Several housing industry trade associations have written a letter seeking a one-year extension of current FHA mortgage loan limits, and National Reverse Mortgage Lenders Association has signed onto the letter, calling the extension “critical” to preserving home values. The letter, jointly signed by 11 organizations including the Mortgage Bankers of America, the National Association of [...]

The Federal Housing Administration’s Mortgagee Review Board (MRB) took administrative actions against 26 different lenders for a range of offenses. “It’s never been more important that lenders doing business with FHA apply our standards to each and every loan they originate and underwrite,” said Acting FHA Commissioner Carol Galante. “FHA requirements ensure homeowners are put [...]

Wells Fargo may have gotten out of reverse mortgages, but it’s getting into trouble with the Department of Justice, the Huffington Post reports. The DOJ has started a probe into Wells Fargo’s lending practices and is preparing a case against the lender for allegedly preying on African-American borrowers during the housing bubble and inappropriately directing them [...]

At a time when many have expressed concern over the range and scope of the Consumer Financial Protection Bureau’s regulatory oversight, the Center for Responsible Lending sent a letter this week to the bureau urging its strong consideration of lending practices including qualified residential mortgage and ability-to-repay rules under Dodd-Frank. “We have not seen a [...]

New Dodd-Frank regulations are impacting the way bank subsidiaries are able to operate, and lenders are being forced to adapt. In past years, lenders that operated as subsidiaries of federal banks were exempt from individual state licensing. With the regulations from Dodd-Frank in effect, all that has changed. “The implementation of Dodd-Frank means that we [...]

While many in the reverse mortgage industry are hoping for the higher loan limits to be extended, Department of Housing and Urban Development Secretary Shaun Donovan told Bloomberg Television the limits can return to pre-crisis levels without hurting the housing market. “We continue to be convinced that this is the right step to take now [...]