The busiest six months in the FHA’s 75-year history broke through the finish line with a headline week. The FHA volume of insured mortgages is on pace to surpass the single-month mark of $80 billion in June for the first time ever, a new FHA commissioner was approved after a lengthy wait, and legislation introduced in the House intends to make further improvements to the department’s...
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Senate Banking Committee Chairman Chris Dodd, D-CT, and House Financial Services Committee Chairman Barney Frank, D-MA, are asking bank regulators whether banks are inflating the value of second-lien mortgages on their balance sheets, thereby discouraging proactive efforts to modify and restructure mortgage loans and crippling the HOPE for Homeowners program. H4H was designed...
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The government-insured share of total mortgage applications was 35.9 percent in June 2009, the highest level since November 1990, when the Mortgage Bankers Association began conducting its Weekly Mortgage Applications Survey, the industry group announced last week.The MBA said the share of FHA or Veteran’s Affairs applications jumped from 25.7 percent in... [Includes one graph]
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The FHA and the Veteran’s Affairs Administration take a different approach to loan modifications than Fannie Mae and Freddie Mac, and as a result, Ginnie Mae’s re-default rates are lower than those at the government-sponsored enterprises, according to a recent report from the Office of Thrift Supervision and Office of the Comptroller of the Currency... [Includes one chart]
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After waiting out the storm during the subprime lending rush, many lenders that stayed focused on production are now expanding their staff and resources as the sector churns out record volume, proving that the patience was worth it. Michigan-based Shore Mortgage recently held a career openhouse in search of 100 additional employees to beef up its processing...
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Major appraisal groups urged the Department of Housing and Development to change its policies governing appraisal management companies and fee restrictions last week, noting that the industry is grappling with conflicting rules that hurt its business as well as the FHA. Meanwhile, the debate over the role of AMCs continues as new regulations set industry limits that aren’t sitting well with...
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The FHA will now insure Home Equity Conversion Mortgages that are refinanced to allow reverse mortgagors to pay a reduced premium and require lenders to estimate the cost of such a refi before the process starts, the Department of Housing and Urban Development announced last week. Mortgagee Letter 2009-21 implements a technical correction that was published in the...
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New HUD CIO Intends to ‘Modernize and Enhance’ Agency Systems: Jerry Williams, formerly the deputy Chief Investment... Beazer Homes to Pay $53 Million for FHA Fraud: Beazer Homes USA Inc. agreed to pay $5 million to the U.S. government and up to... FHA to Begin Insuring Hospital Refis: The FHA said this week it will now allow hospitals to obtain mortgage insurance for...
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