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Inside FHA/VA Lending

October 23, 2009

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FHA Ends Huge Fiscal ’09 Trending Down

The FHA set a new record for production in the recently completed fiscal year, but volume declines in recent months suggest the program may have passed its peak. FY2009, which ended Sept. 30, saw lenders do $360.3 billion in FHA-insured originations, a 78.6 percent jump from the $201.7 billion in fiscal 2008. The final three months of the fiscal year set a single-quarter record with $104.2 billion in... Read More

After Long Wait, H4H 2.0 Finally Rolled Out

The Department of Housing and Urban Developed released its long-awaited comprehensive guidance to the new and improved HOPE for Homeowners refinance program but the industry isn’t expecting much out of an initiative that has failed to gain any traction in the past year. The Office of Management and Budget took three months to review program changes last drafted by the Department of Housing and Urban... Read More

Good Signs, but Too Early to Gauge FHA HAMP

Preliminary indications suggest the FHA’s iteration of the Obama administration loan modification program has seen modest success in its first months. The Department of Housing and Urban Development updated its claim reporting system to accommodate the new mod option, but data won’t be available until early next year. FHA Commissioner Dave Stevens last week was quoted as saying the FHA Home Affordable... Read More

HUD After Lend America for Numerous Violations

The Department of Housing and Urban Development is trying to bar New York-based Lend America from making FHA loans, citing 12 separate violations for which the agency will seek sanctions. HUD, with help from the U.S. Attorney for the Eastern District of New York, sought a temporary civil injunction against Lend America, which legally is called Ideal Mortgage Bankers, to prevent it from originating any... Read More

Tech Firms Trying to Capitalize on FHA Boom

Technology venders and other companies in various sectors of the mortgage market have waxed up their surfboards and are riding the massive wave of FHA lending, a market that has long been mired in the backwaters of innovation. San Diego software company Avista Solutions announced that its automated underwriting system has been fully interfaced with the FHA’s TOTAL Scorecard, which allows FHA... Read More

FHA Briefs

The Department of Housing and Urban Development reminded lenders that although sub-servicers are neither specifically identified nor tracked in any FHA system, servicing of FHA loans must be performed pursuant to FHA regulations. “The recent mortgage crisis, and the administration’s response to this crisis, has increased the demand for loss mitigation services,” the letter said. “In many instances the need... Read More

New FHA Condo Rules Could Pinch Market

Major changes to the way the FHA insures condominiums are coming in the next few months, and many industry participants are worried that stricter regulations could make it much harder for borrowers to get FHA-insured condo loans. The Department of Housing and Urban Development announced the tightening measures this summer, but the scheduled Oct. 1 implementation date has been pushed back twice... Read More

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