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Volume 14 - Number 2

January 24, 2014

FHFA-OIG: Fannie Overpaid for Inspections, Calls for Refunds

Fannie Mae’s process for paying for servicer property inspections has “significant control deficiencies,” prompting the official watchdog of the Federal Housing Finance Agency to conclude that additional agency oversight is required, according to a new report. The audit by the FHFA’s Office of Inspector General estimated that some 9.5 percent of claims for pre-foreclosure property inspections in 2011 and 2012 resulted in $5 million in overpayments by Fannie. GSE guidelines require servicers to perform a monthly inspection on all delinquent properties.

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HUD has announced a 25 basis point cut in FHA premiums, which is slated to take effect in late January. Is your lending shop for or against a cut in FHA premiums?

For. It should help lending volumes.
Against. The private MI sector should take on this risk, not the government.
Too early to say.
I believe the new White House may scuttle the idea so it doesn’t matter.

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