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Inside FHA/VA Lending

June 25, 2010

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FHA’s Correspondent Lending Confusion

The FHA last year announced a mission to alter how correspondent lenders do business through the government mortgage insurance program, but nine months later, the matter is still not fully unresolved. The FHA Reform Act of 2010, which the House of Representatives passed last week, includes language that would help untangle what’s become a major complication... Read More

FHA Playing Vital Role in Obama Recovery Plan

bama administration officials repeatedly pointed to the FHA as a major contributor to the government’s overall housing market recovery plan, as they unveiled a new monthly “housing scorecard” that provides updates about the FHA, other loss mitigation programs and industry data. Department of Housing and Urban Development Secretary Shaun Donovan... [Includes one graph] Read More

Ginnie Mae Launches Manufactured FHA MBS

Ginnie Mae announced last week that it has begun accepting applications for a manufactured housing MBS program for FHA Title 1 mortgages. Wall Street banks have been in discussions with once-active manufactured housing securities issuers recently, and Ginnie said the new program will help will help reopen the manufactured housing secondary market... Read More

FHA Jumbo Up, California Dominates Market

The FHA’s share of mortgage originations over $417,000 declined slightly in the first quarter of 2010 from the end of 2009, but it has increased dramatically since this time last year. Meanwhile, California still has a stranglehold on the sector, accounting for 47.4 percent of FHA jumbo lending in the first quarter... [INcludes two charts and one graph] Read More

FHA, Ginnie Could Lose $3 Billion on TBW Scheme

When all is said and done with the fraud scheme captained by Taylor Bean & Whitaker CEO and owner Lee Farkas, the FHA and Ginnie Mae could lose as much as $3 billion from the swindle, according to the Inspector General of the Department of Housing and Urban Development.The TBW head drove his company into bankruptcy and dragged down the firm’s warehouse lender... Read More

FHA Changing HUD REO Contracting System

The FHA separated the two functions performed by vendors that maintain and sell the agency’s inventory of real-estate owned properties. The agency said the change is intended to reduce risk, increase sale prices and accelerate the pace of reselling REOs. The Department of Housing and Urban Development announced last week that it awarded contracts... Read More

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