most reverse mortgages fall under the FHA’s HECM program, FHA loan endorsements stop
Government shutdown halts new reverse mortgage endorsements Read More »
With the U.S. government shutdown in effect and little progress made on an eventual reopening, mortgage lenders are busy measuring operational impacts while introducing strategies drawn on past experience to keep business flowing. As of Wednesday, many questions remain about the full extent of the impact on support provided to lenders, with most federal services
Shutdown tests lenders’ plans to keep loans moving Read More »
Government agencies and enterprises issued guidance on Wednesday for mortgage lenders and servicers during the current government shutdown, which affects federal employees, services, contractors, vendors and other businesses. Fannie Mae and Freddie Mac are waiving some requirements for lenders due to the potential inability to confirm income, reserves, tax, and Social Security information from borrowers
Fannie and Freddie waive some loan requirements amid shutdown Read More »
The Federal Housing Administration (FHA) has extended the timeline for mortgage servicers to comply with the new loss-mitigation waterfall, according to a mortgagee letter issued Wednesday. While the provisions may be implemented by Oct. 1, they must be fully in place no later than Dec. 30, 2025, according to the letter signed by Frank Cassidy,
FHA extends loss-mitigation deadline for mortgage servicers Read More »
A bipartisan bill looking to end the Federal Housing Administration’s life-of-loan requirement for that form of mortgage insurance coverage has been reintroduced in the House of Representatives. The Mortgage Insurance Freedom Act was previously introduced in last year’s lame duck session of Congress by Rep. Gregory Meeks, D-New York, and Rep. Pete Sessions, R-Texas. Under
FHA premium cancellation bill reintroduced in the House Read More »
Even with options in place to prevent them, reverse mortgages can end in foreclosure. But Byron Batres thinks his company can offer a solution to reduce these outcomes. While more recent numbers aren’t available, a 2019 analysis by the Government Accountability Office (GAO) of Federal Housing Administration (FHA) data found that the share of Home
Is there a better way to avoid reverse mortgage foreclosures? Read More »
The Federal Housing Association is likely to continue to take market share away from the private mortgage insurers for the foreseeable future, a Keefe, Bruyette & Woods report said. Insurance-in-force for all forms of mortgage insurance grew by 1.3% between the first and second quarters and by 5.5% year-over-year, the report from Bose George and
FHA poised to outpace private mortgage insurers Read More »
Frank Cassidy, the acting Federal Housing Association commissioner, has apparently been nominated for the job on a full-time basis. The Mortgage Bankers Association put out a statement on Aug. 2 in support of Cassidy’s appointment. His current title at HUD is principal deputy assistant secretary, and he was nominated to the position by the Trump
Frank Cassidy nominated as Federal Housing Commissioner Read More »