News broke late this week that FHA Commissioner David Stevens will step down from his position for unknown reasons by the end of April. Stevens was appointed to the post by President Obama in April 2009 and has played a crucial role in shaping the FHA’s policy changes as the program took on...
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The House of Representatives this week voted to put the fledgling FHA short refi program out of its misery, although industry experts don’t think the legislation has the steam to pass through the Senate. The House Financial Services Committee voted 33-22 to end taxpayer funding for the short refi program, which was launched...
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The Department of Housing and Urban Development did not take appropriate steps to recoup losses stemming from poorly underwritten loans, resulting in substantial unnecessary losses to the FHA’s insurance fund, according to a report released last week by the agency’s Office of the Inspector General. The OIG compiled...[Includes one data chart]
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Ginnie Mae is requesting a significant increase in salaries and administrative expenses in the fiscal 2012 budget so the small government agency can grow its staff size to meet its larger role in the mortgage market. The Obama administration requested...
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The Department of Housing and Urban Development proposed lowering the amount of allowable seller concessions on FHA loans, usually payment of a borrower’s closing costs, from 6 percent to 3 percent in July 2010. Eight months later, lenders are still waiting for the issue to be resolved. Conventional mortgage lenders have capped...
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Wells Fargo will stop offering reverse mortgages through its wholesale and broker channels after next week, becoming the latest large FHA lender to reconfigure its business in that sector. Bank of America announced in early February that it will stop originating reverse mortgages as the company plans to focus on its “core” business. Wells and BofA were...[Includes one data chart]
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Mortgage originations made by the Department of Veterans Affairs fell slightly from 2009 to 2010, but the VA’s share of the market set an all-time record last year due to the drop in total mortgage lending. The $68.92 billion in VA loans made...[Includes one data chart]
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