Articles Tagged with ''Department of Veterans Affairs''

Battle erupts over allegations that retail lenders are overcharging veterans for mortgages

AIME's Anthony Casa accuses Fairway, Quicken, others; Fairway fires back
For approximately 18 months, HUD, Ginnie Mae, and the VA have been looking into whether certain lenders are aggressively targeting servicemembers and military veterans for quick and potentially risky refinances of their mortgages. And now, retail mortgage lenders are facing new accusations that they are overcharging veterans on VA loans. But these accusations aren't coming from the government. Rather, this is some rather nasty mortgage industry in-fighting.
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VA loans skyrocket in popularity for first-time homebuyers

VA loans for first-time homebuying servicemembers far more prevalent than in 2006
Servicemembers are far more likely to opt for a Department of Veterans Affairs mortgage than any other type of loan when buying their first home, a new report from the Consumer Financial Protection Bureau shows. Here's a look at how much more popular VA loans have become for servicemembers in the last decade.
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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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Trump cancels looming pay raise for federal workers

Workers at HUD, FHA, FHFA, other agencies see raises disappear
Nearly two million federal government employees, including many at the Department of Housing and Urban Development, the Federal Housing Administration, the Department of Veterans Affairs, the Federal Housing Finance Agency, and all other federal agencies, were due a pay raise in January, but that won’t happen anymore.
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Lenders react to removal from Ginnie Mae VA loan programs

Responses couldn’t be more opposite
Friday evening, Ginnie Mae announced it was booting several lenders from its Department of Veterans Affairs securities programs. Now, lenders are reacting, but their responses couldn’t be more opposite. While one lender is commending Ginnie Mae’s actions, while another stands firmly against them.
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Ginnie Mae boots 3 VA lenders from mortgage bond programs

Continues crackdown of VA loan churning
Ginnie Mae announced late Friday that it is booting three VA mortgage lenders from its main securities programs. All three issuers are restricted from including VA single family guaranteed loans in Ginnie Mae I securities or Ginnie Mae II multi-issuer securities. Click the headline to find out which three lenders got the boot.
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Ginnie Mae reveals new requirements for VA refinances

Continues fight against predatory lending
Ginnie Mae recently announced new requirements for its Department of Veterans Affairs refinance loans in order to protect service members from predatory lending. The agency issued an All Participants Memorandum that announced the implementation of changes to pooling eligibility requirements for VA insured or guaranteed mortgages.
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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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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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