FHA Announces Revised Method for Calculating Initial MIP for HECM Refis. FHA has modified the formula for calculating the initial mortgage insurance premium for Home Equity Conversion Mortgage refinances with case numbers assigned on or after Sept. 19, 2017. The formula was modified on Nov. 14, 2017. The change conforms to the final rule FHA implemented last year to strengthen the HECM program. The revised formula has been posted on FHA’s HECM page on hud.gov, FHA Connection Release Notes, dated Dec. 28, 2017. The FHAC Release Notes outline the changes and processing instructions for lenders to calculate the initial MIP for HECM refis. HUD Releases Guide to Help Borrowers and Disaster Victims Avoid Foreclosure. The Department of Housing and Urban Development has released the Homeowners Guide to Success to help struggling homeowners and ...

Ginnie Mae and the Department of Veterans Affairs have announced additional measures to curb serial refinancing of VA loans. Testifying before a House Veterans Affairs subcommittee this week, officials from both agencies said the latest measures will complement guidelines Ginnie issued last year to deal with the loan churning problem.

A former FHA commissioner called for the restructuring of the agency as a government corporation within the Department of Housing and Urban Development with its own separate appropriation, budget control and risk-management capabilities.

Panelists at an Urban Institute event this week concluded that there can’t be a housing finance reform discussion without including the FHA. Carol Galante, former FHA commissioner during the Obama administration, said it’s important to make sure changes to the government-sponsored enterprises don’t unintentionally impact the FHA.

The origination of reverse mortgages fell by 7.3 percent on a sequential basis in the third quarter of 2017 in the wake of changes made to the program by FHA.

FHA saw many of the policies under the previous administration shelved during the first year of the Trump administration, including a proposal for a 25 basis point reduction in the annual mortgage in-surance premium, while waiting for a new commissioner to head the program.

Like scores of other Trump appointees, a final vote on Montgomery’s nomination as assistant secretary for Housing was not acted upon by yearend…

Aggressive FCA enforcement and steep settlement amounts have caused some banks to exit from the FHA market.

The seller will consider separate bids on the conventional and government portions…

Wells Fargo, Quicken, and United Wholesale Mortgage are the top three firms originating these low-downpayment loans…