The FHASecure refinance program never came close to the ambitious production levels predicted by its designers, but industry sources were disappointed by the Bush administration’s unexpected decision to let the program expire this week...
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FHA single-family mortgage originations slowed measurably in November, although the program continues to represent one of the few bright spots in an otherwise dreary housing market. A total of $21.31 billion of FHA single-family mortgages were originated in November...[Includes one chart and one graph]
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Fannie Mae and Freddie Mac are updating their widely used automated underwriting systems to accommodate changes in the FHA single-family program, including revised loan limits for high-cost markets. Fannie’s Desktop Underwriter, Freddie’s Loan Prospector and other third-party...
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Industry observers are uniformly enthusiastic about the pending appointment of an experienced housing professional with extensive experience in government work as President-elect Barack Obama’s choice to head the Department of Housing and Urban Development...
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A war of words has erupted between Congress and the Bush administration over who is to blame for a lackluster HOPE for Homeowners program created this summer to rescue distressed homeowners at risk of losing their homes. On Dec. 22, House Financial Services Committee Chairman...
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The Department of Housing and Urban Development has issued new eligibility rules for appraisers working on FHA loan applications that implement changes mandated by the 2008 housing act signed into law last year. Mortgagee Letter 2008-39 notes that all appraisers used for...
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Still churning out guidance from the massive list of changes mandated by the Housing and Economic Recovery Act of 2008, HUD revised the maximum mortgage calculation for refinance transactions. Mortgagee Letter 2008-40 clarifies that for all case numbers assigned on or after...[Includes one chart]
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FHA lenders can expect to see a continued healthy flow of activity with a higher quality of borrower to start off the new year, if Ginnie Mae projections for the next few months bear out. During a press in December, agency officials expressed optimism that Ginnie’s record...
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The House Committee on Financial Services this week announced a hearing on Jan. 9 to discuss FHA oversight of loan originators. Industry sources expect the lawmakers to review information about subprime lenders making a surge into the FHA sector, as alleged in recent media articles...
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