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Mortgage Industry News for the Mortgage Industry
The maximum loan-to-value or combined LTV on any property in non-restricted markets will be 95 percent beginning Oct. 1, an MGIC bulletin issued this week indicated. Interest-only loans are not available in restricted markets. MGIC also said both payments will be counted when a pending sale on a current property has not closed before a new property is purchased.
In the first six months of 2008, more than 1,000 new companies entered the reverse mortgage origination market, Reverse Market Insight Inc. reported. But reverse mortgage originations have only increased 5 percent during the first half of this year. "That combination of statistics is alarming and spells certain pressure for any originators looking to reverse as a growth engine," the company said.
Risk-based mortgage insurance premiums on loans insured by the Federal Housing Administration will be suspended on Oct. 1 for at least one year, a notice from the Department of Housing and Urban Development said. HUD said upfront premiums will be 1.75 percent on purchase-money mortgage and full-credit qualifying refinances beginning on Oct. 1. In other FHA news, Interthinx Inc. announced it provides fraud-prevention and compliance services designed specifically for FHA loans. NAMP Publishing Group has released the 2008 FHA/VA Survival Kit, which it says provides proven methods, tips, and step-by-step instruction on FHA topics, a press release said.
Carteret Mortgage Corp. is in the process of shutting down, according to an e-mail sent to all employees from the company's chief executive officer. The company is expected to be totally closed by the end of September. At the end of 2002, according to Carteret's Web site, the net branch was operating in all 50 states and the District of Columbia with more than 2,000 loan officers
David C. Hisey was named chief financial officer of Fannie Mae, an announcement said. Peter Niculescu has assumed the duties of chief business officer, the company said. In addition, Michael Shaw was named chief risk officer.
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Mortgage Industry News for the Mortgage Industry
MGIC Raise Pricing, Tightens Guidelines
The maximum loan-to-value or combined LTV on any property in non-restricted markets will be 95 percent beginning Oct. 1, an MGIC bulletin issued this week indicated. Interest-only loans are not available in restricted markets. MGIC also said both payments will be counted when a pending sale on a current property has not closed before a new property is purchased.
Competition Balloons for Reverse Mortgages
In the first six months of 2008, more than 1,000 new companies entered the reverse mortgage origination market, Reverse Market Insight Inc. reported. But reverse mortgage originations have only increased 5 percent during the first half of this year. "That combination of statistics is alarming and spells certain pressure for any originators looking to reverse as a growth engine," the company said.
The FHA Wire
Risk-based mortgage insurance premiums on loans insured by the Federal Housing Administration will be suspended on Oct. 1 for at least one year, a notice from the Department of Housing and Urban Development said. HUD said upfront premiums will be 1.75 percent on purchase-money mortgage and full-credit qualifying refinances beginning on Oct. 1. In other FHA news, Interthinx Inc. announced it provides fraud-prevention and compliance services designed specifically for FHA loans. NAMP Publishing Group has released the 2008 FHA/VA Survival Kit, which it says provides proven methods, tips, and step-by-step instruction on FHA topics, a press release said.
Net Branch Winding Down
Carteret Mortgage Corp. is in the process of shutting down, according to an e-mail sent to all employees from the company's chief executive officer. The company is expected to be totally closed by the end of September. At the end of 2002, according to Carteret's Web site, the net branch was operating in all 50 states and the District of Columbia with more than 2,000 loan officers
Exec Shakeup at Fannie
David C. Hisey was named chief financial officer of Fannie Mae, an announcement said. Peter Niculescu has assumed the duties of chief business officer, the company said. In addition, Michael Shaw was named chief risk officer.
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