FHA revises URLA form; MI premium tax deduction extended; CFPB warns about HECM scams.

The incoming Biden administration has picked a HUD secretary, legislator Marcia Fudge. Next up: the FHA and Ginnie Mae jobs.

It’s no secret that early buyouts of delinquent FHA and VA loans are rising. Ginnie Mae, as might be expected, is keeping a close watch. (Includes data chart.)

The delinquency rate rose 54.9 basis points month-on-month to 18.33% in October. (Includes data chart.)

Was FHA chief Dana Wade out of line on her criticism of the high-cost loan limit? Not really but it was (sort of) rare.

Mike Fratantoni, MBA chief economist, said the job market data continue to indicate that homeowners are experiencing severe hardships due to the pandemic.

Biden’s proposed tax credit of $15,000 will be automatically distributed to homebuyers when they make a purchase, according to the administration.

FHA Commissioner Dana Wade said this was the first time there have been no material weaknesses or significant deficiencies identified with its financial statements.

FHA delinquencies are a paramount concern for regulators and lenders but the MMIF closed fiscal 2020 on solid footing. (Includes data chart.)

FHA delinquency rates went down 6 basis points to 15.59%, a Mortgage Bankers Association survey found. Though worth noting: FHA loans in the seriously delinquent category (90-days past due) reached a survey-high of 10.76%.