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Tag Archives: HUD

Banks Complete Consumer Relief Obligations

Joseph A. Smith, Jr., monitor of the National Mortgage Settlement, filed final crediting reports with the U.S. District Court for the District of Columbia on Bank of America, Chase, Citibank, and Wells Fargo. The reports confirmed that banks have satisfied their consumer relief and refinancing obligations under the settlement, nearly a full year ahead of schedule.

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Obama Administration Releases February Housing Scorecard

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the February edition of the Obama Administration's Housing Scorecard on Friday. The report found that new home sales rose, foreclosure completion were down, and home prices remained stable.

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2015 HUD Budget Proposal Reveals New Fee, Program

2015 HUD

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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Housing Scorecard Details Progress, Examines San Francisco MSA

While the housing market made great strides toward recovery last year with improvements in foreclosures, home prices, and homeowner equity, the economy is “still healing” from the effects of the recent downturn, according to the latest Housing Scorecard from the Obama administration. Released Friday, the January report found several improving indicators and particular strength in the San Francisco metro area, which has benefited from significant government support.

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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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Over 75 HUD Homes Hit the Auction Block This Weekend in Seattle

The real estate auction house Hudson & Marshall is putting more than 75 HUD-owned homes in the Seattle, and Tacoma, Washington area up for sale this weekend. The auction will be held at the Seattle Airport Marriott on Saturday, December 14 at 1:00 p.m. (PST). Hudson & Marshall is also offering live simulcast online bidding during the auction through its H&MLive! Web portal.

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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

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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Major Servicers Fail Seven Settlement Compliance Tests

The former banking regulator overseeing the National Mortgage Settlement has released a summary of the latest reports he filed with a federal court in Washington, D.C. The reports detail the performance of five major servicers in meeting the terms of the agreement reached with 49 state attorneys general and federal officials. Joseph Smith says he's confirmed six fails in the first quarter of 2013 and one in the second quarter.

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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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