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Inside FHA/VA Lending

April 30, 2010

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House Committee Passes FHA Reform Act

The House Financial Services Committee made few changes in approving legislation granting the FHA more flexibility in setting its premium structure and enhanced enforcement authority, as lawmakers wanted to press forward with the changes requested by the Department of Housing and Urban Development before tackling more controversial – and maybe more significant – topics, like risk-based pricing and stiffer... Read More

FHA Still Has One-Quarter of Mortgage Market

The FHA insured 24.3 percent of all mortgage originations in the first quarter, holding at basically the same level for three straight quarters, according to affiliated newsletter Inside Mortgage Finance. Of the $24.1 billion in FHA originations in the quarter, which represented a small drop from $24.4 billion in 4Q09, 65.5 percent of the endorsements were for purchase mortgages, the highest... Read More

PMIs Try to Gain Back Share from FHA

While FHA originations are only slightly down in the first quarter of 2010 from year-ago levels, private mortgage insurance has seen sharp drops in business, and MI companies have begun trying to regain their footing. According to the Mortgage Insurance Companies of America, total primary new mortgage insurance written is off 50 percent in the first two months of this year, compared with the same point in 2009... Read More

Bill Aids Energy-Efficient FHA Borrowers

A House bill focused on energy-efficient housing initiatives would push the FHA to insure 50,000 energy-efficient mortgages by 2013 and mandate that the Department of Housing and Urban Development take into account borrower savings from energy-efficient housing standards when underwriting FHA loans. H.R. 2336, the GREEN Act (Green Resources for Energy Efficient Neighborhoods), is similar to other... Read More

Foundation Conceals FHA Defaults, DOJ Suit Says

A nonprofit organization that offers help to borrowers who can’t make their mortgage payments is taking flak as part of the lawsuit against Lend America, which was permanently suspended in 2009 for various violations of Department of Housing and Urban Development regulations. The Rainy Day Foundation says it helps borrowers and lenders by offering protection plans guarding against borrower job... Read More

HUD to Lenders: Prepare for Accountability

In explaining the rationale for its final rule making lenders responsible for the actions of their correspondents, the Department of Housing and Urban Development told lenders not to expect new costs or methods, but to ensure that a strong system is in place to vet and monitor all third-party originators. Many industry participants that submitted comments to HUD about the new rule were concerned with the... Read More

FHA Briefs

Ginnie Mae said it is performing a “comprehensive review of the risks associated with the HMBS (mortgage-backed securities consisting of FHA home equity conversion mortgages) program both to issuers and Ginnie Mae, in order to evaluate possible changes to the program.” Until the review is complete, Ginnie will not approve any new HMBS issuers. The trigger for the suspension, according Ginnie officials... Read More

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