CHLA acknowledged that repurchases have long been the default response to loans that don’t meet GSE underwriting standards. “What’s changed in the last year is… Read More »Inside Mortgage Finance – Surging Repurchase Requests May Not Reflect Policy Changes
“The skyrocketing of mortgage rates has undermined FHA’s main loss mitigation tool for helping distressed borrowers – and FHA’s nimbleness in finding a workaround for… Read More »Housingwire – FHA Unveils Proposal for a New Partial Claim Option
The Community Home Lenders of America (CHLA) commended FHA Commissioner Julia Gordon for today’s announcement that FHA is proposing a program to create a flexible partial claim… Read More »CHLA Commends FHA Commissioner Gordon for New Proposal to Keep Homeowners in their Home
“But mortgage rates have been creeping up in recent weeks because of uncertainties, so an agreement that brings some deficit reduction and removes this uncertainty… Read More »Housingwire – Leaders struck a debt ceiling deal. What does it mean for mortgages?
The Community Home Lenders of America (CHLA) sent a letter on Thursday to the Consumer Financial Protection Bureau (CFPB) that urges the agency to adopt and implement a series of rules to protect homebuyers from so-called “dual compensation” arrangements during the homebuying process.
The Community Lenders of America is calling for indemnification rather than forcing agency sellers to repurchase loans. Those mortgage bankers have had to sell these in the scratch-and-dent market at steep discounts at a time when the GSEs have increased the share of loans they review for manufacturing errors.