What We're Hearing

There are unconfirmed reports the certain USDA offices are running out of commitment funds to continue approving Rural Housing Service single-family loans. One poster on National Mortgage News' Grapevine website reported that he had a loan rejected Friday "for lack of funds." He said the local USDA office is waiting for direction from the national office. Meanwhile, the public relations department of USDA refuses to comment and rarely returns telephone calls and emails sent to them by NMN. Later today on the NMN website we will publish an update on the situation. (Don't expect a quote from USDA.) Meanwhile, in one unrelated note: the Indiana Department of Financial Institutions and Oregon Division of Finance & Corporate Securities have begun accepting new mortgage loan originator applications through the Nationwide Mortgage Licensing System or NMLS...