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H4H Program Changes Close to Launch
Legislative changes to expand the flexibility and borrower eligibility of the stagnant HOPE for Homeowners program are almost ready to be implemented, according to a Department of Housing and Urban Development official. Meg Burns, director of FHA’s Office of Single-Family Program Development, called the changes “minimal” and said the program still faces the same obstacles as it did...
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Investors for H4H; Seconds are ‘Major Challenge’
Mortgage securities investors stand staunchly behind HOPE for Homeowners and have come to accept its principal writedowns, an industry official said. That is a major shift in secondary market thinking, but persuading servicers to release subordinate liens and other hurdles still stand in the way of the program’s success. Speaking on an audio conference last week hosted by...
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Preparation is Key to HUD Audit Survival
The most effective way to successfully navigate an audit from the Department of Housing and Urban Development is to know what’s coming and be substantially prepared for what the agency is looking for, said industry lawyers on an audio conference hosted by K&L Gates last week. “This is a critical time for the FHA,” said Phil Schulman, a partner at the firm. “HUD is struggling...
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IG Has Concerns About Integrity of Ginnie Mae
Federal auditors are increasingly concerned about the rising volume of FHA mortgage originations and the participation of hundreds of new lenders in the Ginnie Mae mortgage-securities program. In testimony on Capitol Hill recently, Inspector General for the Department of Housing and Urban Development Kenneth Donohue told lawmakers that the surge in Ginnie business has exposed...
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More HECM Warnings from GAO, Industry
The outcries for more controls over FHA Home Equity Conversion Mortgages reached a new decibel level this week, as a report from the Government Accountability Office and a hearing in the Senate Special Committee on Aging both yielded more potential problems with the product. HECM loans, which make up 90 percent of the total reverse mortgage market, can provide borrowers...
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FHA Briefs
Stevens Confirmed by Senate Committee After Long Wait... Ginnie Provides Clarification on Unique Loan ID Number Policy... Mortgage Builder Goes Live With FHA Connection Interface... Efforts in Place to Expand Homebuyer Tax Credit...HUD Allows Multifamily Directors to Extend Invitations/Commitments...
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FHA Sets Monthly Record, Big States Pare Lending
FHA origination volume rose to a new monthly record of $30.82 billion in May, a slight gain from the previous month, with recent data pointing toward another possible record in June, according to an Inside FHA Lending analysis of government data. FHA originations have been at record levels since June 2008, when monthly production broke... [Includes one chart and one graph]
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