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NAR wants VA to change rules that prohibit veteran buyers from paying broker commissions

Housing Wire

But the VA’s current policies place veterans at a “significant disadvantage” compared to other buyers, NAR President Kevin Sears said in a letter submitted Wednesday to John Bell, executive director of VA’s Loan Guaranty Service. Concerns over the existing VA policies have been echoed among mortgage professionals.

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Agent commission lawsuits cast long shadow over VA, FHA borrowers

Housing Wire

In the aftermath, one of the most contentious issues in the minds of mortgage professionals is how the ruling might affect FHA and VA mortgage borrowers. FHA loans are a popular option for first-time homebuyers or those who don’t have a lot of cash saved for a down payment, because the loans require a minimum of 3.5%

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CFPB continues to bring actions against mortgage companies targeting veterans with deceptive ads

Housing Wire

for advertisements that misrepresented the credit terms of the advertised mortgage loan by stating credit terms that the company was not actually prepared to offer to the consumers, among other deceptive practices. 26, the CFPB settled with PHLoans , Inc.,

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GSEs completed nearly 60,000 foreclosure prevention actions in Q1 2023: FHFA

Housing Wire

The total number of loans in forbearance at the end of Q1 stood at 65,757, coming out to 0.21% of the total loans serviced and 15% of delinquent loans. Sixteen percent of home modifications in Q1 were modifications with principal forbearance, the report said. The serious delinquency rate also decreased to 0.6%

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VA extends deadline for COVID-19 home retention options

Housing Wire

The department said at the time that they do not normally allow for the modifications to lengthen the loan maturity date by more than a year past the original maturity date without VA preapproval. Borrowers now also have more time to defer their loan payments. Meanwhile, as of Jan.

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Loans in forbearance gain after 6 weeks of decline

Housing Wire

million homeowners remain in COVID-19-related forbearance plans representing $751 billion in unpaid principal. According to the report, the portfolio-held and private labeled security loans were largely responsible for the recent increase, with forbearance share gaining from 7.1% to 7.3% – a total of 28,000 new loans in forbearance.

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VA-like housing bill proposed for first responders, teachers

Housing Wire

Mortgages would be subject to FHA loan limits. percent of the principal, which could be financed, and would not pay a monthly insurance premium. The benefit is modeled on the widely used home loan program for veterans, which is administered by the Department of Veterans Affairs.

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