Items Tagged with 'VA loan'

ARTICLES

  • Ginnie Mae removes loanDepot's VA loan restrictions

    Reinstates lender's ability to participate in all bond programs
    After nearly six months of being restricted from participating in some of Ginnie Mae’s mortgage bond programs as part of the agency’s crackdown on lenders for Department of Veterans Affairs loan churning, loanDepot is back in the game. Ginnie Mae announced Friday that it has removed the mortgage bond restrictions it placed on loanDepot earlier this year.
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  • Ginnie Mae considering changes to VA loan rules as refinances continue to soar

    Requests industry input on prevalence of VA cash-out refinances
    For more than 18 months, HUD, Ginnie Mae, and the VA have been investigating whether certain lenders are aggressively targeting service members and military veterans for quick and potentially risky refinances of their mortgages. Ginnie Mae even went so far as to issue new rules for VA loan refinances, restricting how soon a loan could be refinanced after its original origination date. And while Ginnie Mae says that those changes have made a positive impact, the agency is also now stating that more changes may be necessary to get the pervasiveness of VA loan refinances under control.
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  • 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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  • 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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