The Department of Housing and Urban Development’s Inspector General released another lender audit as part of its “Operation Watchdog” series, and again found serious underwriting deficiencies that resulted in significant losses for the FHA. HUD and the IG’s office together announced...
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Despite measures the Department of Housing and Urban Development has taken to ensure FHA-approved lenders play by the rules, some executives with prior criminal convictions are still making FHA loans, according to a recent report from the Center for Public Integrity. The CPI said documents and interviews revealed...
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FHA originations in July 2010 are up from the lower levels seen over the last few months, but the refinance share of FHA production hit historic lows. Lenders made $24.22 billion in FHA mortgages in July, a 3.7 percent decrease from the prior month but a 15.2 percent jump from the two-year low seen in May. In July 2009, FHA volume hit a record... [Includes one data chart and one graph]
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The Department of Housing and Urban Development is modifying its approach to modernizing the agency’s financial systems to focus on a single core financial system. The Office of Management and Budget has led a government-wide effort to improve financial systems across various federal agencies. Following a series of discussions with...
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Loan modification activity on FHA loans has ramped up in 2010, according to government data, and a recent report from Amherst Securities Group links that trend with an increase in the number of modified loans issued in new Ginnie Mae securities. As delinquencies increased in Ginnie Mae pools throughout 2009, there was... [Includes one graph]
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The Department of Housing and Urban Development will soon make further changes to allowable loan-to-value ratios. In Mortgagee Letter 2010-24, released in August, HUD said it will stop allowing unlimited combined LTVs after two years of permitting refinances for borrowers with outstanding second liens even if...
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