The Federal Housing Administration has updated its user guide for its TOTAL underwriting scorecard, according to Mortgagee Letter 2004-47.The FHA also issued new guidance on counseling requirements for FHA-insured reverse mortgages. The new user guide for the TOTAL scorecard refers to FHA hybrid adjustable-rate mortgages for the first time and incorporates underwriting changes regarding interest rate buydowns and property tax estimates as outlined in Mortgage Letter 2004-28. (TOTAL stands for technology open to approved lenders.) The guidance for FHA-insured home equity conversion mortgages spells out when telephone counseling for HECM borrowers is permissible. "However, any prospective borrower who requests face-to-face meetings with both the lender and the counselor must be accommodated," Mortgagee Letter 2004-48 says.
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Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
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Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
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Better's home equity loan product can be originated in a week or less, the company says.
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The top five producers had an average dollar loan volume of more than $140 million in 2023.
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The threats to companies loom as borrowers face soaring homeowners insurance costs, ex-Ginnie Mae head Ted Tozer explains.
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After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
April 22