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Inside FHA/VA Lending

October 29, 2010

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FHA Officials Try to Build Up Systems

The FHA is still struggling with the portfolios of business generated from 2006 to 2008 that are making it difficult for the agency to meet its capital ratios, according to FHA Commissioner Dave Stevens. Along with the FHA’s huge increase in market share and business volume, credit issues are... Read More

FHA Probe Finds Servicing Discrepancies

Department of Housing and Urban Development Secretary Shaun Donovan said an agency review of several FHA servicers that began during the summer revealed “significant differences” in how the companies deal with borrowers in default and foreclosure. In a recent television interview, Donovan said...[Includes one data chart] Read More

Private MI Share Could Continue to Increase

The new fee structure in place for FHA loans could bolster private mortgage insurers’ position in the market as Department of Housing and Urban Development officials try to pull the FHA’s role back slowly. New business volume for private MIs surged up 6 percent from the first to the second quarter this year, which helped the MIs regain some of the market share they lost over the past three years to the FHA. The private…[Includes one graph] Read More

MBA Urges FHA to Revise Servicing Penalties

With recent lags in foreclosure filings stemming from improper paperwork and a host of other problems, significant mortgage industry attention has fallen on servicing and foreclosure processes. The Mortgage Bankers Association last week brought the FHA’s penalty structure for foreclosure delays into the debate, urging... Read More

Three More Lender Problems Cited in ‘Watchdog’

Continuing its efforts to police the FHA program for problem lenders, the Department of Housing and Urban Development’s Office of the Inspector General recommended civil fines of more than $4.4 million against three FHA lenders for losses incurred on 25 mortgage loans due to bad underwriting. HUD and the IG’s office together announced... Read More

FHA Briefs

After introducing the new Home Equity Conversion Mortgage Saver product and principal limit changes to its standard HECM loan, the Department of Housing and Urban Development provided additional guidance to ensure compliance with the agency’s requirements last week. FHA Commissioner David Stevens described... Read More

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