Legislation has been introduced in the House and Senate to help prevent FHA foreclosures by increasing oversight of mortgage servicers to ensure they are complying with loss-mitigation requirements.
Trade groups are asking HUD to eliminate the FHA certifications entirely or replace them with language indicating a lender acknowledges key FHA requirements based on loan eligibility.
The House approved bills that would reduce FHA upfront premium payments by 25 basis points and correct a drafting error that rendered certain VA loans ineligible for pooling in Ginnie Mae MBS.
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