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Inside FHA/VA Lending

February 25, 2011

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FHA Fee Hike Signals Coming Role Change

The Obama administration’s plan to increase the annual premium on FHA-insured mortgages will make the loans more expensive and less desirable for customers, leading to a ripple effect that will alter the program’s role in the market, according to industry experts. The Department of Housing and Urban Development last week announced... Read More

FHA Jumbo Lending Up, Future Cloudy

The Obama administration’s bid to scale back the government footprint in the housing market by allowing conforming loan limits to decline would have a measurable impact on the FHA program. The administration wants to let the “emergency” high-cost loan limit – now $729,750 in the most expensive housing markets – sunset...[Includes two data charts] Read More

Wells Bows to Pressure, Lowers FICO Overlay

Wells Fargo, the largest FHA lender in 2010, drastically lowered its credit score requirements on FHA loans on the heels of charges from housing advocates that lender credit overlays are discriminatory. Wells said that in January it began accepting applications for FHA-insured mortgages from borrowers with credit scores as low as 500, up... Read More

Budget: $218 Billion in FHA Lending in FY 2012

The Obama administration’s fiscal 2012 budget for the Department of Housing and Urban Development projected $218 billion in FHA-insured mortgages, which would be a significant drop from recent years. The FHA insured $318.8 billion in loans in fiscal 2010 and $360.7 billion in fiscal 2009, according...[Includes one graph] Read More

FHA Changes Streamline Refi Requirements

It may be harder for some borrowers to qualify for FHA streamline refinances under program changes announced last week, but closing costs and other expenses may no longer be folded into the loan amount. The guidance takes effect April 15. Streamline refis allow... Read More

LOS Software Interfaces with FHA Connection

Industry experts say it’s imperative that FHA-approved lenders work well with FHA Connection, the Department of Housing and Urban Development’s web portal that handles and tracks loans submitted for FHA insurance. Lenders said finding a loan origination software suite that integrates... Read More

HUD Issues New Tier 1 List for Loss Mit Incentives

The Department of Housing and Urban Development recently announced the FHA servicing lenders’ Tier 1 Ranking Scores for Round 42. Servicers ranked in the top tier are eligible for additional incentives for certain loss mitigation activities. The TRS measures only a lender’s engagement of loss mitigation in comparison to the number of foreclosure claims submitted... Read More

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