The combination of program changes, tighter standards and market conditions forced FHA mortgage originations out of the spotlight it grew accustomed to since 2008, as 2010 saw the program’s role diminish in the overall mortgage market. Coming off a 2009 in which the FHA endorsed...[Includes one data chart and two graphs]
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The notion that the FHA’s short refinance program has too many flaws to become a successful modification tool is building among industry participants, but FHA Commissioner David Stevens remains confident that the initiative will eventually be a useful option for underwater borrowers. Stevens told...
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Initial feedback from reverse mortgage lenders and government data suggest that the FHA’s HECM Saver program, a slightly altered version of its traditional Home Equity Conversion Mortgage, is off to a positive start. Launched in October 2010, HECM Saver was...[Includes one graph]
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The FHA rule prohibiting the practice of “flipping” will be suspended for another year, a Department of Housing and Urban Development spokesman said last week. Allowing the practice will keep homes moving out of the foreclosure inventory and help the mortgage market recover, experts said. In 2003, HUD issued...
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Lenders will no longer be able to use appraisal reports from a model unit for the rest of the homes in a condominium project or housing subdivision, the Department of Housing and Urban Development announced in a mortgagee letter this month. Historically, lenders and builders would use the appraisals from model units to reduce...
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Credit Watch Terminations Keep ComingThe Department of Housing and Urban Development this week announced the termination of 15 lenders’ approvals to originate and underwrite FHA loans under its Credit Watch initiative. HUD can remove the FHA approval of any lender that has a default and claim rate for loans endorsed...
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