The Mortgage Bankers Association announced last week that FHA Commissioner David Stevens will become the group’s president and CEO June 1. Industry sources noted that it will be interesting to see how Stevens – who guided the FHA toward tighter rules and stricter lender oversight – will lead...
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In the same week that the House of Representatives voted to kill the FHA’s short refinance program, three of the largest mortgage servicers signed up to participate in it. But without willingness from the government-sponsored enterprises to join the initiative, sources said it may still be in for a rough road. The House voted...
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The total capital resources in the FHA’s insurance fund declined again in the fourth quarter of 2010, but borrowers using FHA mortgages continue to have high-quality credit profiles, according to the program’s latest quarterly report to Congress. The report, which covers...[Includes one data chart and one graph]
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Rumors continue to swirl about whether the Department of Housing and Urban Development will raise the minimum downpayment on FHA loans from its current 3.5 percent. The Obama administration is considering a number of options to reduce the government’s role in the mortgage market, including higher FHA downpayments. The administration’s February white paper on how to best reform...
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The largest states in terms of FHA mortgage volume accounted for more than half of total FHA lending in 2010, boosted by a surge in purchase lending. The top 10 states in FHA origination volume last year held a 52.4 percent market share, up from 49.6 percent in 2009 and 48.8 percent in 2008, according...[Includes one data chart]
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The FHA’s new “Saver” version of its Home Equity Conversion Mortgage continues to perform well, while traditional HECM lending is stagnant and faces a tough road ahead with several large lenders ceasing their reverse lending operations. Launched in October 2010, the HECM Saver was...
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Ginnie Mae this week issued a reminder to issuers of mortgage-backed securities collateralized by FHA home equity conversion mortgages that they have to buy HECM loans that reach 98 percent of the maximum claim amount out of the MBS pool. When these “mandatory purchase events” (MPE) occur...
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