The success of the Section 203(k) program depends on reforms that would make it more accessible for borrowers and operationally feasible for lenders, according to the Mortgage Bankers Association.
The Mortgage Bankers Association wants FHA to extend to all lenders certain documentation waivers recently made available to Reverse Mortgage Funding transferees.
FHA is taking feedback through April 27 on a draft mortgagee letter proposing the use of rental income from accessory dwelling units to calculate borrowers’ eligibility for a home loan.
The reverse-mortgage market was virtually glowing last year, with production increasing 24.6% to a whopping $29.65 billion. But much of that activity was front-loaded in the first six months. (Includes three data charts.)
FHA is cutting annual mortgage insurance premiums, effective March 20. Lenders are seeking operational clarity on loans already in the origination pipeline.
The National Consumer Law Center said FHA should reform its home equity conversion mortgage program to reduce the number of so-called preventable foreclosures.
By targeting price cuts at low-FICO score and high-LTV borrowers, the new pricing grids of Fannie Mae and Freddie Mac could increase market overlap with FHA.
Looser pooling requirements for delivering reperforming loans to Ginnie; FHA revises policy handbook; FHA updates instructions for use of GSE model forms; FHA hiring; VA revises various forms; VA offers loan review API; CHLA calls for permanent PTAP; RHS proposes loosening loss-mitigation standards.