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Tag Archives: FHA

Industry Representatives Address FHA’s Role in the Market

The Senate Committee on Banking, Housing and Urban Affairs continued a series of hearings on the Federal Housing Administration (FHA) Thursday morning. Representatives heard from various members of the housing industry, who expressed their opinions of FHA's recent performance and ongoing role in the market. The six panelists discussed the appropriateness of FHA's countercyclical role in the housing market in recent years, with special attention to loan limits and FHA's market share.

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Carrington Offers Three-Day Turn Times for FHA, Conventional Loans

Effectively immediately, Carrington is offering three-day turn times on conventional purchase loans and loans insured by the Federal Housing Administration (FHA). In addition, Carrington announced that it stands ready to close FHA Streamline refinance loans with no additional interest cost to the borrower regardless of when the loan is funded.

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Firm Says Congress Unlikely to Expand Mortgage Programs

Coinciding with Wednesday's House committee hearing on the Federal Housing Administration (FHA), Keefe, Bruyette & Woods, a boutique investment firm, released its predictions of what actions the government is and is not likely to take to further assist the housing market. Generally speaking, ""any large program expansions which require congressional approval are, in our view, not likely to go far,"" said Brian Gardner, SVP of Washington research at Keefe, Bruyette & Woods.

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FHA: Housing Market Friend or Foe?

As the Federal Housing Administration (FHA) currently holds a negative equity position of $16.3 billion with a capital reserve ratio of -1.44 percent, Congress called on industry experts to discuss FHA's role in the housing market and possible reforms for the future. The hearing took place Wednesday morning before the House Financial Services Committee. The overall sentiment from witnesses was that the FHA as it stands is flawed and in need of reform.

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FHA Outlines Changes to Manage Risk, Protect MMI Fund

Keeping her promise to Senator Bob Corker (R-Tennessee), Federal Housing Administration commissioner Carol Galante announced a series of changes that will allow the agency to better manage risk and strengthen its anemic Mutual Mortgage Insurance (MMI) Fund. The first major change will be the consolidation of FHA's Standard Fixed-Rate Home Equity Conversion Mortgage (HECM) and Saver Fixed Rate HECM pricing options. In addition, the agency plans to increase its annual mortgage insurance premium (MIP) by 0.10 percent for most new mortgages and by 0.05 percent for jumbo loans.

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Carrington Expands to Offer FHA Streamline 203K Loans

Carrington Mortgage Services, LLC will offer a loan program that allows homebuyers to finance property repairs before moving in. Carrington announced FHA's Streamlined 203k loan program will be available through the company's retail and wholesale businesses.

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Galante Approved as FHA Commissioner

Congress approved the appointment of Carol Galante as assistant secretary for housing and commissioner of the Federal Housing Administration (FHA). The appointment was finalized Sunday with 69-24 vote from the Senate. Galante has served as the acting assistant secretary and FHA commissioner since July 2011.

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Galante Gains Support After Committing to FHA Reforms

Federal Housing Administration (FHA) Acting Commissioner Carol Galante may have earned a new ally on Capitol Hill. Senator Bob Corker (R-Tennessee) announced he feels comfortable supporting Galante's bid to become FHA commissioner after receiving a letter detailing her commitment to reforming FHA's underwriting requirements and restoring its Mutual Mortgage Insurance (MMI) Fund to health.

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