The Mortgage Bankers Association proposed some revisions of its own in response to an FHA proposal to change home equity conversion mortgage disbursements and defaults.
The Department of Housing and Urban Development wants all new or substantially renovated homes insured by FHA to be elevated an additional two feet above base flood elevation.
Under the modified policy, FHA decreased the minimum loan balance threshold at which a mortgagee can submit the assignment request for a home equity conversion mortgage.
The success of the Section 203(k) program depends on reforms that would make it more accessible for borrowers and operationally feasible for lenders, according to the Mortgage Bankers Association.
Correspondent sales of government-insured loans declined by 28.6% on an annual basis in 2022, though Veterans United boosted its sales by 13.8%. (Includes data chart.)
The Community Home Lenders of America asked leaders of the congressional appropriations committees to fully fund FHA’s and Ginnie Mae’s fiscal 2024 budget requests for salaries and administrative expenses.
A new paper by the Joint Center for Housing Studies at Harvard University recommended increasing the amount of downpayment assistance to Black and Hispanic first-time homebuyers using FHA loans.
Although the share of Ginnie Mae loans in forbearance decreased to 1.28% in February from 1.37% the prior month, there are still concerns about FHA/VA loan performance.
The Center for Responsible Lending and the American Enterprise Institute want FHA and VA to implement measures to discourage harmful cash-out refinancings.
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