Genworth U.S. Mortgage Insurance said the FHA mortgage insurance premium reduction earlier this year has not had much of an impact on private MI business so far in terms of creating more competition. “I would say competition with FHA is about the same,” said Rohit Gupta, president and CEO of Genworth. “We have seen the FHA price reduction actually having more impact on FHA streamline refis. Borrowers who have gotten into FHA loans three years ago are refinancing into another FHA loan just to reduce their annual payment.” In January, the FHA pared its annual MIP from 1.35 percent down to 0.85 percent to win over first-time homebuyers and other qualified borrowers. While Gupta emphasized that on the purchase side there hasn’t been that big of an impact yet, he said “we might have seen a little bit of an impact in the first quarter but nothing significant yet.” He added there are a lot more ...

FHA Releases Planned System Enhancements for SF Policy Handbook. The FHA is providing an overview of the FHA Connection (FHAC) system enhancements to help lenders get ready before the Single-Family Policy Handbook’s Sept. 14, 2015, effective date. The system enhancements primarily affect three screens in the FHAC case assignments, appraisal logging and insurance application. In the coming weeks, FHA plans to provide technical details for entities using direct interface with FHAC. FHA Announces Availability of Recorded Training Modules for SF Policy Handbook. FHA-approved mortgagees may now use new-recorded training modules to guide them through the ...

The Department of Housing and Urban Development is seeking comment on proposed changes to FHA’s loan certification document to make it less likely for direct-endorsement lenders to be sued for loan fraud over a technical glitch or an unintentional oversight. Language in Form 92900-A (HUD Addendum to Uniform Residential Loan Application), a loan-certification document signed by lenders, has been revised to reflect updated provisions in the new HUD Single Family Policy Handbook, a compendium of FHA policies and guidelines. The proposed changes would differentiate...

According to the offering circular, the receivables are geographically dispersed with Texas accounting for the largest share at 7.2 percent.

We understand that American Home Mortgage founder and chief executive Michael Strauss may be launching a new nonprime lender...

A big part of the MBS liquidity issue is caused by the Fed’s massive holdings, said Steve Abrahams, a managing director at Deutsche Bank.

Although Associated denies that any such lending discrimination took place, it agreed to commit almost $200 million in new loans to “targeted” areas...

Commercial banks and thrifts held $1.58 trillion of residential MBS at the end of March, a 2.6 percent increase from the previous quarter.

We understand that at least one other prominent FHA lender is contemplating filing a lawsuit against the government as well...

If purchase-lending doesn’t increase soon the mortgage industry could be in for some turbulence.