Revised HECM Financial Assessment and Property Charge Guide

This week, the Federal Housing Administration (FHA) published Mortgagee Letter 2016-10. This Mortgagee Letter: Announces and transmits an updated HECM Financial Assessment and Property Charge Guide; Revises the calculation of the growth rate (compounding interest…

National Foreclosure Inventory Drops Back to 1%

Tuesday’s CoreLogic National Foreclosure Report indicated that the inventory of properties in some state of foreclosure had dropped to only 390,000, which represents 1% of all mortgaged homes in the United States. The previous year’s…

Consumer Financial Protection Bureau Supervision Finds Mortgage Servicers’ Ongoing Technology Failures and Process Breakdowns Trigger Rule Violations

Last week, the Consumer Financial Protection Bureau (CFPB) released a special edition supervision report focused on mortgage servicers. The report indicates that some mortgage servicers are putting themselves in violation of CFPB’s new servicing rules…

Current Seniors Positioned to Have Significant Impact on Housing Market

Freddie Mac released consumer research today indicating that seniors (age 55+) control almost two-thirds, or $8 trillion of the nation’s total home equity. As a result of this, the decisions that they make in the…

TRID Having Intended Effect

News this week is indicating that TRID, also known as “Know Before You Owe” is actually having the effect intended: homebuyers are actually reviewing their mortgage documents.  Instituted by the Consumer Financial Protection Bureau, the…