The National Community Reinvestment Coalition this week challenged the long-standing practice of lenders setting credit requirements that exceed the minimum standards required by the FHA. An NCRC investigation revealed that many of the country’s largest lenders are refusing to give...[Includes one data chart]
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The maximum amounts for FHA-insured loans will be the same next year in nearly all housing markets despite significant house price changes this year. HUD also reiterated its stance that it doesn’t plan to adjust the limits for smaller “sub-areas” of broader metropolitan markets. In a mortgagee letter released...[Includes two data charts and one graph]
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The FHA’s expanded authority to force lenders to indemnify the agency for poorly underwritten loans was widely supported by Congress, but the Mortgage Bankers Association this week spoke out against the new plans. Commenting on a rule the Department of Housing and Urban Development proposed in October, the MBA said...
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Recent guidelines from the Department of Housing and Urban Development clarifying lender eligibility requirements to participate in the FHA and its annual certification process will make the process harder for lenders to cleanly certify their annual FHA renewals, according to attorneys at K&L Gates. HUD guidance under the Helping Families Save Their Homes Act of 2009 provides...
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Industry participants are warning federal regulators that they should tread carefully when drafting the definition of “qualified residential mortgage” so the FHA isn’t inundated with new business. Congress created the qualified mortgage exemption in the Dodd-Frank Wall Street Reform and Consumer Protection Act to enable...
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The Department of Housing and Urban Development is making strides in improving its information technology framework, but the agency needs to beef up its management and reporting of the various legally required modernization projects it had underway in fiscal 2010, according to a recent report from the Government Accountability Office. The GAO found...
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