Articles Tagged with ''VA loan''

New York foreclosure firm admits to cheating Fannie Mae, VA out of millions

Rosicki, Rosicki & Associates accused of "systematically" overbilling expenses
The U.S. Attorney’s Office for the Southern District of New York announced Tuesday that it reached a settlement with Rosicki, Rosicki & Associates, in which the law firm admitted to using its wholly owned affiliates, Enterprise Process Service and Paramount Land, to overcharge Fannie Mae and the VA for millions of dollars in foreclosure and eviction-related expenses.
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Reverse mortgage lender American Advisors Group expands to VA loans

Seeks to provide seniors with more home equity solutions
Top reverse mortgage lender American Advisors Group has expanded its product offerings to include VA loans. The move is part of the company’s rebrand as it pivots away from its reverse-only focus, offering an expanded product suite with the goal of helping America’s seniors "retire better."
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Ginnie Mae reportedly boots two lenders from bond program over VA loan churning

NewDay and Nations Lending sanctioned
Ginnie Mae’s battle against a number of mortgage lenders that are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages just went to another level. Ginnie Mae reportedly booted NewDay USA and Nations Lending from its primary mortgage bond program after threatening the lenders earlier this year over their abnormally high prepayment speeds.
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NewDay USA appoints Garrison Foster senior vice president

Foster founded Veterans Association for Homeownership
VA lender NewDay USA announced this week it has named Garrison Foster to serve as senior vice president and oversee the company’s purchase home loan division. Foster, a U.S. Marine Corps veteran and advocate for vets, founded the Veterans Association for Homeownership, a nonprofit organization that assists veterans and families to better understand and receive VA benefits.
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Wells Fargo: Ginnie Mae warning on VA loan churning is just the beginning

Analysts expect oversight of VA refinances to intensify
On Thursday, Ginnie Mae laid down the law, so to speak, in its fight against a segment of mortgage lenders that are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages. But according to analysts from Wells Fargo, Ginnie Mae’s threat of booting lenders from its bond program will not be the agency's last move in its effort to clean up VA loan churning.
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Ginnie Mae threatens to boot lenders from bond program over VA loan churning

Steps up fight against lenders targeting veterans for quick refinances
Ginnie Mae is turning up the heat in its fight against a segment of mortgage lenders that are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages. Ginnie Mae is now threatening a small number of lenders with expulsion from its primary mortgage bond program if the lenders do not address the issue.
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Bipartisan group of senators seek more “predatory” lending protections for veterans

Lenders would be required to show “material benefit” for VA refinances
Over the last few months, Ginnie Mae and the Department of Veterans Affairs began looking into a segment of mortgage lenders that were aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages. But a bipartisan group of senators think both the VA and Ginnie Mae need more legal authority to stamp out the problem entirely.
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Wintrust Mortgage acquiring Veterans First Mortgage

Veterans First on track to originate more than $800 million in loans in 2017
Wintrust Mortgage is about to increase its presence in Department of Veterans Affairs lending. Wintrust Financial Corporation, the parent company of Wintrust Mortgage, announced this week that Wintrust Mortgage is acquiring Veterans First Mortgage, a lender that specializes in VA lending.
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SIFMA voices concern about secondary market impact of rapid VA loan refinancing

Supports Ginnie Mae, VA effort to address lenders targeting veterans
Investors are concerned with the secondary market impact of mortgage lenders aggressively targeting servicemembers and military veterans for quick and potentially risky refinances, according to SIFMA, a prominent secondary market trade group. SIFMA voiced its concerns in a letter sent Wednesday to Ginnie Mae, which recently launched an investigation and a task force with the Department of Veterans Affairs to review a rise in rapid refinances among VA loans.
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