News

USDA slashing mortgage fees

Announces cuts to upfront guarantee fee and annual fee
Borrowers who use the U.S. Department of Agriculture’s Rural Housing Service to get a mortgage could soon pay significantly less for their loan, as the USDA announced that it is about to cut its loan fees for lenders who use the Single Family Housing Loan Guarantee Program. Here are all the details.
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GDP produces lackluster growth in Q2

Continues slow upward climb
The Gross Domestic Product decreased slightly from the first estimate last month, but still increased slightly overall. The disappointing gain, combined with the downward revisions to gains in the preceding two quarters, make a September interest rate hike much less likely.
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HSBC yanks massive PHH mortgage servicing portfolio

PHH's subservicing portfolio will be cut by nearly 30%
It appears that PHH Corp. is dealing with a subservicing problem on its hands. For the second time in four months, the company is about to lose a large portion of its mortgage portfolio. The details this time around seem all too familiar.
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Washington hits Ocwen with fine for using unlicensed offshore companies

Ocwen to pay $900,000; only use licensed entities to service Washington loans
Ocwen Financial will pay $900,000 to the state of Washington after an investigation conducted by the state found that Ocwen used unlicensed companies in India and the Philippines to service mortgages, the state’s financial regulator announced Thursday. Here are the details.
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6 critical areas vendors need to deliver for the FHA’s CWCOT program

Compliance risk mitigation requires careful coordination
While the primary goal of the FHA's "Claims Without Conveyance of Title" program may be to encourage a faster sale of the property, the CWCOT program involves far more than just arranging for a sale of real estate. To help properly execute the program, here are six areas in which a vendor must perform exceedingly well in order to put a working CWCOT program together.
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