New Jersey and Louisiana senators are spearheading a new flood insurance reauthorization with a five-year life and premium caps.

Median monthly home payments have jumped from $2,200 in January 2022 to $3,000 in March 2023, Harvard’s Joint Center for Housing Studies reports.

The inspector general found fault with how the industry in general and Mr. Cooper in specific handled pandemic-era loss mitigation.

The FHA has more than a dozen final or proposed rules lined up for action over the next 12 months. The agenda includes rules to modernize engagement with mortgagees in default and to update requirements for firms that invest in FHA mortgage servicing.

FHA this week announced a new language access web page with key single-family home mortgage documents and educational resources translated into Spanish, Chinese, Korean, Tagalog and Vietnamese.

Mortgage servicers didn’t always sufficiently comply with FHA loss-mitigation requirements for borrowers whose COVID-19-related forbearance had ended, the inspector general for the Department of Housing and Urban Development said this week.

Ginnie extends e-Sign use; HUD OIG to testify before congressional committee; FHA Catalyst claims module will require new user information; USDA updates single-family housing handbook; HUD lifts cap on multifamily loans for low-income housing tax credit pilot.

The Mortgage Bankers Association this week raised concerns with the Department of Housing and Urban Development about its proposed property standards for new construction and substantial renovations of FHA-insured properties located in a floodplain.

Funding for the Department of Housing and Urban Development is expected to be remain static in 2024 compared to this year’s levels.

HUD for the first time has committed to making its FHA appraisal data publicly available. The disclosures will be available later this year.