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Inside FHA/VA Lending

October 1, 2010

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FHA Finances Improving, Chief Says

One year after FHA Commissioner David Stevens reported to Congress that the government mortgage insurance program had experienced significant financial losses due to the deep economic recession, he returned to Capitol Hill last week singing a different tune. The FHA’s top official told two separate Congressional panels that... Read More

Higher FHA Loan Limits Extended through 2011

The FHA endorsed $5.8 billion of single-family loans exceeding $417,000 during the second quarter, down 7.5 percent from the first three months of the year. But the program still has a significant – albeit declining – presence in the jumbo market, and should continue, thanks to... [Includes two data charts and one graph] Read More

Mortgage Bankers Offer Plan for FHA’s Future

Congress should give the FHA and Ginnie Mae enough money to upgrade staff levels and technology systems, according to a new Mortgage Bankers Association report. Noting that the agency programs were “abandoned” during the subprime housing boom, the MBA said they have returned to take on a critical role and need to be... Read More

GAO Finds Further Room for FHA Improvement

The Government Accountability Office praised the steps taken to bolster the FHA’s deteriorated financial position, but also identified several areas where the program could be improved further to prevent future losses. The FHA has implemented or proposed a number of steps to bolster the financial condition of its capital reserve fund, including... Read More

Short Refi Program Begins, Expectations Low

The FHA short refinance program hit the market last month with little fanfare, as industry experts expect that it will run into the same problems that have bedeviled previous loss mitigation efforts rolled out by the government. The program allows “responsible” homeowners who are underwater on a conventional mortgage to... Read More

FHA Connection Now Supports TPO Changes

The Department of Housing and Urban Development announced via mortgagee letter last week updates to its FHA Connection online portal for lenders that accommodate changes to third-party origination practices. On Jan. 1 next year, formerly approved loan correspondents will not have access to... Read More

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