The massive regulatory reform bill nearing completion in Congress would exempt FHA-insured loans from stricter origination and securitization requirements, leading many experts to believe that it will keep the FHA’s market share of mortgage originations steady or increase it, instead of drawing it back as government officials are hoping. The Dodd-Frank Wall Street Reform and Consumer Protection...
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The forthcoming refinance program that will put underwater borrowers into new FHA loans is garnering interest from investors, but market participants are unsure about how many borrowers will actually qualify for the Obama administration initiative, according to a new Government Accountability Office report. The new FHA “short refi” program will use up to $14 billion of the $50 billion of funds...
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During the first of a series of meetings in the appropriations process, House lawmakers approved $150 million for the FHA’s home equity conversion mortgage program in the fiscal 2011 budget. The appropriation was less than the Obama administration’s $250 million request. The $150 million will result in “a funding level sufficient to cover the expected volume for fiscal year 2011,” said Rep. John...
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Many industry participants have given up on the FHA’s HOPE for Homeowners refinance program, which has endorsed just 63 loans through May, according to the Department of Housing and Urban Development. But California vendor Banker’s Portfolio is trying to turn the tables on the government initiative. Banker’s Portfolio, which specializes in auctioning bulk real-estate owned properties and...
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The Department of Housing and Urban Development is still trying to sort out technology changes to its FHA Connection system and other details involved in its transition to a new system for FHA wholesale lending. According to industry participants who spoke with HUD officials on a conference call last week, the agency will issue more guidance before the changes take effect this fall. HUD stopped...
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Second appraisals ordered for documentation purposes to meet the requirements of the property-flipping waiver the Department of Housing and Urban Development announced in May must not be used for case processing and cannot be entered into the FHA Connection system, HUD said last week. HUD published a rule in the May 21 Federal Register noting that for certain home sales made on or after Feb...
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