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Inside FHA/VA Lending

August 14, 2009

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FHA Suspends Taylor, Bean & Whitaker

Last week’s sudden suspension of the FHA’s third-largest lender – Taylor, Bean & Whitaker – underscores the government’s rising challenge in policing a rapidly growing program in a still highly volatile market environment. TBW didn’t submit a required annual financial report and “misrepresented that there were no unresolved issues with its independent auditor,” HUD said. The auditor... Read More

Official Says FHA Won’t Increase Premiums

A notice from an official at the Department of Housing and Urban Development to all FHA lenders confirmed that the agency will not increase its mortgage insurance premiums in the coming year. HUD said many lenders have been asking if the FHA would hike up its premium structure as a result of the expiration of the one-year moratorium on risk-based pricing, which was passed into law... Read More

Ginnie President Steps Down Amidst Boom

Ginnie Mae President Joseph Murin told Inside FHA Lending that he is stepping down from the post he has held since January 2008 after this week to pursue a position in the private sector. He leaves Ginnie as the program’s mortgage-backed security issuance has hit all-time high levels and the agency has taken on a new role in the secondary market. Murin said he came in at a... Read More

OCC Pushes Rehab Lending; 203(k) Volume Up

The Office of the Comptroller of the Currency said the FHA’s Section 203(k) home rehabilitation financing program, which has seen a resurgence in business but still is not widely used, could be of significant benefit to lenders who have large inventories of real-estate owned properties resulting from the foreclosure crisis. The Section 203(k) program is the... [Includes one graph and one chart] Read More

HUD Still Hashing Out FHA-HAMP Details

Officials from the Department of Housing and Urban Development said they have been inundated with questions from servicers about details of the recently announced FHA loan modification but they don’t have all the answers yet. The FHA-Home Affordable Modification program, which goes into effect on Aug. 15, will allow FHA to pay a partial claim up to 30 percent of... Read More

FHA Lending Giants Pace Strong First Half of 2009

The largest FHA lenders paced the industry on its way to a record $98.17 billion in FHA production set in the second quarter, according to a new Inside FHA Lending analysis of the latest government data. Bank of America’s FHA-insured originations grew to 8.4 percent of the total FHA market through June from 6.3 percent at year-end 2008 thanks to lending... [Includes one chart] Read More

Pricing Changes Make HECMs Less Attractive

Legislative changes to the FHA Home Equity Conversion Mortgage program have had a mostly positive effect on lenders and borrowers, but the lack of secondary market availability for these loans has caused a downward confluence on many lenders’ plans, a recent report from the Government Accountability Office concluded. The report noted that Fannie is making changes to its HECM business... Read More

Mortgagee Letters Clarify Multifamily Changes

HUD made several minor changes to its multifamily mortgage insurance program in the last few weeks. Mortgagee Letter 2009-22 sets forth the agency’s revised policy to grant temporary authority to multifamily hub directors to waive the “three-year rule” for section 223(f), which insures mortgage loans to facilitate the purchase or refinancing of existing multifamily rental housing... Read More

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