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Regulators Give Borrowers More Time for Foreclosure Review
American Banker (08/03/12) Borak, Donna
U.S. regulators on Aug. 2 announced that they will, for the second time, grant homeowners who may have been wrongfully foreclosed upon more time to get an independent audit. The Office of the Comptroller of the Currency and the Federal Reserve Board extended the deadline for borrowers to submit requests for foreclosure reviews to Dec. 31. They previously had extended it until July 31.
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Mortgage Lenders May Be Easing Their Standards, But Not for Everyone
Washington Post (08/03/12) Harney, Kenneth R.
As home prices begin to rise and loans originated over the last few years continue to perform, lenders may relax underwriting rules -- especially if the jobless rate declines. However, experts say the loose standards of 2005 and 2007 are a thing of the past. Upcoming changes in Fannie Mae's automated underwriting system, meanwhile, could actually make it more difficult for some applicants -- condominium buyers, in particular -- to tie down financing.
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FHA Finances Said to Rebound on Higher Premiums, Loan Volume
Bloomberg (08/03/12) Benson, Clea
Bloomberg sources say the FHA may end the fiscal year with an estimated $3 billion in reserves due to premium hikes and higher loan volume. HUD officials on Aug. 2 noted this turnaround to Capitol Hill legislators as Democrats continue to push for a Senate vote on Carol Galante's nomination to head the agency. She has been acting head of FHA, which is overseen by HUD, for more than a year.
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State Settles on Forgeries by Servicer of Mortgages
New York Times (08/03/12) P. B8
Missouri Attorney General Chris Koster confirms that the state has reached a settlement with DocX over criminal accusations that the mortgage services provider used fake signatures on paperwork to expedite home foreclosures. Under the accord, DocX parent Lender Processing Services will pay Missouri $1.5 million and reimburse Koster's office $500,000 for the cost of the investigation.
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Veterans Omnibus Bill Contains Key Changes to VA Loan Program
Huffington Post (08/02/12) Birk, Chris
The Honoring America's Veterans and Caring for Camp Lejeune Families Act, encompassing major revisions to the VA Loan Guaranty program, has been endorsed in both chambers of Congress and sent to the president. If signed into law, the measure will expand home loan benefits to more surviving spouses; ease occupancy requirements to help single-parent veterans qualify for mortgage financing under the program; and bring back higher VA loan limits in expensive housing markets, among other changes.
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