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Inside FHA/VA Lending

March 13, 2009

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HOPE For Homeowners Improvements Await Senate Passage of Cramdown Bill

The House of Representatives passed a bill containing the long-awaited fixes to the HOPE for Homeowners program late last week, and the Senate could begin its deliberations as early as next week. The measures are attached to H.R. 1106, a controversial bill that would grant bankruptcy judges the authority to cram down borrowers’ mortgage balances when they file for Chapter 13... Read More

H4H Incentive Payments Surface in Obama Loan Mod Plan, MBA Asks for Program Tweaks

Details released by the Obama administration last week about its loan modification initiative, the Home Affordable Modification program, contain guidelines for incentive payments in FHA’s HOPE for Homeowners refinance program, but the payments won’t be possible without further legislation. The Home Affordable Modification program’s 17-page guidelines spell out specifics for... Read More

HUD, FHA Get Boost in 2010 Budget Proposal

President Obama’s budget proposal for fiscal year 2010 validated what many industry experts have been begging for, especially since the mortgage market’s troubles have spurred the downturn in the broader economy. The administration’s budget proposes an 18.45 percent boost to Department of Housing and Urban Development funding, reversing an eight-year pattern... [Includes one graph] Read More

HUD Announces Plans to Beef Up Reverse Mortgage Off Year of Steady Production

As the reverse mortgage market continues to gain speed, regulatory actions are in the works to keep borrowers protected and to make the product more available to senior homeowners. In an audio conference hosted by Inside Mortgage Finance Publications this week, Meg Burns, director of FHA single family program development, said Home Equity Conversion Mortgage activity is... Read More

FHA Delinquencies Continue to Rise

The end of 2008 saw the percentage of FHA loans 90-plus days past due reach 4.11 percent, its highest-ever mark, according to the Mortgage Bankers Association’s quarterly delinquency report. The Department of Housing and Urban Development’s figures are even higher. The seasonally adjusted percentage of loans that are 90 days or more delinquent... [Includes one graph] Read More

FHA Loan Analysis Can Ensure Fee Compliance

Interthinx, a California-based risk mitigation and regulatory compliance service provider, stepped into the booming FHA sector with a product to help lenders comply with the Department of Housing and Urban Development’s fee limitations on FHA loans. PredProtect, an 8-year-old compliance product, now has an automated analysis designed to... Read More

California Leads FHA Surge in Second Half of ‘08

California ranked first in nearly every category of FHA lending as 2008 drew to a close, leading the way for FHA’s all-time high market share, according to an Inside FHA Lending analysis of state lending data. The surge in share in the second half of the year appeared to take significant business from Fannie Mae and Freddie Mac in numerous states... [Includes one chart] Read More

Few Areas See Changes in FHA Loan Limits

Most housing markets saw no change in their maximum FHA loan limit when the government restored higher limits that had been in effect for most of 2008, even though house prices declined in almost all areas of the country. The same 20 housing markets that enjoyed the top $729,750 FHA loan limit in 2008 are eligible for loans up to that level this year. The FHA issued... [Includes one chart] Read More

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