Former Ginnie Mae executive Leslie Meaux Pordzik has been named to the board of Celink’s parent company. Celink, a leading reverse mortgage subservicer, is held by Peer Advisors, LLC. Pordzik joined the board as an Independent Representative of the Board of Directors, advising both companies on “all operational and corporate matters,” according to a press…
Federal Housing Administration mortgagees are struggling to keep up with their payments as natural disasters and inflationary pressures encumber American homeowners. FHA mortgages accounted for 90% of the 131,000 annual uptick in delinquencies in February, ICE reported, despite making up less than 15% of all active mortgages. While the LA wildfires – which have forced…
Home price appreciation increased at a steady clip in December as demand sizzled in cold-climate cities. Price gains inched up by 3.9% YOY in December, on par with November’s 3.8% and October’s 3.6%, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index. The 10-City Composite increased annually by 5.1%, effectively the same from…
The Federal Home Loan Bank of Chicago has committed $46 million in funding for its 2025 Downpayment Plus grant program. The DPP program assists homebuyers earning up to 80% of the area median income by providing forgivable grants at closing when financing through a participating member. Income-eligible buyers can receive up to $10,000 in assistance….
PHH Mortgage Corp. settled with the U.S. Department of Housing and Urban Development to resolve allegations of illegal “pay-to-pay” charges. HUD accused PHH of unlawfully charging fees to borrowers making a mortgage payment, violating requirements laid out by the Federal Housing Administration. Specifically, HUD says PHH charged borrowers making a payment over the phone (both…
The Department of Housing and Urban Development’s Federal Housing Administration is extending its foreclosure moratoriums on FHA-insured homes damaged by Hurricanes Helene and Milton. Impacted homes must be FHA-insured Single Family Title II forward and Home Equity Conversion Mortgages in Presidentially Declared Major Disaster Areas resulting from these hurricanes. The moratoriums will be in effect…
Fannie Mae changed its requirements for appraisal alternatives, a way to help reduce costs for borrowers, while Freddie Mac expanded access to repurchase loans. For purchase loans for primary residences and second homes, the eligible LTV ratios for Value Acceptance will increase from 80% to 90% and Value Acceptance + Property Data will increase from…
The Department of Housing and Urban Development, through the Federal Housing Administration, updated policies for its 203(k) Rehabilitation Mortgage Insurance Program. Officials say the updates modernize and enhance the program for homeowners looking to affordably finance home renovations and rehabilitations when purchasing or refinancing. Assistant Secretary for Housing and Federal Housing Commissioner Julia Gordon and…
The Federal Housing Administration is celebrating its 90th birthday, and its impact on U.S. housing and finances has been widespread. The FHA was created in 1934 by the National Housing Act as a way to help restructure the financial system during the Great Depression. Its goal was to improve housing standards, provide a method of…
Commercial real estate juggernaut Meridian Capital Group named former regulator Brian Brooks as its Chairman and CEO. Brooks takes the reigns from co-founder Ralph Herzka, who will remain with the company as Senior Chairman. The change-over will take place in April. Herzka helped found Meridian in 1991 and steered it to the forefront of commercial…
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