Beazer Homes USA, Atlanta, is discontinuing the origination of mortgages through its troubled Beazer Mortgage Corp subsidiary. As a result, it has ended its mortgage services relationship with Homebuilders Financial Network LLC. Instead, the company has entered into an agreement with Countrywide Financial Corp., Calabasas, Calif., under which the latter will be marketed to Beazer homebuyers as the company's preferred mortgage lender. "Given the increasing complexities in mortgage financing today, we believe working with an established leader in mortgage lending makes the most sense for our homebuyers and our business," said Beazer president and chief executive Ian McCarthy. An investigation by the audit committee of Beazer's board of directors found evidence that employees of Beazer Mortgage violated Department of Housing and Urban Development regulations, particularly in relation to downpayment assistance programs, in certain Federal Housing Administration-insured loans dating back to at least 2000. Beazer Homes also said it is exiting the homebuilding business in Charlotte, N.C.; Cincinnati/Dayton, Ohio; Columbia, S.C.; Columbus, Ohio; and Lexington, Ky. Beazer can be found on the Web at http://www.beazer.com.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18