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Inside FHA/VA Lending

March 27, 2009

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Industry Experts Applaud White House Choice of Mortgage Veteran to Head FHA

Industry experts overwhelmingly praised the Obama administration’s choice for FHA commissioner, David Stevens, but acknowledged that he definitely has some work to do. Stevens, an industry veteran with experience in all aspects of mortgage finance from loan origination to securitization, will be the first FHA commissioner in recent years with such a background. After working... Read More

FHA Tightens Cash-Out Refinance Rules

The FHA announced this week that it is tightening the loan-to-value requirements for cash-out refinances, citing “the FHA’s need to limit its exposure to undue risk.” According to Mortgagee Letter 2009-08, a borrower’s LTV must be 85 percent or less on any cash-out refi, beginning April 1. The change from an existing 95 percent limit is “being instituted on a temporary... [Includes one graph] Read More

FHA, Other Government Lending Agencies Take Steps to Implement Obama Mod Plan

Officials at the FHA and other government lending programs are developing their own versions of the Obama administration’s loan modification and streamlined refinance programs. “FHA, together with the Department of Veterans Affairs, the Department of Agriculture, the Federal Housing Finance Agency, and the Department of the Treasury, are working with the banking and... Read More

Report Skews Early Default Statistics, HUD Says

Officials from the Department of Housing and Urban Development are challenging claims in recent media reports that the rate of FHA-insured mortgages that default before the first payment is on the rise. According to The Washington Post, the pace of these “instant defaults” tripled from 2007 to 2008, citing its analysis of federal data. “The spike in quick defaults follows the... Read More

Document Imaging Streamlines FHA Loan Delivery

Lenders delivering closed loans to FHA for insurance can now take advantage of document imaging to enhance productivity in the booming program. BlitzDocs helps lenders and investors reduce document-related costs and build a competitive advantage by capturing and managing image-based loan documents. Offered by Xerox Mortgage Services, BlitzDocs provides a secure and convenient... Read More

HUD Looks for Technology Upgrades

It’s no secret that the Department of Housing and Urban Development is saddled with outdated information management systems, but FHA officials are pushing ahead with new technology initiatives and expect to get more resources in the agency’s new budget. It is a challenge dealing with legacy computer systems – some of which were written in COBOL programming language that’s now... Read More

FHA Adopts Fannie/Freddie Appraisal Form For Properties in Declining Markets

FHA roster appraisers will soon be required to use a form Fannie Mae and Freddie Mac put out in November as well as adopt other policy changes for properties in “declining markets.” The Department of Housing and Urban Development tells lenders and appraisers in Mortgagee Letter 2009-09 that as of April 1, all appraisers for FHA mortgages must complete the Market Conditions Addendum... Read More

Ginnie Continues to Grab Fannie, Freddie Share

Ginnie Mae’s growth spurt marched on in the early months of 2009, as the agency more than doubled its mortgage-backed security issuance to $27.6 billion in February compared to the same month last year, according to the Inside Mortgage Finance MBS Database. “Ginnie Mae’s continued market strength is a clear indication that we are still providing stability to... [Includes one chart] Read More

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