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Tag Archives: FHA

Montgomery the Right Choice For FHA

By Ed Delgado, President & CEO, Five Star Institute Today, the eyes of the industry will be on Capitol Hill as Brian D. Montgomery fields questions from the Senate Committee on Banking, Housing, and Urban Affairs pertaining to his nomination ...

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FHA Loans Could Lead to Portfolio Growth for Servicers

Altisource recently released its inaugural Default Servicing Survey, which pooled over 200 servicing professionals, which showed that industry experts believed that FHA and VA loans in their respective portfolios would increase in the coming year.

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Best Practices for Servicing FHA Loans

DS News sat down with John Vella, Chief Revenue Officer at Altisource Portfolio Solutions, to talk about compliance with Federal Housing Administration loans, delinquency risks, and more in this exclusive interview.

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Is HECM Down for the Count?

Beset by uncertainty in the housing market, the Home Equity Conversion Mortgage Program (HECM) is losing money and cannot continue on in its present form. To make the program viable, FHA announced numerous necessary changes to the HECM Program to ...

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First-time Buyers Account for 60 Percent of Purchases

According to a new report, first-time homebuyers now make up 60 percent of all home purchases. On GSE loans, first-time buyers comprise 47 percent of loans, while on FHA loans, they account for 82 percent. The uptick is likely due to an improved economy, lower unemployment, rising income, and more new home construction

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Philadelphia: Wells Fargo Violated the FHA

According to the City of Philadelphia, black borrowers of Wells Fargo loans were over twice as likely to receive high-cost or high-risk loans than white borrowers, while Hispanic borrowers were around twice as likely, and home in predominantly minority neighborhoods were 4.7 times more likely to be foreclosed. Two weeks before this case, the Supreme Court had ruled that Miami could sue Bank of America for predatory lending practices that allegedly increased segregation.

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Green Light, Red Light

Municipalities may be experiencing whiplash from a recent U.S. Supreme Court ruling which both permits and prevents certain suits based on the Federal Housing Act. In Bank of America Corp., et. al. v. City of Miami, the City of Miami argued that two banks, Bank of America and Wells Fargo, violated the Federal Housing Act by intentionally issuing riskier mortgages on less favorable terms to African Americans and Latino customers than they issued to similarly situated white, non-Latino customers.

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Government Loans Up for 27th Month

Volume of government-backed purchase loans rose by 10 percent in January, despite an uptick in mortgage rates. RHS loans far outpaced other categories, with FHA comprising the smallest segment. The number of first-time buyers also rose, increasing 11 percent over the year.

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