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Mortgage News Daily

FHA Reinstates Manual Underwriting for Some Riskier Loans
Posted on Tuesday March 26, 2019

Posted To: MND NewsWire

FHA is reversing an earlier decision to remove the rule requiring manual underwriting for mortgages with credit scores below 620 and a ratio of debt to income above 43 percent. The decision, conveyed to lenders earlier this month, was presaged in the Fourth Quarter 2018 report to Congress regarding FHA Mutual Mortgage Insurance Fund Programs which expressed concern about the risk posed by recent originations. The report, submitted in February by Keith N. Becker, Deputy Assistant Secretary, Office of Risk Management and Regulatory Affairs pointed to a gradual change in the distribution of borrower credit scores. In the 2018 fiscal year the share of 680 to 850 credit scores continued to decline. The average credit score for borrowers fell to 670, the lowest level in a decade. "FHA's credit risk...(read more)

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Home prices Surging or Fading? Depends Whom You Ask
Posted on Tuesday March 26, 2019

Posted To: MND NewsWire

The S&P CoreLogic Case-Shiller indices and the Federal Housing Finance Agency's (FHFA's) Housing Price Index paints two different pictures of the housing market in January . The former calls the appreciation in that month "the smallest in four years," while FHFA's index posted a January price surge. Case-Shiller's U.S. National Home Price Index, covering all nine U.S. census divisions, reported a 4.3 percent annual gain in January on a non-seasonally adjusted (NSA) basis. In December the annual increase was 4.6 percent. On a seasonally adjusted (SA) basis prices grew 0.2 percent, but the NSA index lost 0.2 percent compared to December. Case-Shiller's two composite indices show similar deceleration. The 10-City Composite's annual gain dropped from 3.7 percent in December to 3.2 percent while...(read more)

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Reverse Daily Mortgage

New HECM Head Hopes to ‘Move Needle’ in New Role
Posted on Monday March 25, 2019

The new Senior Advisor to the Department of Housing and Urban Development (HUD) Deputy Assistant Secretary for Single Family Programs, Dr. Joshua Miller, introduced himself Monday to the reverse mortgage industry by giving a Home Equity Conversion Mortgage (HECM) program update to assembled reverse mortgage professionals. Miller, named to his new post in mid-February, offered […]

The post New HECM Head Hopes to ‘Move Needle’ in New Role appeared first on Reverse Mortgage Daily.

University Lending Acquires Michigan-Based 1st Nations Reverse and 52 Employees
Posted on Monday March 25, 2019

University Lending Corp, based in Clinton Township, Michigan, announced this week is has acquired assets from Huron Valley Financial, including the company’s reverse mortgage division and its 52 employees. Through the acquisition of the Ann-Arbor-based reverse mortgage division, 1st Nations Reverse, the company becomes a top 30 reverse mortgage lender by volume, based on its […]

The post University Lending Acquires Michigan-Based 1st Nations Reverse and 52 Employees appeared first on Reverse Mortgage Daily.