Items Tagged with 'Federal Housing Administration'

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Guild Mortgage becomes DOJ's latest target over alleged FHA-lending violations

Lender says it plans to fight back against allegations of False Claims Act violations
Over the last several years, lenders like Wells Fargo, Franklin American Mortgage, Walter Investment, First Tennessee Bank, Freedom Mortgage and M&T Bank chose to settle with the Department of Justice after being accused of originating and underwriting mortgage loans that did not meet Federal Housing Administration standards. Now, Guild Mortgage is next on the DOJ’s hit list, but the lender says it plans to fight back.
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[video] Quicken Loans to HUD: You can't have it both ways

The future of FHA lending?
In the latest update on its fight with the government, Quicken Loans CEO Bill Emerson commented on a recent quote from Housing and Urban Development Secretary Julian Castro. To Quicken Loans, HUD can't ask for more people to lend as it decides to go after lenders for lending in the first place. Make sense?
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Freedom Mortgage to pay $113 million for FHA violations

Unusually high levels of defective mortgages
Freedom Mortgage Corporation now has more in common with Wells Fargo, Franklin American Mortgage, Walter Investment, and First Tennessee Bank than simply being mortgage lenders, as Freedom Mortgage is set to become the latest mortgage company to settle with the Department of Justice over alleged violations of the False Claims Act.
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From HW Magazine

Introducing credit risk-sharing to FHA loans

Addressing the split personality of credit risk-sharing in the mortgage market
The FHA finds itself in a delicate position of balancing public policy interests against actuarial soundness of its $1 trillion plus Mutual Mortgage Insurance Fund. These twin policy goals at times run counter to each other, occasionally spilling over into the conventional-conforming market via FHA premium changes that create market distortions and adverse selection problems for the FHA.
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From HW Magazine

The key to solving TRID hiccups? Collaboration

Ambiguity on closing issues means communication is more important than ever
A key area where there’s been confusion among business partners is the sharing of closing documents containing non-public personal information (NPI). While TRID implementation has required lenders, real estate agents and title insurance professionals to radically change the way they conduct business and exchange information, it changed nothing in regard to data privacy.
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BofA's low-down payment promising but what about the FHA?

Urban Institute: It's not a substitute
Ever since Bank of America announced its new 3% down payment mortgage program, the Affordable Loan Solution, it’s being looked at as an effort for borrowers to skirt around the Federal Housing Administration. Urban Institute research associate Karan Kaul says that though such efforts are an alternative to FHA lending, they are not a substitute.
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