Items Tagged with 'Federal Housing Administration'

ARTICLES

Get used to the FHA mortgage insurance life-of-the-loan premium

Head of FHA 'not considering changes'
Despite recent calls to eliminate it, the Federal Housing Administration said it is not considering any changes to the mortgage insurance life-of-the-loan policy. However, the explicit rejection of a life-of-loan pricing policy change is a positive for the private mortgage insurance industry since the ability to cancel mortgage insurance has a direct impact on borrow decision-making.
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MBA: New home purchases soared in January

Estimate surpassed expectations
Even though new home purchases dropped 6% in December, for the month of January, the Mortgage Bankers Association’s Builder Application Survey shows mortgage applications for new home purchases increased by 14%.
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Veros offering 'advanced quality control check' for FHA appraisals

Will check electronic portal submissions for issues
Veros Real Estate Solutions, which already serves as the vendor for the Federal Housing Administration’s electronic portal for appraisal reports and data submissions, announced this week that it is now offering an “advanced quality control check” for FHA loan appraisals.
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Wells Fargo officially reaches $1.2B settlement over its FHA lending

Resolves claims for the time period between 2001-2010
Wells Fargo finally wrapped up its settlement with the federal government to resolve claims related to its Federal Housing Administration lending program. The lawsuit was originally filed in 2012 but hit a roadblock back in November 2014 when both sides’ talks of negotiating a settlement started to slow down.
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First Tennessee Bank reaches $1.9 million settlement over discriminatory lending

Accused of Fair Housing Act violations
For the second time in just over six months, First Tennessee Bank, the regional bank for First Horizon National, is settling with the federal government over allegations that it violated U.S. lending laws. In June 2015, First Tennessee agreed to pay $212.5 million to resolve allegations that it violated the False Claims Act. HUD announced Monday that it reached a settlement with First Tennessee over allegations that the bank violated the Fair Housing Act.
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Urban Institute: More non-performing loans should be sold to private investors

New report shows private investors 'can do more for borrowers'
While some prominent figures in the federal government, including Sen. Elizabeth Warren, D-Mass., and Rep. Mike Capuano, D-Mass, have loudly criticized the government’s practice of selling non-performing loans to private investors, a new report from the Urban Institute suggests that selling NPLs to the private sector is actually a good thing.
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FHA announces 2016 loan limits

Limits will increase in 188 counties
The Federal Housing Administration announced its loan limits for 2016, with the loan limits in 188 counties set to increase due to changes in housing prices. Click here to learn more about where the FHA raised its loan limits for 2016.
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Why Quicken Loans is the Taylor Swift of the mortgage industry

Will the lender's push-back spur the FHA to change its rules?
Before you write this idea off as being too far fetched, let me explain. You won't hear the words mortgage and music used in the same sentence often, but with everything going on in the lending industry with FHA loans, the two overlap more than usual. One key difference, though, is that Swift was successful. Can the same be said for Quicken Loans?
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