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Inside FHA/VA Lending

February 11, 2011

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Smaller FHA Role, Lower Loan Limits

The Obama administration this week proposed to reduce the federal government’s footprint in the mortgage market, including a smaller role for FHA mortgage insurance and a reduced presence for Fannie Mae and Freddie Mac. “We think there’s very broad consensus both on the Hill and in the housing finance community that we need... Read More

FHA Standards Could Go Higher

The dramatic shift up in FHA loan standards could actually move higher as the agency looks for ways to bring private capital into the mortgage market. The FHA has seen a significant shift... Read More

Private MI Took Share from FHA in 2010

As the FHA pulled back from the mortgage market in 2010 toward more usual levels, the private mortgage insurance industry gained steam after more than a year of suppressed volume. As lawmakers work to reshape the market, experts say private MI could play a significant, well-defined role in the new structure. December was... Read More

FHA 203(k) Use Hits Record High in Fiscal 2010

The FHA’s 203(k) program for home rehabilitation continued to see increased use in fiscal 2010, hitting record high levels in both dollar volume and number of loans. The program still accounts for a very small share of total FHA activity, but some lenders say changes to modernize the product would expand... Read More

FHA Servicing Increases 1 Million Loans in 2010

Servicers of FHA-insured mortgages together held 1 million more loans at the end of 2010 than they did at the end of 2009, and the delinquency rate on those loans has declined slightly over that span. Last year also saw Bank of America wrestle the title of largest FHA servicer away from Wells Fargo. FHA servicers had...[Includes one data chart] Read More

Bank of America Pulls Out of Reverse Lending

Bank of America announced last week that it will stop originating reverse mortgages, including FHA Home Equity Conversion Mortgages, as the company will concentrate on its “core” business. BofA was the second-largest HECM lender through three quarters of 2010, according to an Inside FHA Lending analysis of government data, second only to Wells Fargo. BofA increased... Read More

Ginnie MBS Issuance Strong in 4Q, Down from ‘09

Ginnie Mae mortgage-backed security issuance held strong at the end of 2010, finishing the year with $96.4 billion in the fourth quarter. But total MBS issuance rose to the highest level since 2Q09, pulling Ginnie’s market share back slightly. Ginnie single-family issuance totaled...[Includes one data chart] Read More

Guidance on HECM

The Department of Housing and Urban Development provided detailed guidance in Mortgagee Letter 2011-09 last week on increased HECM counseling. Counseling agencies may charge more than $125 for HECM counseling and may establish... Read More

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