The FHA made a last-minute announcement this week that it will delay the release of its annual financial audit, and sources close to the situation said FHA Commissioner Dave Stevens is working with the third-party auditor to bolster his projections that the program will not need a federal subsidy or bailout. The source, who said he spoke with Stevens as the delay was announced, said FHA officials feel that...
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FHA Commissioner Dave Stevens vowed to sever ties between the government mortgage insurance agency and unscrupulous lenders, and during his first few months in office, the Department of Housing and Urban Development has begun to tighten the reins. Last week’s suspension of Ideal Mortgage Bankers, which did business as Lend America, may only be the beginning. Back in June, HUD’s Mortgagee...
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The slice of total mortgage originations that was FHA-insured in the third quarter of 2009 jumped significantly from the first two quarters of the year, nearing the record levels set by the program in late 2008. Through the end of September, the FHA share of total originations was 25.4 percent, up from around 18 percent in the first and second quarters, according to an Inside FHA Lending...
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Appraisers of FHA-insured loans are bracing for their own version of the controversial Home Valuation Code of Conduct, which governs appraisals for Fannie Mae and Freddie Mac loans. The Department of Housing and Urban Development reminded FHA appraisers of its standards and the sanctions that the department can impose when appraisers don’t comply with HUD regulations. The appraisal community...
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The Mortgage Bankers Association convened an executive-level panel charged with making policy recommendations to lawmakers that will “ensure the FHA can continue in today’s evolving mortgage marketplace,” the trade group announced last week. The MBA said the FHA and its charter are now more important than ever, making it essential that the agency’s toolkit include the most up-to-date...
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President Obama late last week signed a continuing resolution that includes language to extend the $729,750 conforming loan limit for FHA, Fannie Mae and Freddie Mac mortgages. Without the extension, the conforming loan limit would have dropped to $625,000 on Jan. 1, 2010. The number of mortgages made between $625,000 and $729,750 is relatively small. The Federal Reserve said that only about...
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