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Tag Archives: HUD

Two NYC Groups Receive Funds to Offer Counseling to Homeowners

The New York State Division of Housing and Community Renewal on Wednesday awarded $848,384 to the Center for New York City Neighborhoods (CNYCN) and the New York City Department of Consumer Affairs Office of Financial Empowerment (DCA's OFE). The money has been allotted to provide free financial counseling and to expand CNYCN's call center operations for at risk homeowners, which takes calls from New York City's general information line.

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Wolters Kluwer Offers Lenders Help in Educating Borrowers

Wolters Kluwer Financial Services will begin providing customizable mortgage application and processing kits to lenders. The two kits, which are available in English and Spanish, are designed to educate borrowers on the mortgage process, helping them improve their financial literacy. The company says the kits can also assist lenders in expediting the application process to close more loans, ensuring disclosures are compliant and provided to borrowers as required, and making sure marketing activities are consistent across branches.

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HUD to Provide $5.1 Million in Grants for Housing Counseling Training

HUD has announced the availability of more than $5.1 million in grants for housing counseling training. HUD plans to fund eligible organizations to deliver full-spectrum training as part of the Obama administration's efforts to provide housing counseling to the nation's homeowners, buyers, and renters. The agency says right now, these counseling programs are critical to helping thousands of families avoid foreclosure, and it has increased the funding for such services by 36 percent in this year's HUD budget.

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Five Brothers Introduces New HUD Claims Processing System

Warren, Michigan-based Five Brothers, a nationwide provider of commercial and residential mortgage default management solutions, announced the release of its ClaimSys HUD claims processing system this week. ClaimSys acts as an enhancement to existing claims processing programs and expedites Federal Housing Administration (FHA) claims by allowing users to generate completed HUD claims A through E quickly and efficiently, according to the company.

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HOPE Hotline Provides Aid to More than 4M Distressed Homeowners

According to the national nonprofit Homeownership Preservation Foundation (HPF), economists estimate that close to 4 million homeowners will face delinquency in the near future. In an effort to help thwart this assessment, HPF works to provide information and financial education to guide consumers toward sustainable homeownership. The foundation reports that its Homeowner's HOPE Hotline has aided more than 4 million distressed homeowners since the financial crisis began in 2008.

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Permanent HAMP Mod Conversions Down 27%

The administration released new data on the Home Affordable Modification Program (HAMP) Wednesday. Just over 33,000 homeowners received a permanent HAMP mod in August. That's 27 percent below the number of permanent conversions the month before. So far, about 468,000 permanent modifications have been granted to distressed homeowners under the federal program. The latest report also included the results of servicer compliance reviews conducted by Freddie Mac.

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Freddie Mac Expands First Look Initiative for REO Homes

Freddie Mac said Wednesday that it is expanding its First Look Initiative to allow any home shopper to buy a HomeSteps REO home as their primary residence during the first 15 days of the property's listing, without competition from investors. The new policy takes effect Friday, September 17. In addition to owner-occupant buyers, Freddie Mac's First Look window is open to buyers who are part of HUD's Neighborhood Stabilization Program, as well as groups affiliated with the National Community Stabilization Trust.

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HUD Inspector General Joins Reznick Group’s Government Division

HUD's inspector general, the Hon. Kenneth M. Donohue, is leaving his post in October to join Reznick Group, a top 20 national CPA firm headquartered in Bethesda, Maryland. Donohue has accepted the position of principal in the firm's government services group, where he will focus on compliance, fraud and abuse, and prevention and protection of internal controls on behalf of the firm's federal, state, and local government clients.

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Survey Finds Cost of Housing in New Orleans Rose 33% After Katrina

HUD released a new survey of New Orleans area housing conditions this week. The agency says its the most comprehensive analysis of the metro's housing stock since the department's last assessment in 2004 (prior to Hurricane Katrina). In the five years since Hurricane Katrina struck the area, the New Orleans metro lost 75,000 housing units, nearly 13 percent of its housing stock, and the median monthly cost of housing rose by nearly 33 percent from $662 in 2004 to $882 in 2009.

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Investigation Finds Criminals Making FHA Loans

The Federal Housing Administration (FHA) has failed to root out several executives with criminal records whose firms continue to do business with the agency, according to the Center for Public Integrity. The Center's investigation found that more than 34,000 home loans have been issued over the past two years by FHA-approved lenders that have employed people who were convicted of felonies, banned from the securities industry, or previously worked for firms barred by FHA. Nine percent of these loans are delinquent.

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