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Inside FHA/VA Lending

December 22, 2010

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Unfair FHA Lending or Risk Management?

The National Community Reinvestment Coalition’s challenge of FHA lenders’ use of credit score thresholds sparked industry-wide discussion of whether lenders are unfairly withholding mortgages from creditworthy borrowers or simply managing their risk in a tighter mortgage market. And while HUD is... Read More

HUD Gives Servicers Leeway on Foreclosures

The Department of Housing and Urban Development this month gave FHA servicers an extended window to move through their foreclosure processes, acknowledging the delays and uncertainty caused by state-imposed foreclosure moratoria. Meanwhile, a ruling in an Indiana appellate court may...[Includes one graph] Read More

Ginnie Mae Revenue, Loss Reserves Up in 2010

Ginnie Mae earned $542 million in fiscal 2010, a 6.2 percent increase from last year, according to the government mortgage-backed security guarantor’s annual financial report released last week. But total MBS issuance dropped for the first time since 2006. Ginnie President Ted Tozer said the agency increased... Read More

2010 Closing with Less FHA Volume, Apps

Both total applications for FHA-insured loans and FHA originations volume are down in 2010 from last year’s levels, mirroring a similar decline in overall primary mortgage market activity. Through the first 10 months of this year, FHA single-family lending, not including Home Equity Conversion Mortgages, totaled...[Includes one data chart and one graph] Read More

First FHA Short Refi Numbers Bleak; Pressure On

Initial data from the Department of Housing and Urban Development show that the FHA short refi program is proving the critics right – through December 17, the agency has received only 135 applications and endorsed 19 refinances, a spokesman said. Created to address borrowers in negative equity positions and launched in September, the short refi program uses... Read More

FHA Briefs

FHA Extends Lender Approval, TPO Change Effective DatesIn a note to lenders, FHA Commissioner David Stevens extended to July 1 the deadline for obtaining unconditional direct endorsement approval for DE-eligible entities that wish to participate as a principal in principal-authorized agent originations, a type of FHA origination by two FHA-approved lenders. The original deadline was... Read More

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