HUD Moves to Encourage Lenders to Participate In Streamlined Refinance Program for FHA Loans
February 9, 2012
Most observers dont think the Obama administrations proposal to use the FHA program to refinance underwater non-agency mortgage borrowers stands much of a chance on Capitol Hill, but the Department of Housing and Urban Development is moving ahead with a change it can make on its own thats designed to spur FHA refinance activity. Acting FHA Commissioner Carol Galante announced that the agency is changing its Neighborhood Watch system to exclude streamlined FHA refinance loans from lender performance scoring. A key feature of the online system is a comparison of each lenders early default rate to the...