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Home | Tag Archives: FHA

Tag Archives: FHA

Mortgage Default Risk Falls in February

Mortgage Default Risk Falls in February

The American Enterprise Institute’s (AEI) National Mortgage Risk Index (NMRI), a measure of loans' default risk under stressful conditions, retreated to 11.6 percent last month from January’s reading of 11.8 percent. To gauge where February’s index lies historically, 1990 vintage loans would have an estimated index value of 6 percent, while riskier 2007 loans would be up at 19 percent.

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2015 HUD Budget Proposal Reveals New Fee, Program

2015 HUD Budget Proposal Reveals New Fee, Program

U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan revealed HUD's fiscal year 2015 budget proposal on Tuesday in a conference call. "HUD's FY2015 budget request helps to create opportunity for all Americans by providing housing, capital investments, and critical services for millions of families," Donovan said.

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FHA to Accept e-Signatures on More Documents

FHA to Accept e-Signatures on More Documents

As part of its ongoing efforts to modernize its processes, the Federal Housing Administration (FHA) has granted expanded authority to lenders to accept e-Signatures on loan documents. The new policy allows e-Signatures on origination, servicing, and loss mitigation documents. Also included are those related to FHA insurance claims and REO sales contracts.

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‘Boomerang’ Buyers Expected to Boost Recovery in the New Year

Based on a poll of borrowers that have been subject to foreclosure, authorities at LoanSafe.org and AfterForeclosure.com say they're confident that 2014 will be the year of the ""boomerang"" borrower. They say changes in lending guidelines and population shifts make these buyers essential to the recovery of the housing market, particularly since developments that naturally advance housing have been largely disrupted in today's environment.

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HUD Defines Two Types of Qualified Mortgages

HUD Defines Two Types of Qualified Mortgages

HUD has issued a newly revised definition for Qualified Mortgage (QM) which will affect all Federal Housing Administration (FHA) loans moving forward. The new rule goes into effect January 10, 2014, and will apply to mortgages that are insured, guaranteed, or administered through HUD. The agency's version of QM builds on the existing QM rule finalized by the Consumer Financial Protection Bureau earlier this year.

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FHA Updates Underwriting Guidelines for Evaluating Borrower Risk

The Federal Housing Administration (FHA) issued new guidelines for manually underwritten loan applications that should improve a lender's ability to evaluate borrowers' risk and reduce credit requirement ""overlays"" that exceed FHA's lending standards. The agency says the move will help restore its depleted Mutual Mortgage Insurance Fund from which it pays claims without forcing lenders to over-tighten credit standards.

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FHA to Bring Down Loan Limits for 2014

FHA to Bring Down Loan Limits for 2014

The Federal Housing Administration (FHA) is lowering loan limits on single-family mortgages next year, HUD announced. The federal agency's maximum ceiling for single-family loans will drop from $729,750 to $625,000. HUD estimates about 650 counties will see lower thresholds in 2014. Exceptions have been extended to counties in Alaska, Hawaii, Guam, and the Virgin Islands to account for greater construction costs.

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FHA Program Offers Financing Solution for Stock of Aging Homes

FHA Program Offers Financing Solution for Stock of Aging Homes

Seventy-one percent of single-family homes in the United States were built before 1990, according to a new industry report. So far this year, 60 percent of residential transactions involved homes built prior to 1990. This older housing stock comes with less competition from other buyers and lower price points, and the Federal Housing Administration's 203(k) program allows owner-occupants to roll the cost of minor and major renovations into the financing for a home purchase or a mortgage refinancing.

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Analysts Stress Need for FHA Reform

Analysts Stress Need for FHA Reform

As the government works toward GSE reform, Keefe, Bruyette & Woods (KBW) says reform for the Federal Housing Administration (FHA) should also be a top concern. Though FHA has raised premiums, sold off distressed loans, and reduced its share of low down payment loans to counter its shrinking mortgage insurance fund, KBW's analysts underscore the need for longer-term measures of change, and they say reform legislation currently on the table is unlikely to pass.

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FHA Makes Concessions for Those Impacted by Shutdown

FHA Makes Concessions for Those Impacted by Shutdown

The Federal Housing Administration (FHA) called on all approved mortgagees and lenders to be sensitive to the financial hardships some borrowers are facing as a result of the federal government shutdown, including those subject to furlough, layoff, or a reduction in income. The agency is instructing its industry partners to extend informal forbearance plans and exhaust all available loss mitigation options.

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