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Volume 7 - Number 22

October 24, 2014

FHA to Modify CHUMS, Develop New System

The FHA has announced plans to modify the Computerized Homes Underwriting Management System (CHUMS) while work continues on a new, improved replacement system. CHUMS provides support for automated processing, analysis and screening of appraisal documents. Specifically, it is used on first-time homebuyer loan applications, Home Equity Conversion Mortgages, Section 203(k) property rehabilitation loans, VA-certified FHA loans and other FHA-approved programs. The system is also used to assist in evaluations of borrowers’ mortgage credit and as a complement to FHA’s credit assessment tool, TOTAL Scorecard. A new Loan Application Management System (LAMS) is in development to replace CHUMS completely in about five years. In its initial release, LAMS will enable the Department of Housing and Urban Development to start collecting and incorporating ...

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After the November elections, how long will it take for a new Congress and White House to pass GSE reform legislation?

I’m confident a bill will be passed the first year.


2 to 3 years. GSE reform is complicated.


Sadly it won’t happen in a Clinton or Trump first term.


Not in my lifetime.


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