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Tag Archives: FHA

RiskSpan, Inc. Hires Bank of America Default Exec

RiskSpan, Inc., a provider of integrated risk and valuation solutions, announced Wednesday that Allen H. Jones is the company's new managing director of its Washington, D.C., federal services consulting practice. Jones has more than 25 years in mortgage lending and housing finance. Previously, he was Bank of America's government lending executive, managing the transition and integration of Countrywide under the BofA umbrella, before becoming the bank's executive for default management public policy and national outreach.

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Retail Mortgage Lender Fairway Enters Wholesale Market

Fairway Independent Mortgage Corporation announced Monday it will enter the wholesale market with select banks, credit unions, and brokers. Using its expertise in Federal Housing Administration (FHA), agency, and U.S. Department of Agriculture (USDA) rural development lending, the retail lender plans to build a national wholesale platform, funding third-party originations through fulfillment, broker, and correspondent business lines.

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FHA’s Insurance Premium Changes to Take Effect in October

The Federal Housing Administration (FHA) has decided to delay the planned adjustments to its insurance premium structure by one month, after the industry expressed concerns about being ready in time. The premium fee changes will become effective October 4, 2010. Lawmakers gave the federal mortgage insurer enough leeway to increase the annual fee it charges borrowers three-fold, up to 1.55 percent. But the annual premium is not going to go that high. It will increase from 0.55 percent to between 0.85 percent and 0.90 percent of the loan amount.

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New Rule May Ban GSEs from Investing in Mortgages with Transfer Fees

The Federal Housing Finance Agency wants to restrict Fannie Mae and Freddie Mac from purchasing mortgages with private transfer fee covenants, also referred to as Wall Street home resale fees. These fees are sometimes worked into home purchase contracts, and require that a percentage of the sale price be paid to the original owner of the property every time the property is sold, typically for 99 years. FHFA says ""the fees fund purely private streams of income for select market participants and do not benefit homeowners.""

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FHA Rolls Out Principal Reducing Refis for Underwater Borrowers

Nearly a quarter of U.S. homeowners with a mortgage owe more on the loan than their home is worth, and home prices are threatening to fall further. The Federal Housing Administration (FHA), though, is throwing out a lifeline. Starting September 7, the federal agency will offer new FHA-insured mortgages to certain underwater, non-FHA borrowers who are current on their mortgage payments and whose lenders agree to write off at least 10 percent of the unpaid principal balance.

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Dimont & Associates Taps Joe McCloskey for Strategic Growth Initiatives

Dimont & Associates, a national claims management company headquartered, has engaged the services of mortgage industry veteran Joe McCloskey. The company says through this agreement, McCloskey will be assisting Dimont with its overall strategic growth initiatives, including strengthening the company's business practices and expanding its business services lines.

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Congress Passes Bill Increasing FHA Premiums

The Federal Housing Administration (FHA) has received congressional approval to raise borrowers' annual premiums for single-family mortgage insurance. House Resolution 5891 passed the Senate late Wednesday, after clearing the House last Friday. It now heads to the president for final sign-off. The bill allows FHA to increase the statutory cap of the annual fee charged for federal mortgage insurance three-fold, from 0.55 percent to 1.55 percent, but FHA Commissioner David Stevens has indicated that he may not need to raise premiums to the maximum.

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FHA’s Capital Reserves Fall as Agency Prepares for Higher Claims

The Federal Housing Administration (FHA) has just $3.5 billion in its capital reserve account. The decline, though, is the result of a shuffling of funds. FHA moved $9.8 billion from its capital reserves to its financing account, the fund used to cover insurance claim payouts and losses. The transfer bumped this loss reserve account up to $29.6 billion and suggests that the FHA may be preparing for another wave of defaults and mortgage insurance claims, although so far this year, claims are coming in well below projections made at the end of 2009.

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As Housing Programs Falter, Administration Weighs New Refinance Plan

Rumors of a new government-led mortgage refinancing program have begun to surface. DS News has received word from sources inside the administration and from high-ranking executives at some of the largest banks, confirming that the White House is indeed considering a refi push that would allow homeowners to lower their monthly mortgage obligations by locking in today's rock-bottom interest rates. Some industry insiders are viewing the move as a concession by the federal government that its existing housing programs aren't doing enough.

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FHA’s Mortgagee Review Board Cracks Down on Hundreds of Lenders

The Federal Housing Administration's Mortgagee Review Board (MRB) is ruling with an iron fist. So far this year, the MRB has taken action against almost 1,500 FHA-approved lenders who failed to meet its requirements, according to a notice published Monday in the Federal Register. Of the lenders facing penalties from the MRB, 905 have lost FHA approval for a period of one year. The federal agency reached a $700,000 settlement agreement with CitiMortgage over allegations that the lender failed to accurately report loan delinquencies.

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