Bank of America doubles down on 3% down mortgages without insurance

Expands "Affordable Loan Solution" for low- and moderate-income homebuyers
Earlier this year, Bank of America, in partnership with Freddie Mac and Self-Help Ventures Fund, began offering mortgages that only required consumers to put down 3% and did not require the consumers to obtain mortgage insurance either. Bank of America said Thursday that the "Affordable Loan Solution" program is proving so successful in its first few months that the bank is doubling its annual commitment to the program – from $500 million to $1 billion.
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Banks repositioning mortgages for long-term success

New strategies to improve operational efficiencies and reduce risk
Few could have predicted the full impact of the mortgage industry changes the last eight years, and many leading lenders and servicers have struggled with compliance and profitability. Even with initial assumptions of economy normalization and regulatory modifications banks are still considering new strategies to improve operational efficiency and reduce risk.
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Countdown starts now on CFPB’s final mortgage servicing rule implementation

You have one year
Nearly four months after the Consumer Financial Protection Bureau finished the final mortgage servicing rule, it has finally been published in the Federal Register. The long publishing timeline isn't necessarily a bad thing since it gave the industry extra time to adapt to and learn the final rule. Since it's officially published, your one-year countdown starts now.
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HUD watchdog: Servicer foreclosure delays cost FHA $2.23 billion

Report finds FHA overpaid servicers due to foreclosure, conveyance delays
A new report from a government watchdog shows that mortgage servicers’ delays in foreclosing on properties and subsequent delays in the conveyance of those properties to the Federal Housing Administration cost the FHA as much as $2.23 billion in unnecessary payouts.
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MBA takes focus on women in real estate finance to the next level

"We struck a nerve and need that's out there"
Women in real estate finance, a small but steadily growing group, now have a place online to go to strengthen their network and exchange ideas and information about the industry, answering increasing calls for such a platform within the market. What started out informally is turning into a full-fledged, formal initiative from the MBA. And just in time for MBA Annual in Boston next week.
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EXCLUSIVE: Caliber Home Loans sued by Chronos Solutions over nearly $3 million in unpaid bills

Caliber, Lone Star Funds accused of not paying expenses on foreclosures
The New York Department of Financial Services is already reportedly looking into how Caliber Home Loans and its parent company, Lone Star Funds, after receiving complaints from consumers about how the companies handle foreclosures. But now, the companies have another fight on their hands over their foreclosure practices, and it comes from an unlikely source – one of their own vendors.
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More changes at Walter Investment: Company adds new chief compliance officer, other execs

Part of effort to make company "leaner and more effective"
Late last week, Walter Investment Management Corp. announced that David Schneider, who served as executive vice president and chief operating officer of Walter Investment and as president of Ditech Financial, abruptly left the company. The company said that Schneider’s departure was part of the company’s plan to “realign the company’s management structure” and “flatten the organization.” Just a few days later, the company provided a look at how its realignment will take shape.
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HUD awards $500 million to Louisiana, Texas, West Virginia flood areas

Castro provides funding through disaster recovery program
The U.S. Department of Housing and Urban Development extended funding to key areas where housing was most affected by natural disasters in 2016. As a result, Louisiana, Texas and West Virginia are set to receive $500 million. HUD’s secretary explains what he awarded each state, and why.
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Another big shake-up at Walter Investment: Head of Ditech Financial departs unexpectedly

David Schneider leaves company amid effort to "flatten the organization"
Just two months ago, when Walter Investment Management Corp. named its fourth different CEO in less than a year, some questioned whether the company was in a state of upheaval. Now, those questions seem prescient, as just two months into the tenure of Anthony Renzi, who took over for George Awad, who took over for Denmar Dixon, who took over for Mark O’Brien, Walter Investment and one of its most prominent subsidiaries are going through another executive shake-up.
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