Last year saw the FHA undergo a series of policy changes that affected how lenders do business with the agency and the program’s structure as government officials tried to ensure the program’s financial soundness in its new, larger role in the mortgage market. This year, though, is poised...
Read More
The Department of Housing and Urban Development extended a helping hand to seniors falling behind on their Home Equity Conversion Mortgages, releasing guidance to FHA lenders and borrowers on how to deal with delinquent HECMs stemming from missed property tax and other payments. “We understand...
Read More
The FHA temporarily extended policy changes governing condominium loans, and officials said the program’s role in the condo market is vital as the FHA is practically the only source of credit for these mortgages. In a mortgagee letter released earlier this month, the Department of Housing and Urban Development said...[Includes one graph]
Read More
On the heels of the Department of Housing and Urban Development extending the deadline for lenders to apply for participation in the PowerSaver Pilot Program, numerous industry groups and market participants suggested that the agency make changes to the program to make it more appetizing. The PowerSaver program offers...
Read More
Lenders participating in FHA programs must now provide their unique number assigned under the Nationwide Mortgage Licensing System to the Department of Housing and Urban Development as part of loan packages, the agency announced this month. The NMLS is a registry operated...
Read More
The Department of Housing and Urban Development clarified its policies about lenders performing quality control reviews on the heels of FHA program changes to third-party originator approvals. The agency said in Mortgagee Letter 2011-02 that because it stopped approving loan correspondents Jan. 1, 2011, all FHA-approved lenders will be...
Read More
FHA loans used for home purchases accounted for a low share of total FHA origination volume in November 2010, contributing to the continued suppressed FHA mortgage totals toward the end of last year. Just 47.5 percent of the FHA lending in November was in purchase-money loans, down from the 76.7 percent mark from July. The monthly volume totals in July and November were...[Includes one data chart]
Read More