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Volume 7 - Number 25

December 5, 2014

Groups Oppose FHA Quality Assurance Fee

Reports that the Senate Appropriations Committee might include a proposed FHA administrative fee in the Senateís spending bill for financial and housing agencies is causing a furor within the mortgage financing industry. Industry groups have come out in force, urging the leaders of the Senate committee to remove the provision from a continuing resolution to fund the government beyond Dec. 11. There is speculation that the House might go along with the fee. The provision, expected to raise $30 million for FHA quality assurance efforts, would allow the Department of Housing and Urban Development to charge a fee of no more than 4 basis points of the original principal balance of all FHA-insured mortgages a lender made in the previous fiscal year. HUD originally made the request in President Obamaís proposed FY 2015 budget. Over industry objections, the Senate later incorporated the ...

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