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FHA Finalizes New Premium Structure
The FHA formally announced this week that its new structure of fees charged to borrowers will take effect Oct. 4, a change the mortgage industry has been expecting for most of this year. The Department of Housing and Urban Development said in Mortgagee Letter 2010-28 that for all 30-year FHA loans, the upfront premium will decrease from... [Includes one graph]
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FHA Delinquencies Falling But Still Elevated
The percentage of FHA loans more than 90 days delinquent or in foreclosure declined for the second consecutive quarter in the second quarter of 2010, but the rate is still well above levels seen in 2009 and earlier. According to the latest delinquency survey from the Mortgage Bankers Association, 8.45 percent of FHA loans were...
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Large States Show Gains in FHA Lending
Despite a drop in FHA mortgage originations in the first half of 2010 compared to 2009, the states with the most FHA production increased their activity even more, according to a new special report, “FHA Market Profile: First Half 2010,” released by Inside Mortgage Finance Publications. California, Texas, Florida and New York did $21.27 billion, $8.71 billion, $6.13 billion and $5.84 billion in FHA lending through... {Includes two data charts]
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FHA Was Slow in Lender Recertification Process
The FHA did not ensure that lenders submitted recertification forms in a timely manner and also delayed issuing violation notices, according to a recent report from the Department of Housing and Urban Development’s Inspector General. While the FHA agreed that its actions were lagging, the agency said...
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HECM Changes Coming, ‘HECM Saver’ Emerges
For the second time in a year, the Department of Housing and Urban Development this fall will reduce the amount of money borrowers can receive from FHA home equity conversion mortgages and raise the annual insurance premium on these loans. HUD officials said beginning Oct. 4, the principal limits for HECM loans will decrease... [Includes one graph]
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FHA Presence in High-Cost Sector Controversial
Changes in FHA financing for condominiums in late 2009 allowed even more high-cost properties to be backed by FHA-insured mortgages, and some market participants are wondering whether the government should still be involved in the jumbo sector. And government policymakers appear unwilling to pull the...
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FHA Lender Penalized for Bad Loan Files
Texas-based lender Allied Home Mortgage reached an agreement with the Department of Housing and Urban Development last week to pay civil money penalties for various regulatory infractions related to loan files. The action comes after several widely publicized media reports pointed out that Allied...
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