Improvements to the FHA home equity conversion mortgage program will help seniors maintain housing stability and financial security in retirement, according to Urban Institute’s Amalie Zinn.
The Community Home Lenders of America worries changes in home sale commission practices could make it more difficult for veterans to purchase homes using their VA home loan benefits.
The new rules come a month after FHA released a final rule eliminating the requirement that mortgage lenders register all branch offices where they conduct FHA business.
The proposed program could be improved by simplifying communications with borrowers and making changes that expand the number of borrowers who can be helped, industry and consumer groups said.
Allowing lenders to provide downpayment assistance on FHA loans would extend homeownership to underserved borrowers who have a difficult time amassing even a 3.5% downpayment, the former Ginnie Mae president said.
USDA deputy secretary confirmed; HUD seeks comments on burdens facing FHA lenders in maintaining eligibility; Ginnie Mae expands LMI disclosure initiative; and more.
The Department of Housing and Urban Development will require lenders to use a Supplemental Consumer Information Form for all FHA Title II single-family home mortgages they originate beginning in August.
The Mortgage Bankers Association proposed some revisions of its own in response to an FHA proposal to change home equity conversion mortgage disbursements and defaults.
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