FHA Commissioner Julia Gordon said FHA plans to “very soon” add a proposal to its drafting table on options that mortgage servicers can use to help borrowers reduce their monthly payments to keep them in their homes.
The Mortgage Bankers Association has raised concerns about GSE pricing for third-party originations in a comment letter to FHFA as the agency undertakes changes to its enterprise regulatory capital framework.
FHA said the amount of rental income from the accessory dwelling unit used to determine income may not exceed 30% of the total income used to qualify the borrower.
The change affects new loans endorsed on or after March 20. The last MIP cut occurred in early 2015, when FHA trimmed premiums by 50 bps for 30-year fixed-rate mortgages.
Apollo isn’t buying Select Portfolio Servicing from Credit Suisse; FHA seeking suggestions for changes to rehabilitation program; Hsieh’s fishing dream; mortgage fraudster sentenced to 10 years in prison.
The Federal Housing Finance Agency, the Department of Housing and Urban Development and the Consumer Financial Protection Bureau have a number of mortgage-related rulemakings in the works, according to their policy agendas.
In the lame duck session, Congress managed to pass a spending bill with funding for FHA IT modernization. A separate bill updating standards for VA appraisals also made it to President Biden’s desk.
Not a total surprise, but the central bank hiked short-term rates by 75 basis points this week. Mortgage rates hardly budged but residential finance professionals are worried about the quarters ahead. Meanwhile, more lenders are heading for the exits.
United Wholesale Mortgage ranked as the top seller of loans with private MI coverage for the first nine months of 2022. But PMI loans lost market share in the third-quarter agency purchase market.
The approaching midterm elections have once again sparked debate on when the FHA will announce a reduction in insurance premiums. Will the Biden administration use an MIP cut to stoke Democratic support?
RSS