Lenders don’t have to provide re-verification of borrower employment to HUD within 10 days of the mortgage note.

Reverse mortgage lenders pumped out $3.87 billion in the first three months of 2020. But originations took a big step back in April due to COVID-19. (Includes two data charts.)

HFSC Chair Maxine Waters rebuked FHA and FHFA for policies she said would unfairly penalize those lending to minority borrowers.

The powerful trade group urged FHA not to increase insurance premiums in order to address risks related to COVID-19 forbearance.

Some 89% of default servicers expect foreclosures and real estate-owned inventories on government-insured loans to rise even though there is no major economic recession or downturn in the housing market.

HUD sought no changes in its funding request for FHA and Ginnie but has called for legislative reforms, and will seek them through the authorization, rather than the appropriations, process.

The bank is considering reentering the FHA market, which it fled in 2014 due to tougher regulations and onerous monetary penalties for violating lending rules. The exit of large banks allowed nonbanks to establish a foothold and the correspondent market to flourish in the FHA space.

FHA reforms suggested by the MBA include streamlining of servicing requirements and standardization of guidelines for downpayment assistance programs.

An Urban Institute study has called for uniformity among Fannie, Freddie, FHA, VA and USDA when considering student-loan debt in mortgage underwriting.