The real estate industry recommended establishing a new FHA condominium program structure to ease the burden on condo projects seeking FHA certification without posing more risk to the Mutual Mortgage Insurance Fund. Commenting on FHA’s proposal to collect information on the agency’s condominium certification process, a coalition of real estate groups said the current program is too burdensome for condo owners and potential buyers with an FHA-insured mortgage. Comprised of the National Association of Realtors, National Association of Home Builders, Institute of Real Estate Management and the ...
The FHA’s FY 2013 commitment authority for its multifamily programs will run out on Aug. 15, forcing loan applicants to suspend their projects until Congress can approve a new funding commitment for FY 2014. The FHA has informed multifamily, risk share and healthcare program participants that the $25 billion commitment authority allotted by Congress for FY 2013 is nearly gone. The agency said it does not have enough funds for all applications currently in the pipeline. The agency continued to ...
The VA home loan program was up 23.5 percent in the first six months of 2013, although activity slowed by 1.5 percent from the first quarter, according to Inside FHA Lending’s analysis of VA data. The VA reported $74.4 billion in purchase and refinanced loans during the first six months, with refis accounting for 52.9 percent of total volume. The program’s share of the overall mortgage insurance market fell to 22.2 percent in the second quarter from 24.3 percent in the previous quarter. Combining their year-to-date results, the FHA and VA reported a combined ... [1 chart]
HUD Seeks Comment on Proposed Multifamily Rule. The Department of Housing and Urban Development is seeking comment on proposed changes to regulations covering contract rights and obligations of FHA multifamily lenders. When a lender finances multifamily loans through bonds or bond anticipation notes, it uses the FHA insurance claim funds to pay off the remaining bond debts. At times, the claims payments are greater than the remaining bond debts. The proposed rule would require lenders to return to the FHA the excess bond funds that remain after ...
According to the Department of Housing and Urban Development, FHA has nearly exhausted its $25 billion authority for FY 2013 to insure multifamily, risk share and health care programs.
Specifically, Sen. Warren says she wants information on seller/servicers that were granted price breaks and the “basis” for “granting more favorable terms.”
In the wake of EverBank’s recent exit from the wholesale/broker channel, there appear to be signs of expansion in the sector with nonbanks leading the charge. But mortgage brokers shouldn’t get their hopes up too much: Many of those expanding are nonbanks and none are likely to fill the void created by the megabanks – Bank of America, Chase and Wells Fargo – which began pulling out three years ago. “I truly believe...
Ocwen Financial expects to reach a settlement with state attorneys general regarding servicing practices “very soon,” according to Ronald Faris, the servicer’s president and CEO. State AGs have been working for more than a year to get other servicers to agree to terms similar to the $25 billion settlement reached with five large bank servicers in February 2012. A person with knowledge of the negotiations said terms with Ocwen have yet to be finalized or sent to the 50 state AGs, suggesting that it could be weeks before the settlement is completed. The source added that future settlements with servicers are likely to be reached on an individual basis, not bundled as they were with the settlement that involved Ally Financial, Bank of America, Citi, JPMorgan Chase and Wells Fargo. Ocwen’s Faris said...
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