The FHA endorsed a total of $61.54 billion of forward mortgages during the second quarter, according to a new Inside FHA/VA Lending analysis and ranking.
FHA single-family endorsement activity saw a solid 15.0 percent increase from the first to the second quarter of 2016, but the program lost market share in the red-hot primary mortgage insurance business. The FHA endorsed a total of $61.54 billion of forward mortgages during the second quarter, according to a new Inside FHA/VA Lending analysis and ranking. That brought year-to-date production to $115.06 billion, a 9.0 percent increase over ... [Includes two data charts]
Mortgage lenders originated $48.26 billion of single-family mortgages with VA home loan guaranties during the second quarter of 2016, according to agency data provided this week to Inside FHA/VA Lending. Second-quarter volume was up 30.0 percent from the first three months of the year, with the biggest increase coming in streamlined refinancing. The VA said originations of interest rate reduction loans totaled $16.50 billion in the second quarter, up 51.6 percent ...
The Department of Housing and Urban Development’s inspector general has taken its dispute with HUD over downpayment assistance to Congress, accusing FHA of steering borrowers to DPA programs with an illegal funding scheme. In a recent letter to House Financial Services Committee Chairman Jeb Hensarling, R-TX, HUD Inspector General David Montoya said premium pricing uncovered during an audit of an Arizona-based FHA lender violates federal law regarding ...
An FHA servicer’s failure to communicate in a timely manner with delinquent borrowers for potential loss mitigation options exposed troubled homeowners to the risk of losing their home, according to results of an audit by the Department of Housing and Urban Development’s inspector general. The delay also may have resulted in a violation of federal and state bankruptcy laws, the inspector general’s report noted. The audit looked into Selene Finance’s servicing of FHA loans and ...
Revised forms lenders must file when submitting a mortgage loan for FHA insurance became mandatory on Aug. 1, raising hope for more lender participation in the FHA single-family mortgage insurance program without fear of liability. The improved form, HUD/VA Addendum to the Universal Residential Loan Application (Form 92900-A), eliminates the requirement that lenders certify to their compliance with all FHA requirements. The FHA first proposed changes to ...
Regions Financial Corp., a $125 billion Alabama bank, has reached a preliminary settlement with the Department of Justice and the Department of Housing and Urban Development to resolve an investigation into the bank’s FHA lending practices. The reason for the investigation was not disclosed in the bank’s 10-Q filing, although Regions acknowledged that DOJ and the HUD inspector general are focusing on its FHA loan origination procedures, underwriting and ...
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