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Inside FHA/VA Lending

August 6, 2010

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FHA Share Drops, Cash Reserves Grow

FHA endorsement volume declined during the second quarter of 2010, lowering the program’s share of an overall mortgage origination market that posted a modest increase in volume. According to a new Inside FHA Lending analysis, the FHA share of total mortgage originations fell from 24.3 percent in the first three months of 2010 to 21.0 percent in... [Includes two charts and one graph] Read More

HUD Gets Authority to Raise Annual Premium

The Senate this week approved legislation giving the Department of Housing and Urban Development new flexibility to raise FHA annual premiums, clearing the measure for President Obama’s signature.The new legislation, H.R. 5981, authorizes HUD to raise the annual FHA premium up to 1.50 percent of remaining insurance principal balance. The current limit is 55 basis points... Read More

HECM Lending Drops; Program Changes Continue

Home-equity conversion mortgage lending fell again in the second quarter of this year, as the Department of Housing and Urban Development continues to tweak guidelines to ensure the soundness and stability of the HECM product. After hitting a record high of $8.4 billion in the third quarter of 2009, HECM production has declined steadily... [Includes one chart and one graph] Read More

Mortgage Fraud More Prevalent on FHA Loans

Mortgage fraud was more than twice as common on FHA-insured loans than on conventional mortgages thanks to a shift from subprime scammers to the government sector and a lack of risk management on the FHA portfolio, according to a recent report by First American CoreLogic. The 2010 Mortgage Fraud Trends Report said lenders are reporting more fraudulent loans than... Read More

Alternative Credit Program Delayed Until 2011

The Department of Housing and Urban Development is waiting until 2011 to implement a congressionally mandated FHA pilot program to determine creditworthiness for borrowers without traditional credit. An update on the pilot’s status completed by the Government Accountability Office this week said the alternative credit program’s plans are in place and HUD is ready to implement them, assuming funding... Read More

FHA- and VA-Backed Securities Performing Well

Mortgage-backed securities pools of loans insured by the FHA and Department of Veterans Affairs continue to perform within expectations, despite high delinquency rates on those loans, according to a recent report from Moody’s Investors Service. A team of Moody’s analysts led by Jayesh Joseph noted that a relatively small number of transactions backed by non-performing FHA and VA... Read More

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