FHA officials Lopa Kolluri and Julienne Joseph further explain the motivating rationale for allowing a new 40-year loan-modification option for borrowers financially impacted by the pandemic.

The Department of Housing and Urban Development’s Mortgagee Review Board took disciplinary actions against 97 FHA-approved lenders during fiscal year 2021.

Senate majority leader files cloture on Gordon’s confirmation for FHA chief; HUD OIG announces two Ginnie audits; HUD to host webinar for reverse mortgage counselors; FHA extends temporary shutdown of loan review system; HUD updates civil monetary penalties; FHA closes multifamily housing loan; USDA updates lender requirements for OneRD guaranteed loan initiative; USDA opens SF loan program to non-citizens.

The Biden administration’s move to reduce the impact of medical debt from consumer credit reporting will make it easier for some homebuyers to qualify for government-backed mortgages.

The new option is for borrowers who cannot achieve at least a 25% reduction in the principal and interest portion of their payment through a 30-year loan modification with a partial claim.

Earlier this month, FHA issued proposed rule-making for a permanent 40-year loan option and is taking comments through May 31.

Ginnie Mae issuers securitized some $155.11 billion in mortgage-backed securities during the first quarter of 2022, a 17.5% decline on a sequential basis. (Includes four data charts.)

Julia Gordon is on track to be confirmed after the Senate last week voted 51-50, with VP Harris casting the tiebreaker, to enable consideration of her nomination as FHA commissioner on the Senate floor.

Amid growing calls among industry participants for a reduction in FHA mortgage insurance premiums, some experts believe FHA’s wait-and-see approach is the right way to go.

FHA this week temporarily shut down its Loan Review System after users reported intermittent document errors over the past several weeks.