The president-elect of the National Association of Mortgage Brokers has updated attendees at the New Jersey Association of Mortgage Brokers convention in Atlantic City on several national issues, including making it easier for mortgage brokers to originate Federal Housing Administration loans.George Hanzimanolis said the group has met with Department of Housing and Urban Development Secretary Alphonso Jackson and FHA Commissioner Brian Montgomery regarding the replacement of the audit requirement for mortgage brokers with a surety bond. An audit, Mr. Hanzimanolis said, is just a snapshot that a bad actor could manipulate. An option being discussed with HUD is to allow lenders to choose which brokers they want to work with, and not have a bond or audit requirement at all. Another issue he addressed is fiduciary duty or suitability requirements. Suitability is subjective, Mr. Hanzimanolis said, maintaining that there are too many unknown factors. The best way to protect consumers is by educating them, and the industry should have education and background checks, Mr. Hanzimanolis said.
-
The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
6h ago -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
6h ago -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
7h ago -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
9h ago -
The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
11h ago -
The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18